Celestial Fund Provides $45.3M Refinance Loan For Miami Mixed-Use Property
112 Northeast 41st Street
$45,300,000
$953/SF
Building Size
47,500 SF
Asset Type
Mixed-use
Closing
Jan 25, 2024
AI
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.
Miami Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93