Updated Dec 4, 2024
Eugene Rutenberg Of Celestial Fund Secures $5.75M Construction Loan For West Palm Beach Development Site
8009 Flagler Court
$5,750,000
$575/SF
Building Size
10,000 SF
Asset Type
Development Site
Closing
Mar 20, 2024
About this deal
AI
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.
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93