Madison Realty Capital Lends $30M for Mixed-Use Project in Downtown Naples

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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.

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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.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.