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$202M financing closed for Naples mixed-use project The Avenue
The deal combines $109 million of C-PACE financing with a $93 million traditional construction loan and targets move-ins in early 2028.
APREA and JSB Capital Group have closed a $202 million construction financing package for a mixed-use development called The Avenue near downtown Naples, according to ConnectCRE.
The funding includes $109 million in Commercial Property-Assessed Clean Energy, or C-PACE, financing and a $93 million traditional construction loan.
Bayview Commercial Mortgage Finance, through its Bayview PACE division, is providing the C-PACE amount across two assessments and closings, with the financing deal brokered by JLL’s Debt Advisory team, led by Scott Aiese and Alex Staikos.
The Avenue is slated to add about 75,000 square feet of boutique retail, dining, wellness, and lifestyle space beneath 50 luxury for-sale residences, with construction led by DeAngelis Diamond and move-ins anticipated in early 2028.