Blue Owl Provides Nearly $1B In Refinancing For Northern Virginia Data Center
A newly delivered data center in Prince William County, Virginia, has gotten a nearly $1B infusion of new financing.
Blue Owl Capital provided $975M to recapitalize Project Helios, according to a press release from Newmark, which arranged the deal. The transaction was a refinancing of the center’s construction loan, a Newmark spokesperson told Bisnow.
The Project Helios data center is part of the Gainesville Crossing Data Center Campus, a 130-acre development near I-66 in Gainesville, Commercial Observer reported Tuesday. It is about 20 miles southwest of Loudoun County’s Ashburn, which is widely known as the “data center capital of the world.”
A joint venture between Affinius Capital and Corscale Data Centers secured the loan. The 72-megawatt data center is 100% leased to a cloud service provider under a long-term agreement, Newmark said.
Blue Owl, Affinius and Corscale didn’t immediately respond to requests for comment.
The deal comes amid ongoing demand for data center development despite rising community pushback around the U.S. Northern Virginia posted more than a gigawatt of net absorption last year, leading all primary markets, according to a CBRE report.
“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,” Christopher Kramer, vice chairman at Newmark, said in the release.
