Eugene Rutenberg Of Celestial Fund Secures $16.3 Million Loan For Boca Raton Office Acquisition
621 Northwest 53rd Street
$17,500,000
$72/SF
Building Size
240,000 SF
Asset Type
Office
Closing
Apr 8, 2025
About this deal
AI
The asset involved in this transaction is an office property located at 621 Northwest 53rd Street in Boca Raton, featuring a total square footage of 240,000. The loan amount for this acquisition is $16,300,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $16,300,000
- Loan Type: Acquisition
- Broker: Eugene Rutenberg - Celestial Fund
The broker representing the transaction is Eugene Rutenberg from Celestial Fund, the company known for delivering results for senior loans, mezzanine debt, and preferred equity structured finance nationwide. A thank you is extended to their capital partner for providing certainty of closing for the sponsor involved.
On the Map
$17,500,000
$72/SF
Office
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Boca Raton Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93