Eugene Rutenberg Of Celestial Fund Secures $10.9M Bridge Loan For Development Site In Miami
FINANCED
$10,900,000
Florida
See Similar DealsDevelopment Site117,333 SF
Financed 12/18/2025
FINANCED
Eugene Rutenberg Of Celestial Fund Secures $10.9M Bridge Loan For Development Site In Miami
1741 Southwest 2nd Avenue
See Similar DealsDevelopment Site117,333 SF
Financed 12/18/2025
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$92
Total Square Footage:117,333 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,900,000.00
Monthly NOI$72,666.67
Monthly Debt Service$68,895.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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