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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.

The funding is a floating-rate loan with a 16-month term on an interest-only basis. Artesia also provided a 16-month forward commitment for permanent take-out financing. Without disclosing the rate of the construction loan, Ciambruschini says, “it’s very competitive.”

The funding includes the cost of the land. “It’s unusual to provide 100% of the budget,” he acknowledges, “but it was underwritten on the value on the back end. We and Artesia were very comfortable with it. These are big-box, high-ceiling office-processing centers, located on commercial arteries.” Among the GSA requirements is the capability for a 15%-expansion of space at each location, and all have on-site parking.

“The GSA leases are 15-year term with 10 years firm,” Ciambruschini continues. “The likelihood of the agency’s leaving in 10 years is very low, but even if it did, these are well-suited to retail warehouse use.” CIS is a new initiative under the Department of Homeland Security, and these four buildings are the first of 34, which will be built throughout the US over the next three years.

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