Updated Apr 1, 2025
Eugene Rutenberg Of Celestial Fund Finances Boca Raton Development Site For $8.3M
681 Golden Harbour Drive
$8,300,000
$691/SF
Building Size
12,000 SF
Asset Type
Development Site
Closing
Mar 28, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 681 Golden Harbour Drive in Boca Raton. The site comprises a total square footage of 12,000, with a building square footage of 8,400. The transaction reflects a loan amount of $8,300,000 for recapitalization purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,300,000
- Asset Address: 681 Golden Harbour Drive
- Market: Boca Raton
- Broker: Eugene Rutenberg - Celestial Fund
- Loan Type: Recapitalization
The deal is facilitated by Eugene Rutenberg from Celestial Fund, who represents the financing aspect of this transaction. Additional parties involved include Tim Schirripa for property sales and Colin Ewing as the general contractor, providing key support and services related to the construction of the spec home on the site.
On the Map
$8,300,000
$691/SF
Development Site
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Boca Raton Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93