Organization
Active
Goldman Sachs — Double Exposure in ICE Warehouse Profiteering
Investment bank
New York, NY
Overview
Goldman Sachs appears in two distinct roles across ICE warehouse acquisitions, making it the most deeply entangled financial institution in the warehouse profiteering pattern.
Role 1: Direct Owner/Seller (Roxbury, NJ)
- Entity: DG Roxbury Property Owner LP (Goldman Sachs Asset Management + Dalfen Industrial)
- Property: 470,000 sq ft vacant industrial warehouse, Roxbury NJ
- DHS purchase price: $129.3 million (February 2026)
- Markup: 137% over estimated market value (per Project Salt Box)
- Goldman’s defense: fiduciary obligation to investors to sell vacant property
Role 2: Lender (Williamsport, MD)
- August 2025: Goldman Sachs + TPG Real Estate Credit provide $352.7 million refinancing for Fundrise’s 12-property industrial portfolio (arranged by JLL Capital Markets)
- Williamsport warehouse appraised at $76.8 million at time of refinancing
- Refinancing increased debt on the property from $67.3M to $83.1M — extracting ~$15.9M in cash
- January 2026: DHS buys for $102.4 million (33% above appraised value)
- Goldman’s defense: “As a lender, we are not involved in the operations and management of the portfolios”
Timing Question
The Goldman/TPG refinancing closed in August 2025. “Leaked documents” about “planned federal site visits” may have preceded the refinancing. Whether DHS interest was known before Goldman refinanced is a key unanswered question.
CBRE Connection
- CBRE brokered the Williamsport sale
- SK2 LLC (co-founded by former CBRE executive Steven Kelley) received $5.9M ICE property acquisition contract on January 7, 2026 — same timeframe as the Williamsport closing
Goldman-Trump Historical Ties
- Gary Cohn: Goldman president → NEC Director (Trump term 1)
- Steve Mnuchin: Goldman CIO → Treasury Secretary (Trump term 1)
- Multiple second-term appointments and transition advisors
The $352M Loan Portfolio
12 properties across Mid-Atlantic and Sun Belt markets. No evidence that other properties in the package were sold to DHS (as of reporting), but this deserves continued monitoring.
Sources
This research is published at The RAMM — investigative reporting on the detention pipeline.