Celestial Fund, under the leadership of Founder and CEO Eugene Rutenberg, has closed on a $35 million bespoke debt package, structured for the recapitalization and refinancing of an exceptional three-property Spec Home portfolio, developed by Cicardo Development — a premier merchant builder based in South Florida.
The portfolio comprises two ultra-prime waterfront estates situated on trophy lots in Fort Lauderdale and a third extraordinary residence located in the prestigious enclave of Harbour Beach in Boca Raton, Florida.
Over the past 24 months, Celestial Fund has firmly cemented its reputation as a dominant force in luxury real estate finance, having orchestrated over $125 million in Spec Home transactions across South Florida. Through its Capital Markets Consulting platform, the firm has additionally facilitated another $100 million in successful capital placements. Celestial Fund has a stable of capital from a curated group of prominent family offices, financing Senior Loans secured by premier Luxury Spec Home developments and operates a parallel investment vehicle dedicated to Preferred Equity positions secured by high-value Multifamily and Commercial assets nationwide.
Eugene Rutenberg, with over 15 years of distinguished experience as both a Lender and Capital Advisor Consultant, has completed in excess of $1 Billion in complex, structured real estate financings throughout his career.
The Portfolio: A New Benchmark in Ultra-Luxury Residential Development
1400 West Lake Drive, Fort Lauderdale, FL
1400 West Lake Drive, Fort Lauderdale, FL
Nestled on an unparalleled point lot within the exclusive Harbor Beach peninsula, this architecturally significant modern estate exemplifies the pinnacle of sophisticated waterfront living. Offering approximately 10,500 sq ft of refined interiors and over 15,000 sq ft of total luxury footprint, the residence boasts an extraordinary 250+ feet of deep-water dockage — ideal for superyachts and multiple vessels alike — with sweeping, unobstructed vistas of Lake Sylvan and the Fort Lauderdale skyline. Meticulously crafted with imported Italian finishes across three levels, amenities include seven stately bedrooms, a world-class wellness center featuring a gym, sauna, and steam showers, an executive office, and a stunning rooftop sky lounge complete with a custom-designed bar. Targeted for completion in January 2026.
2880 NE 28th Street, Fort Lauderdale, FL
2880 NE 28th Street, Fort Lauderdale, FL
This masterfully designed three-story waterfront sanctuary redefines modern resort living within Coral Ridge’s most sought-after community. Commanding an oversized Southeast-facing lot with 153 feet of no-wake zone water frontage, this Zen-inspired private compound offers an exceptional 13,000 sq ft of total living space. The residence comprises six bedrooms, eight designer baths, a state-of-the-art Club Room, home gym, spa with sauna and cold plunge pool, and a top-floor media entertainment suite crowned by an expansive rooftop sky lounge. Featuring both a chef’s and butler’s kitchen, dedicated crew/staff quarters, and a 4-car gallery garage. Ready for immediate occupancy May 30, 2025.
2880 NE 28th Street, Fort Lauderdale, FL
681 Golden Harbour Drive, Boca Raton, FL
681 Golden Harbour Drive, Boca Raton, FL
Situated on an irreplaceable dream lot overlooking the pristine waters of Lake Wyman, this resort-inspired private oasis is encircled by lush, protected preserve lands, ensuring unparalleled privacy and a natural symphony of wildlife. Offering 11,173 sq ft of exquisitely curated total living space, the residence hosts six bedrooms, seven baths, a sumptuous Club Room, rooftop entertainment area, elevator access, and a 4-car collector’s garage. Boasting 117 feet of yacht-ready water frontage in a no-wake zone, this bespoke masterpiece will be delivered May 30, 2025.
681 Golden Harbour Drive, Boca Raton, FL
Signature Capital Placements: Design 41 Miami & One Park Place Office in Boca Raton, FL.
A crowning achievement for Celestial was its instrumental role in arranging the $45.30 million financing package for the iconic Design 41 project — a 47,000 sq ft “Class A” mixed-use jewel located at the very heart of Miami’s world-renowned Design District. As one of the tallest and most architecturally distinctive structures in the immediate area, Design 41 features 60+ private, secure indoor parking spaces, a breathtaking oversized penthouse patio, and a roster of prestigious tenants including BSH Group (BOSCH, Thermador, Gaggenau), Hastens Beds, BOND No. 9, and Breitling. Designed by internationally acclaimed architect Enrique Norten of TEN Arquitectos, the project integrates cutting-edge Green Building technologies and proudly holds a LEED Silver Certification. Conveniently situated just 10 minutes from Miami International Airport, Design 41 epitomizes the fusion of visionary architecture, sustainable innovation, and enduring luxury.
Another of Celestial’s most recent placements is the $16.30 million financing of a 240,000 sq ft Class A office building called One Park Place in Boca Raton, FL.
1400 West Lake Drive, Fort Lauderdale, FL
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