The Avenue luxury condominium development rising in downtown Naples recently secured $202 million in construction financing through Bayview Commercial Mortgage Finance. 

The funding includes $109 million of Commercial Property-Assessed Clean Energy (C-PACE) financing from BCMF’s Bayview PACE unit and a $93 million traditional construction loan. The financing was brokered by JLL’s Debt Advisory team, which is led by Scott Aiese and Alex Staikos. 

The project’s backers, APREA and JSB Capital Group, broke ground on the development earlier this year, with vertical construction now underway. Initial homeowner move-ins are expected to begin in early 2028. The Dawn McKenna Group of Coldwell Banker Realty is handling sales and marketing. 

Designed by Morris Adjmi Architects and MHK Architecture, The Avenue aims to serve as a gateway to downtown Naples’ 5th Avenue South and offers 50 luxury residences atop 75,000 square feet of boutique retail, dining, wellness and lifestyle venues. 

“Seeing construction scale vertically after years of planning is incredibly rewarding,” APREA Founder Andy Penev said. “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.”