Celestial Fund Finances $13M Construction Loan For Development Site In Fort Lauderdale

A construction loan in the amount of $13,000,000 has been secured for the development site located at 1400 West Lake Drive in Fort Lauderdale. The property is a development site with a building square footage of 10,000 and a land lot square footage of 15,000. The loan is provided by an entity called Celestial Fund.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $13,000,000
• Market: Fort Lauderdale
• Building Square Footage: 10,000
• Land Lot Square Footage: 15,000

Eugene Rutenberg from Celestial Fund is the broker involved in the loan transaction. The loan terms include a 70% loan-to-cost ratio, a 14-day closing period, an 18-month term, and a fixed interest rate of 11.25% with interest-only payments. The loan does not have negative carry on unused proceeds.

It is important to note that the property is situated on 250 feet of Intercoastal Waterway and belongs to the exclusive gated neighborhood of Harbor Beach in Las Olas, Fort Lauderdale. Once completed, the asset will be a three-story tall trophy home with over 14,000 gross square footage, of which 10,000 square feet will be usable space. The website of Celestial Fund, www.CelestialFund.com, actively offers financing for commercial properties and spec home construction for non-owner occupied purposes.