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Fed Partners Gets $96M to Construct GSA Build-to-Suits

MIAMI-Four buildings in separate locations throughout the MSA, each about 50,000 sf, are 100% preleased to the US Citizenship & Immigration Services.

By Marita Thomas | Updated on May 04, 2007

MIAMI-The developer partnership that won the General Service Administration’s solicitation to construct four build-to-suits for Citizenship & Immigration Services in the metro area has obtained construction funding of nearly $95.6 million. The buildings range from 46,000 sf to 56,000 sf and will be located on approximately five acres each in Hialeah, Kendall, Oakland Park and Downtown Miami.

Marvin Hill, VP, and Greg Ciambruschini, assistant VP in the Washington, DC office of San Mateo, CA-based Capmark Finance Inc., arranged the funding, which represents a 100% loan-to-cost ratio. The lender is Seattle-based Artesia Commercial Mortgage, the US subsidiary of Dexia Bank Belgium. Bob Riley of Artesia worked with Capmark on the transaction.

The buildings are 100% preleased to the GSA. The developer, South Florida Federal Partners LLC, is a joint venture between an unidentified DC firm, which Ciambruschini says has worked with the GSA on other primarily single-tenant properties, and a local developer.

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