Blue Owl Provides $975M Recap of Northern Virginia Data Center Development
Project Helios is already fully leased and sits in the heart of Loudon County’s ‘Data Center Alley’
By Brian Pascus June 9, 2026 12:16 pm
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The data center capital rush continues, this time in Virginia with one of the state’s largest commercial real estate projects securing nearly $1 billion in new financing.
A joint venture between Corscale Data Centers and Affinius Capital has secured $975 million to recapitalize Project Helios, a newly constructed, fully leased data center that is part of the Gainesville Crossing Data Center Campus in Northern Virginia.
Blue Owl Capital provided the loan, while a Newmark team of Jordan Roeschlaub, Christopher Kramer, Chris Lozinak, John Caraviello, Ryan Bub, Andrew Warin and Phil O’Bannon arranged the transaction.
The new facility is leased to “a leading, investment-grade cloud service provider under a long-term lease,” according to a release from Newmark, which did not provide the tenant’s name.
Newmark’s Kramer said in a statement that the deal reflects the desire for institutional lenders like Blue Owl to invest in digital infrastructure, especially in markets such as Northern Virginia that are established beachheads for the asset class due to their proximity to secure electric power.
“High-quality assets in established hyperscale ecosystems, leased to investment-grade tenants, are drawing strong interest from capital providers,” said Kramer.
The Project Helios data center is one phase of the Gainesville Crossing Data Center Campus, a larger five-building, 130-acre data center development near Interstate 66 in Gainesville, Va., a city just north of Manassas, famous for two Civil War battles in the early 1860s.
Project Helios also sits just 20 miles southwest of Ashburn, Va., a city known as the “data center capital of the world” in Loudoun County. The area has become known as Data Center Alley due to the number of developments and the amount of internet connectivity traffic that has flown through the area in recent decades.
Affinius and Corscale declined to comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
