APREA And JSB Capital Group Secure $202 Million Loan For The Avenue Development In Naples

The Avenue is a mixed-use development site located at 375 5th Avenue South in Naples, FL, featuring 50 luxury residences along with 75,000 square feet dedicated to retail, dining, and lifestyle space. A construction loan amounting to $202 million has been secured for this project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $202,000,000
• Lender: Bayview Commercial Mortgage Finance
• Landlord: Andy Penev - APREA; Jay Lobell - JSB Capital Group
• Brokers: Scott Aiese & Alex Staikos - JLL
• Construction Loan Type: Construction
• Project Timeline: Foundation work underway with vertical construction beginning in August, aiming for initial homeowner move-ins in early 2028.

The deal involved key individuals such as Andy Penev, representing APREA, and Jay Lobell from JSB Capital Group as landlords. The brokerage firm JLL was instrumental in the transaction, with Scott Aiese and Alex Staikos acting as brokers. This financing package aims to pave the way for a significant addition to the downtown Naples market.