Newmark Group has arranged a USD 975 million balance sheet financing for Project Helios, a newly constructed data center in Northern Virginia, with Blue Owl providing the capital for a joint venture between Affinius Capital and Corscale Data Centers.

The deal represents one of the more substantial single-asset financings in the digital infrastructure sector and underscores the continued flow of institutional capital into mission-critical facilities in one of the country's most data center-dense markets.

The Transaction and Its Key Players

The financing was arranged by a Newmark team led by Co-Head of Global Debt and Structured Finance Jordan Roeschlaub and Vice Chairman Christopher Kramer, with Managing Directors Chris Lozinak and John Caraviello and Associate Director Ryan Bub also playing roles in the execution.

Newmark's sector specialists Andrew Warin, Head of Strategic Advisory, and Phil O'Bannon, Head of Infrastructure, were also part of the team representing the borrower.

The borrower is a joint venture between Affinius Capital and Corscale Data Centers, and the lender is Blue Owl. The USD 975 million financing is structured as a balance sheet transaction, meaning Blue Owl is holding the debt directly rather than distributing it through the syndicated loan or commercial mortgage-backed securities markets.

Project Helios is described as a newly delivered, mission-critical data center situated within one of Northern Virginia's premier data center campuses.

The asset is surrounded by multiple investment-grade hyperscale tenants, and the property itself is 100% leased to a leading investment-grade cloud service provider under a long-term lease.

Northern Virginia's Role in Digital Infrastructure

Northern Virginia has long functioned as the central nervous system of the internet in the United States, with a concentration of data center capacity that is unmatched in any other single geographic area in the country.

The region's prominence stems from its proximity to key internet exchange points, its robust fiber connectivity, its access to reliable power infrastructure, and its closeness to a large base of end users concentrated along the Eastern Seaboard.

For capital providers evaluating data center assets, Northern Virginia's established hyperscale ecosystem provides a level of demand visibility and tenant quality that few other markets can replicate.

The presence of multiple investment-grade hyperscale tenants on or near a given campus is viewed as a meaningful credit-enhancing factor, both because it signals the quality of the underlying infrastructure and because it reflects the depth of demand from the largest technology companies in the world.

In commenting on the transaction, Kramer pointed to these dynamics as central to why the deal attracted strong lender interest.

"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."

Asset Characteristics and Lease Structure

Project Helios is a newly delivered facility, meaning it has been recently constructed and is not a repositioned or redeveloped legacy asset.

Its 100% occupancy at close of financing, combined with the long-term nature of the lease and the investment-grade credit profile of the cloud service provider tenant, presents a stabilized income profile that is well-suited to large balance sheet lenders seeking durable cash flow exposure.

The identity of the cloud service provider tenant has not been disclosed in the announcement.

However, the characterization of the tenant as a leading, investment-grade cloud service provider indicates a counterparty of significant scale and financial strength, attributes that are directly relevant to the underwriting of a loan of this size.

The campus context matters as well. Being positioned within a campus that hosts multiple hyperscale tenants provides redundancy and network density that make the infrastructure more valuable and more difficult to replicate, reinforcing the long-term relevance of the asset within the broader digital ecosystem.

Affinius Capital and Corscale Data Centers

The borrowing joint venture brings together two entities with distinct but complementary roles in the data center investment space. Affinius Capital is an institutional real estate investment firm, and Corscale Data Centers is a data center developer and operator focused on hyperscale and wholesale colocation facilities.

The combination of Affinius's capital markets capabilities with Corscale's operational and development expertise reflects the kind of partnership structure that has become increasingly common in large-scale data center development, where the capital requirements and technical complexity of delivering mission-critical infrastructure demand deep expertise across multiple disciplines.

Blue Owl's Role as Balance Sheet Lender

Blue Owl's provision of the USD 975 million financing on a balance sheet basis is significant in the context of the current lending environment.

Balance sheet lenders, which deploy capital from their own funds rather than relying on the syndication market, are able to move with greater speed and certainty of execution than lenders dependent on distributing risk to third parties.

For a transaction of this scale involving a newly constructed asset with a long-term lease to a single investment-grade tenant, balance sheet execution aligns well with the borrower's likely requirements for certainty and speed.

Newmark's Debt and Structured Finance Platform

The transaction was executed through Newmark's Global Debt and Structured Finance platform, which operates alongside the firm's broader commercial real estate services business.

Newmark generated revenues of more than USD 3.4 billion for the twelve months ended March 31, 2026, and as of that date operated from over 185 offices with more than 9,600 professionals across four continents.

The involvement of both traditional debt and structured finance professionals alongside dedicated sector specialists in strategic advisory and infrastructure reflects an approach to large, complex digital infrastructure transactions that draws on specialized knowledge of both the capital markets and the technical dimensions of data center assets.