The Avenue has closed on a $202 million construction financing package as the mixed-use development approaches its vertical construction phase along Fifth Avenue South in downtown Naples. Developed by APREA and JSB Capital Group and designed by Morris Adjmi Architects and MHK Architecture, the project will introduce 50 luxury residences above 75,000 square feet of boutique retail, dining, wellness, and lifestyle space. DeAngelis Diamond is serving as general contractor.
The financing package, provided by Bayview Commercial Mortgage Finance, consists of $109 million in Commercial Property-Assessed Clean Energy financing and a $93 million traditional construction loan. Bayview PACE, a division of Bayview Commercial Mortgage Finance, is providing the C-PACE financing through two assessments and closings. The transaction was brokered by JLL’s Debt Advisory team, led by Scott Aiese and Alex Staikos.
Following its groundbreaking earlier this year, foundation work is underway and vertical construction is scheduled to rise in August…