Spectrum Mortgage And Celestial Fund Provide $17.6 Million Recapitalization Loan For Development Site In Fort Lauderdale

The property asset involved in this transaction is a development site located at 1400 West Lake Drive in Fort Lauderdale. The site spans 10,500 square feet of building space and sits on a land lot of 15,000 square feet. The loan amount secured for this project is $17,600,000, structured as a recapitalization with specific loan terms of 78% LTC finance, a 12-month term, and a 14-day closing period.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $17,600,000
• Address: 1400 West Lake Drive, Fort Lauderdale
• Landlord's Representative: Chad Carroll - Compass
• Lender: Spectrum Mortgage & Celestial Fund
• Lot Size: 15,000 sf
• Building Size: 10,500 sf
• Loan Type: Recapitalization
• Loan Terms: 78% LTC Finance, 12-month term, 14-day close

This transaction features key individuals such as Robert Gutlohn, Eugene Rutenberg, Lauren Gutlohn, Chad Carroll, and Ross Gutlohn, who are associated with the financing and development aspects of the project. The lenders, Spectrum Mortgage and Celestial Fund, have collaborated to finance the construction of another spec home in the South Florida area, positioned on a point lot within the elite gated neighborhood of Harbor Beach in Las Olas Fort Lauderdale.