Madison Realty Capital Lends $30M for Mixed-Use Project in Downtown Naples
Colorado-based M Development has landed a $30 million loan from Madison Realty Capital to redevelop a site at the main entrance to Old Naples, Commercial Observer has learned.
M Development, an Aspen-based residential and retail real estate owner and developer, will use the loan to acquire a 4.27-acre, mixed-use development site at 900-1100 Fifth Avenue South in Naples, Fla., the Gulf Coast town that has seen an influx of interest during the coronavirus pandemic.
This early in the development process, the exact use of the site has not been finalized, but it will likely include residential and retail components.
The project will fill a need for high-end apartments in Downtown Naples, Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a written statement. The historic district has a limited supply of Class A apartments, he said.
New York-based Madison Realty Capital is a vertically integrated, real estate private equity firm that manages $6.6 billion in assets.
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