Affinius, Corscale JV Lands $975M Refi for NoVa Data Center
Blue Owl Capital provided the loan for the 72-megawatt project.
A joint venture between Affinius Capital and Corscale Data Centers has refinanced a 72-megawatt data center known as Project Helios in Northern Virginia’s Prince William County, receiving a $975 million loan provided by Blue Owl Capital and arranged by Newmark.
The property is a newly delivered, mission-critical data center fully leased by an undisclosed cloud service provider under a long-term lease. The transaction was a refinancing of the JV’s construction loan for the project, according to Bisnow.
The data center is situated within Gainesville Crossing Campus, a 130-acre data center development near Interstate 66 in Gainesville, Va., that is being constructed in phases by the joint venture. At full buildout, the campus will encompass 2.3 million square feet of space over five, two-story buildings with a total of 326 megawatts of available power. Power is provided on-site through a Dominion Energy substation.
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Corscale launched construction of the campus in February 2022 with its first 72-megawatt facility that was delivered in May 2024. The company broke ground on the second building, another 72-megawatt data center in July 2024.
In January 2025, Corscale began construction of the third building, a 54-megawatt facility. Gainesville Crossing Campus uses energy-efficient features including advanced cooling techniques, energy tracking, water conservation and ultra-low power usage effectiveness.
The Project Helios property is situated near the City of Manassas and about 20 miles southwest of Ashburn, Va., considered the epicenter of the Northern Virginia data center market. The state has the most data centers in the U.S., with more than 600, and continues to see increasing data center demand and development.
Last year, Northern Virginia recorded 1,102 megawatts of net absorption, up 144 percent from 2024, according to CBRE’s North American Data Center Trend Report. The region also had the lowest vacancy rate among all U.S. primary markets, recording a figure of 0.5 percent. Northern Virginia’s total inventory rose 37 percent year-over-year to 4,039.6 megawatts in 2025, and the region delivered more than 1 gigawatt of new capacity in that year, CBRE reported.
Newmark team makes deal
The Newmark that represented the joint venture was led by Newmark Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Christopher Kramer, Managing Directors Chris Lozinak and John Caraviello, and Associate Director Ryan Bub. Sector specialists Andrew Warin, head of strategic advisory, and Phil O’Bannon, head of infrastructure, were also part of the Newmark team.
Kramer said in prepared remarks the transaction reflects continued institutional conviction in digital infrastructure, particularly in Northern Virginia. He added high-quality assets in established hyperscale ecosystems leased to investment-grade tenants are drawing strong interest from capital providers.
News broke this week on another major data center refinancing deal that is expected to close later this month. A joint venture between Blackstone and QTS Realty Trust’s affiliates is set to secure a $1.3 billion CMBS refinancing for NAL1DC1, a recently completed, 66-megawatt data center in New Albany, Ohio.
Wells Fargo Bank, Barclays Capital Real Estate, Banco Bilbao Vizcaya Argentaria, Citi Real Estate Funding, Goldman Sachs Bank, Natixis Real Estate Capital, PNC Bank, Royal Bank of Canada and Societe Generale Financial Corp. will co-originate that note, KBRA reported.
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