LOS ANGELES, CALIF. — Los Angeles-based Newmark Realty Capital has arranged a total of $527 million in construction and permanent financing for a portfolio of four construction projects currently under development for the General Services Administration (GSA). The financing breaks down to $271 million in construction loans and $256 million in permanent loans.
The largest project is the National Personnel Records Center, a new facility for the National Archives that is being built in St. Louis. Upon completion, which is expected in 2012, the 474,690-square-foot building will be the largest national archives facility outside of Washington, D.C. In addition to the National Archives, 14 other civilian and defense federal agencies will keep offices in the building. The GSA will lease the building for a 20-year term at a rate of $19.50 per rentable square foot. The project will seek LEED certification. The owner is a subsidiary of the Molasky Group of Companies. The project team includes Dallas-based architect HKS and general contractors Hardin Construction of Atlanta and Tarlton Corp. of St. Louis.
The other three projects, which are also being developed by Molasky, are regional field offices for the FBI. The first one is a 90,000-square-foot field office located in Cincinnati's Sycamore Township. the project will replace the smaller space in downtown Cincinnati the bureau currently occupies. As with the National Archives project, the GSA will lease the building on a long-term basis. The $47.3 million project is slated for completion next February. The build team includes Minneapolis-based architecture firm Hammel, Green and Abrhamson and general contractor Skanska USA.
Molasky is also developing a $65 million FBI field office in Portland. The 135,000-square-foot complex is slated for completion in later 2011. The GSA will lease the space on a 20-year term. The third field office will be located in Minneapolis.
The Newmark Realty Capital team of George Mitsanas and Peter Hillakas arranged the loan financing for the projects through a pension funding. The loans have closed over an almost year-long period that started in the fourth quarter of 2009. Terms of the loans were not released.
— Coleman Wood