Eugene Rutenberg Of Celestial Fund Secures $10.9M Bridge Loan For Development Site In Miami
1741 Southwest 2nd Avenue
$10,900,000
$92/SF
Building Size
117,333 SF
Asset Type
Development Site
Closing
Dec 18, 2025
AI
The property asset involved in the transaction is a development site located at 1741 Southwest 2nd Avenue, Miami, FL, with a total square footage of 117,333. The loan originated for this asset amounts to $10,900,000, categorized as a bridge loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,900,000
- Loan Originator: Eugene Rutenberg - Celestial Fund
- Market: Miami, FL
- Asset Type: Development Site
- Square Footage: 117,333
- Loan Type: Bridge
Eugene Rutenberg represents Celestial Fund in this transaction, which has secured financing for a shovel-ready land lot, fully approved for 187 Class A condominiums in Brickell, Miami, FL.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.46%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93