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Eugene Rutenberg Of Celestial Fund Secures $5.75M Construction Loan For West Palm Beach Development Site

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FINANCED
$5,750,000

Florida

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Development Site10,000 SF
Financed 03/20/2024
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FINANCED

Eugene Rutenberg Of Celestial Fund Secures $5.75M Construction Loan For West Palm Beach Development Site

8009 Flagler Court

See Similar Deals
Development Site10,000 SF
Financed 03/20/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$575
Total Square Footage:10,000 SF
Transaction Type:Loan

The Development Site located at 8009 Flagler Court in West Palm Beach boasts a building square footage of 10,000 and a buildable square footage of 5,400. The property serves as the foundation for a planned Class A Spec Home development.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $5,750,000
  • Address: 8009 Flagler Court
  • Market: West Palm Beach
  • Loan Type: Construction Loan

Eugene Rutenberg, representing Celestial Fund, facilitated the $5,750,000 Construction Loan for the Spec Home Merchant Developer. The developer utilized the property's equity to purchase a new lot nearby, where they intend to construct a duplicate Class A Spec Home for eventual sale to an end user. CelestialFund.com, specializing in financing Commercial Properties and Spec Home Construction for non-owner-occupied purposes, supported this business investment endeavor.

Players

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

Details

FINANCED
IMAGE: Eugene Rutenberg DATE: 03/22/2024 ADDRESS: 8009 Flagler Court MARKET: West Palm Beach ASSET TYPE: Development Site ~ BSF: 5,400 ~ SF: 10,000 BROKER: Eugene Rutenberg - Celestial Fund (@CelestialFund) LOAN AMOUNT: $5,750,000 LOAN TYPE: Construction Loan NOTE FROM BROKER: Located on one of the most coveted street names in Palm Beach County (Flagler) the Spec Home Merchant Developer of this Non-Owner Occupied Property used their equity in the subject Property to purchase a different lot down the street on which they plan to use lender’s proceeds to build a duplicate Class A Spec Home that will be sold to an end user. CelestialFund.com is actively financing Commercial Properties & Spec Home Construction for Business Investment Purposes (NON – Owner Occupied).

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,750,000.00

Monthly NOI$38,333.33
Monthly Debt Service$36,343.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00