Updated Sep 9, 2024
Celestial Fund Provides $4.7M Construction Loan For Fort Lauderdale Development Site
630 Isle Of Palms Drive
$4,700,000
$361/SF
Building Size
13,000 SF
Asset Type
Development Site
Closing
Mar 29, 2023
About this deal
AI
The development site at 630 Isle Of Palms Drive in Fort Lauderdale has recently been involved in a loan transaction. The property consists of a building with 7,000 square feet and a land lot of 13,000 square feet.
Summary of transaction details:
- Property Type: Development Site
- Loan Amount: $4,700,000
- Loan Type: Construction Loan
- Loan Terms: 7 Day Close, 24 Month Loan Term, 10% I/O FIXED rate, No Negative Carry on Unused Proceeds
Eugene Rutenberg of Celestial Fund represented the parties involved in the loan transaction.
For more information and financing options for commercial properties and spec home construction, you can visit www.CelestialFund.com. Please note that their services are specifically geared towards non-owner-occupied properties for investment purposes.
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Eugene Rutenberg to view all their deals.
Browse Florida development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.38%
Cash-on-Cash
-0.96%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93