I am not seeing that 2016 is supported on the R510, as seen here. You could try it to see, but I don't believe it will work.
Hope this helps.
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For the record
Just installed Windows Server 2016 on R510 without any problem
I've also installed Server 2016 on a r510 without trouble, but I can't find the correct video drivers. Were you able to get the correct video resolution working?
It is NOT supported configuration, but it works pretty well…
Upgrade RAM, put cheap SATA SSDs into SAS slots and enjoy second live of your hardware.