MIAMI -- (May 4, 2007) Capmark Finance Inc. (Capmark Finance) has originated $95.54 million in floating-rate, construction financing for four build-to-suit General Services Administration (GSA) office buildings in metro Miami, Fla. The buildings will be leased to Citizenship & Immigration Services (CIS). The loan has a 16-month term on an interest-only basis.
The CIS Portfolio will be situated on approximately 19.4 acres of land and contain a total of 197,603 square feet of rentable space. The federal agency CIS will fully occupy the properties upon completion. These four buildings represent the first four CIS facilities being built in the U.S. Over the next three years, an additional 30 sites will be built nationwide.
Vice President Marvin Hill and Assistant Vice President Greg Ciambruschini of the Capmark Finance Washington, D.C. office originated the transaction, which closed in just 41 days from application. Artesia Mortgage Capital funded the transaction and also provided the borrower, South Florida Federal Partners, LLC, with a 16-month forward commitment for permanent take-out financing. South Florida Federal Partners, a joint venture between two developers located in Washington, D.C. and Miami, respectively, won the solicitation to build all four buildings.
"Working on behalf of our client, Capmark Finance arranged 100 percent loan-to-cost construction financing through Artesia Commercial Mortgage at a very competitive interest rate," said Ciambruschini. "The GSA will lease the four facilities for 15 years with leases that include the ability to increase each facility's net rentable area."