Goldman Sachs $352.7M Fundrise Refinancing — 12-Property Portfolio Analysis
The Loan
- Closed: June 26, 2025 (per SEC filing) / announced August 2025
- Amount: Up to $352.7 million in committed capital
- Lenders: Goldman Sachs + TPG Real Estate Credit (syndicated warehouse loan)
- Arranger: JLL Capital Markets
- Terms: SOFR + 3.15%, interest-only, matures June 26, 2027 with three 12-month extensions
- Note: SEC filings only say “syndicated warehouse loan” — Goldman/TPG identified in JLL press release and trade press, not in SEC filings
The 12 Properties
Mid-Atlantic (6 properties)
| City | Address | Sq Ft | Acquisition Price | Sold to DHS? |
|---|---|---|---|---|
| Williamsport, MD | 10900 Hopewell Rd | 825,620 | $104.8M (Jun 2022) | YES — $102.4M (Jan 2026) |
| Jessup, MD | 7980 Tarbay Drive | ~204,000 | $34.2M (Jun 2021) | No |
| Hanover, MD | Unconfirmed | Unknown | Unknown | No |
| Springfield, VA | 6621 Electronic Drive | ~140,000 | Unknown | No |
| Sterling, VA | 22480 Randolph Drive | ~76,500 | $20.8M (Nov 2021) | No |
Sun Belt (6-7 properties)
| City | Address | Sq Ft | Acquisition Price | Sold to DHS? |
|---|---|---|---|---|
| Glendale/Phoenix, AZ | 7421 N. Reems Road | 570,080 | $82.6M (Apr 2023) | No |
| Tempe, AZ | 8123 South Hardy Drive | ~56,316 | $11M (Jun 2022) | No |
| Las Vegas, NV | I-215 Interchange | ~400,801 | $80.2M (Jun 2023) | No |
| Dallas/Farmers Branch, TX | 4653 Nall Road | ~66,060 | Unknown | No |
| Atlanta, GA | 3435 Jonesboro Rd SE | ~200,000 | $30.4M (Mar 2022) | No |
| Tampa/St. Pete, FL | Highpoint Commerce Center | ~122,160 | Unknown (2024) | No |
12th property unidentified (may be second building in one of the above cities).
Key Finding: Only One Property Sold to DHS
Only the Williamsport/Hagerstown property has been confirmed sold to DHS. None of the other 11 cities overlap with the 11 confirmed ICE purchase locations.
However, the remaining portfolio contains large institutional-quality warehouses in metro areas that fit the ICE acquisition profile. If any become vacant, they would be natural targets for future purchases (the Mullin pause is temporary, ICE plans 34+ total facilities).
The Williamsport Financial Chain
- June 2022: Fundrise buys for $104.8M (vacant at acquisition)
- 2022-2025: Property sits vacant for 3 years; Fundrise lists it as liability in SEC filings
- June 2025: Appraised at $76.8M (27% loss from purchase price)
- June 2025: Goldman/TPG refinance; debt on property increases from $67.3M to $83.1M (Fundrise extracts ~$15.9M cash)
- January 2026: DHS buys for $102.4M (33% above appraisal, but below Fundrise’s original purchase price)
Goldman’s Double Exposure
Goldman Sachs is connected to TWO ICE warehouse transactions through different roles:
- Lender: Refinanced the Fundrise portfolio including Williamsport ($102.4M to DHS)
- Direct owner/seller: DG Roxbury Property Owner LP sold Roxbury NJ to DHS for $129.3M (137% over value)
Combined Goldman-connected ICE warehouse proceeds: $231.7 million
Goldman’s statement: “As a lender, we are not involved in the operations and management of the portfolios of assets we lend to.”
Sources
- JLL Press Release: $352.7M Financing
- Commercial Observer: Goldman Sachs, TPG Supply $353M Refi
- Project Salt Box: From Vacant Warehouse to ICE Detention Center
- SEC EDGAR: Fundrise East Coast Opportunistic REIT (CIK 1660918)