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Celestial Fund Provides $45.3M Refinance Loan For Miami Mixed-Use Property

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FINANCED
$45,300,000

Florida

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Mixed-use47,500 SF
Financed 01/25/2024
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FINANCED

Celestial Fund Provides $45.3M Refinance Loan For Miami Mixed-Use Property

112 Northeast 41st Street

See Similar Deals
Mixed-use47,500 SF
Financed 01/25/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$953
Total Square Footage:47,500 SF
Transaction Type:Loan

The loan transaction involved a mixed-use property located at 112 Northeast 41st Street in Miami. The property has a total area of 47,500 square feet and is situated in the bustling Design District of Miami, which is known for its thriving retail and office market. This boutique "Class A" trophy asset stands out in the area, being one of the tallest buildings with notable architectural design by Enrique Norten of TEN Arquitectos, Mexico City. The property features green building technologies and is LEED Silver Certified.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $45,300,000
  • Address: 112 Northeast 41st Street, Miami
  • Market: Miami
  • Square Footage: 47,500

The loan was facilitated by Eugene Rutenberg, a capital consultant representing Celestial Fund. Celestial Fund is actively financing commercial properties and luxury spec home construction for business investment purposes. The loan amount for this transaction was $45,300,000, and it was a refinancing loan type.

Players

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

Details

FINANCED
IMAGE: Eugene Rutenberg DATE: 01/25/2024 ADDRESS: 112 Northeast 41st Street MARKET: Miami ASSET TYPE: Mixed-use ~ SF: 47,500 CAPITAL CONSULTANT: Eugene Rutenberg (@Celestialfund) - Celestial Fund LOAN AMOUNT: $45,300,000 LOAN TYPE: Refinance NOTE FROM CAPITAL CONSULTANT: CORE Mixed-Use Showroom Office/ Retail Property, located in the center of arguably the hottest retail/ office market in the country - The Design District of Miami FL. The boutique “Class A” trophy asset is 10 minutes from the Miami International Airport, it is the tallest if not one of the tallest buildings in the immediate area, has 60+ indoor private secured parking spaces, an oversized Penthouse Patio on the 7th floor, long term tenants including BSH Group (BOSCH, Thermador, GAGGENUA), Hastens Beds, BOND No. 9, and Breitling. Architecture by globally renowned Enrique Norten of TEN Arquitectos, Mexico City and features Green Building Technologies, LEED Silver Certified. www.CelestialFund.com is actively financing Commercial Properties & Luxury 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

$45,300,000.00

Monthly NOI$302,000.00
Monthly Debt Service$286,326.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00