Eugene Rutenberg Of Celestial Fund Provides $8.35M Recapitalization Loan For Development Site In Fort Lauderdale

The asset involved in the transaction is a development site located at 2880 Northeast 28th Street in Fort Lauderdale. The site encompasses 15,400 square feet and has a buildable square footage (BSF) of 8,350. The loan amount for this transaction is $8,350,000, categorized as a recapitalization loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $8,350,000
• Asset Address: 2880 Northeast 28th Street
• Market: Fort Lauderdale
• Asset Type: Development Site
• BSF: 8,350
• SF: 15,400
• Broker: Eugene Rutenberg - Celestial Fund
• Loan Type: Recapitalization

In this transaction, Eugene Rutenberg represents Celestial Fund, which is facilitating the finance of a spec home in the South Florida area. The property is positioned on the Intercoastal Waterway and features significant amenities including a home gym, office, and an entertainment room with a rooftop lounge. The construction is designated for business investment purposes and is non-owner occupied.