APREA and JSB Capital Group Close $202M Loan for The Avenue in Downtown Naples

• The Avenue has secured a $202 million construction financing package to advance its mixed-use development in 375 Fifth Avenue Sout.
• Developed by APREA and JSB Capital Group, the project will feature 50 luxury condominiums above 75,000 square feet of retail, dining, wellness, and lifestyle space.
• Vertical construction is set to begin in August, with the first residents expected to move in during early 2028.

What the Financing Means for The Avenue

The Avenue has reached a major milestone after closing on a $202 million construction financing package, positioning the project to move into its next phase. The financing includes $109 million in Commercial Property-Assessed Clean Energy (C-PACE) financing and a $93 million traditional construction loan, both provided by Bayview Commercial Mortgage Finance.

The financing was arranged by JLL's Debt Advisory team, led by Scott Aiese and Alex Staikos, highlighting continued lender confidence in luxury mixed-use developments across Southwest Florida.

What the Project Will Bring to Downtown Naples

Located in 375 Fifth Avenue South, The Avenue is designed to transform one of downtown Naples' key gateways with a pedestrian-friendly mixed-use destination. The development will feature four three-story buildings connected by landscaped walkways that link Fifth Avenue South with the surrounding neighborhood.

Above the retail component, the project will offer 50 luxury condominium residences, while the ground level will include 75,000 square feet of boutique shopping, restaurants, wellness concepts, and lifestyle retailers. Designed by Morris Adjmi Architects and MHK Architecture, the project embraces Naples' historic architectural character while introducing modern public gathering spaces.

What Construction Looks Like Going Forward

Following the project's groundbreaking earlier this year, foundation work is already underway. Vertical construction is scheduled to begin in August, with DeAngelis Diamond serving as the general contractor.

According to the development team, residential sales continue to outperform expectations, while leasing activity for the retail portion remains strong as tenants are carefully selected to complement the existing Fifth Avenue South business district.

What This Means for Naples Real Estate

The Avenue represents one of the largest mixed-use investments currently underway in downtown Naples and reflects continued demand for luxury residential and experiential retail developments. The use of C-PACE financing also highlights the growing role of alternative capital sources in funding sustainable commercial real estate projects.

Once completed, the project is expected to strengthen Fifth Avenue South as a premier shopping, dining, and residential destination while creating a more walkable downtown environment. Initial homeowner move-ins are anticipated in early 2028, marking another major addition to Naples' luxury real estate market.