Joint Venture Locks Down Nearly $1 Billion in Refinancing for Northern Virginia Data Center

A joint venture between Corscale Data Centers and Affinius Capital has secured a $975 million refinancing package for Project Helios, a newly constructed data center that’s part of the Gainesville Crossing Data Center Campus in northern Virginia. Functioning as a refinancing of the facility’s original construction loan, the transaction stands as one of the largest financing agreements recorded to date for a commercial real estate space in Gainesville, Va.

Arranged by a Newmark team consisting of Jordan Roeschlaub, Christopher Kramer, Chris Lozinak, John Caraviello, Ryan Bub, Andrew Warin and Phil O’Bannon, the loan was provided by Blue Owl Capital. According to an official release from Newmark, the facility is entirely occupied by an unnamed, investment-grade cloud service provider operating under a long-term lease.

“This transaction reflects continued institutional conviction in digital infrastructure, particularly in northern Virginia, where demand is driven by unmatched connectivity, scale and proximity to end users,” Kramer said. “High-quality assets in established hyperscale ecosystems leased to investment-grade tenants are drawing strong interest from capital providers.”

Located at 13760 University Blvd., Project Helios represents one phase of the larger Gainesville Crossing development. The expansive, 130-acre, five-building campus is positioned near I-66, roughly 20 miles southwest of Loudoun County’s Ashburn, Va. — a municipality recognized globally as the “data center capital of the world.”

The surrounding region has been dubbed “Data Center Alley” due to its dense concentration of infrastructure developments and the massive volume of internet connectivity traffic it has supported in recent decades. Highlighting the scale of this regional market, data from Synergie Group Research indicates that Virginia alone accounts for 12% of the total global capacity for internet data management giants known as hyperscalers. Moreover, Loudoun County by itself contains 200 operational data centers with an additional 285 million square feet of space currently approved or moving through the local development pipeline.