Landmark mixed-use destination on 5th Avenue South, Naples, FL advances into its next phase as sales continue to outpace expectations
Naples, FL (July 24, 2026) – The Avenue has closed on a $202 million construction financing package with Bayview Commercial Mortgage Finance (BCMF), including $109 million of C-PACE financing and a $93 million traditional construction loan, reaching a major benchmark for the landmark mixed-use development as vertical construction commences in the heart of downtown Naples.APREA and JSB Capital Group are bringing The Avenue to life, with APREA leading development and JSB serving as co-developer and capital partner. Following groundbreaking earlier this year, construction is progressing into its vertical phase, with foundations underway and vertical concrete scheduled to rise in August.
Bayview PACE, a division of BCMF, is providing $109 million in Commercial Property-Assessed Clean Energy (C-PACE) financing across two assessments and closings, in a deal brokered by JLL’s Debt Advisory team, led by Scott Aiese and Alex Staikos.
Designed by internationally acclaimed architects Morris Adjmi Architects and MHK Architecture, The Avenue is reimagining the gateway to 5th Avenue South through architecture rooted in the historic character of Naples, thoughtfully designed public spaces, curated retail, exceptional dining, wellness offerings, and a limited collection of just 50 luxury residences.
Sales continue to outpace expectations, reflecting strong demand for a project that offers a distinctly novel residential experience in downtown Naples. The project’s retail portion has also generated significant interest and early leasing, with the development team thoughtfully curating a collection of acclaimed restaurants, boutiques, wellness concepts, and lifestyle shops that will complement the character of 5th Avenue South while creating a destination unlike anything in the market.
“Closing this financing is a significant milestone for The Avenue and reflects the confidence our partners have in both the project and the Naples market,” said Andy Penev, Founder of APREA.”Seeing construction scale vertically after years of planning is incredibly rewarding. We’re building something that will redefine the gateway to 5th Avenue South and become a cherished addition to downtown Naples. We’re grateful to Bayview PACE and JSB Capital Group for their partnership and shared vision in making The Avenue a near-term reality.”
“We are proud to be partners in an iconic project that will redefine the entry experience into 5th Avenue South,” said William Grant, a JSB Senior Managing Director. “We are grateful to Bayview for another successful debt execution and look forward to working closely with APREA in delivering the architectural jewel this special thoroughfare deserves.”
“We supported the project during its pre-development stage and are thrilled to continue that support by providing an innovative combined C-PACE and mortgage execution. This structure offers significant flexibility and alignment benefits for strong projects like The Avenue. We’re excited to support JSB Capital and the development team with capital tailored to the project’s timeline and investment objectives,” said AK Prabhakar, Senior Vice President of Commercial Originations at Bayview.
C-PACE financing has emerged as an increasingly important capital tool for developers offering long-duration funding for qualified energy efficiency and resiliency components. The program has been approved in 40 states and has facilitated more than $13 billion in transactions nationwide.
The Avenue will introduce 75,000 square feet of boutique retail, dining, wellness, and lifestyle offerings beneath a limited collection of 50 luxury residences, creating one of the most significant mixed-use destinations developed in downtown Naples. Designed as a highly walkable neighborhood, the project seeks to strengthen the connection between 5th Avenue South and the surrounding community while creating an enduring destination for both residents and visitors.
Construction is being led by DeAngelis Diamond, with initial homeowner move-ins anticipated in early 2028. Sales and Marketing are exclusively handled by the Dawn McKenna Group of Coldwell Banker Realty.
Prospective buyers and brokers are invited to visit The Avenue Sales Gallery, located at 375 Fifth Avenue South, Suite 200, Naples, Florida. For more information, visit www.theavenuenaples.com or call 239-271-2690.
About APREA
Founded by developer Andy Penev, APREA is an emerging luxury real estate development firm focused on creating architecturally distinctive residential, hospitality, and mixed-use destinations. The company is driven by a long-term vision of delivering timeless projects that elevate their surroundings through thoughtful design, exceptional execution, and enduring value.
About JSB Capital Group
JSB Capital Group is a privately-held investment firm with offices in Miami, New York City and Baltimore. JSB sources and executes real estate and real estate-related investments across various asset classes, including multifamily, industrial, office, retail and hospitality. JSB invests both as a direct investor and alongside proven or up-and-coming sector-specific sponsors.
About the Dawn McKenna Group:
One of America’s most successful, creative, and sought-after luxury real estate teams, the Dawn McKenna Group (DMG), which is affiliated with Coldwell Banker Realty, is the No. 1 large team in Illinois, No. 1 large team in Naples, Florida, No. 1 large team in Park City, Utah, and No. 3 large team in the United States for Coldwell Banker Realty with over $5.6 billion in combined sales through 2024. Through brokering both single-family homes and representing residential developments across major U.S. markets in Illinois, Florida, and Utah, DMG has built a reputation for providing exemplary real estate services that meet the diverse needs of sellers, buyers, investors, and developers alike. With over $640 million in closed sales in 2024, DMG is ranked as the #3 mega team in the U.S. within Coldwell Banker by Wall Street Journal RealTrends. For more information, visit www.dawnmckennagroup.com.
About Bayview PACE
Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, provides creative financing solutions that combine C-PACE lending with large balance construction and bridge capital for new construction and qualifying look back financings. Unlike most PACE-only providers, Bayview PACE partners with commercial property owners and developers to deliver a full capital stack solution. © 2025 Bayview PACE. All rights reserved. For more information, visit Bayviewpace.com. www.nmlsconsumeraccess.org
