MIAMI ¬— Eugene Rutenberg, a veteran lender and capital advisor consultant, has opened Celestial Fund I LLC, a capital advisory firm based in downtown Miami. The financial intermediary raises debt and preferred equity on behalf of developers and investors across several real estate sectors, including multifamily, spec home construction (non–owner occupied), hospitality, industrial, mixed-use and office.
Rutenberg initially plans to hire two originators with at least five years of capital markets experience and an underwriting analyst who has at least two years of experience. The producers would join Rutenberg in the firm’s new downtown Miami office.
Celestial Fund will work with capital sources of all types, including agency lenders, debt funds, private lenders, banks and credit unions, life insurance companies and CMBS lenders, among others. Financing options will cover ground-up construction, redevelopments, bridge loans, permanent loans and distressed debt opportunities.
For developers seeking agency and private-label debt, Celestial Fund’s lending parameters are generally $2 million to $200 million for senior loans and $2 million to $20 million for mezzanine loans or preferred equity investments. The firm will also originate construction loans starting at $20 million.
Rutenberg has over 15 years of experience in the capital markets arena. He has closed over $1 billion in floating- and fixed-rate financing for commercial real estate developments and investments across the country.
(Interested parties should email their resumes to [email protected])