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

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FINANCED
$8,350,000

Florida

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Development Site15,400 SF
Financed 03/28/2025
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Property Image
FINANCED

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

2880 Northeast 28th Street

See Similar Deals
Development Site15,400 SF
Financed 03/28/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$542
Total Square Footage:15,400 SF
Transaction Type:Loan

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.

Players

Eugene Rutenberg
Celestial Fund
Eugene Rutenberg
14 deals$215.3M volume(305) 367-8777
BROKER

Details

FINANCED
IMAGE: Eugene Rutenberg DATE: 03/28/2025 ADDRESS: 2880 Northeast 28th Street MARKET: Fort Lauderdale ASSET TYPE: Development Site ~ BSF: 8,350 ~ SF: 15,400 BROKER: Eugene Rutenberg - Celestial Fund (@CelestialFund) LOAN AMOUNT: $8,350,000 LOAN TYPE: Recapitalization NOTE: Celestial Fund is proud to announce the finance of another Spec Home in the S. Florida area. Located on 155 Ft. of Intercoastal Waterway this Incredible 3-Story Modern Resort Sanctuary is Designed to Inspire the Highest Level of Luxury Waterfront Living. Exceptionally Positioned on a Prime Oversized Lot, Southeast Exposure, 1 off the point, Sprawling 12,976 sq ft of total living area, 6 Bedrooms, 8 Baths, Home Gym, Office, Spa w/Sauna/Cold Plunge, 3rd Floor Media Entertainment Room w/ Roof Top Sky Lounge! Spec Home Construction for this Property is for Business Investment Purposes (NON – Owner Occupied). Celestial Fund (www.celestialfund.com) for Finance Tim Schirripa (www.theschirripagroup.com) for Property Sales Colin Ewing (www.colonyconstructiongroup.com) for General Contractor

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,350,000.00

Monthly NOI$55,666.67
Monthly Debt Service$52,777.68
Change in Cash Flow$0.00
Refinance Proceeds$0.00