Madison Realty Capital Lends $30M for Mixed-Use Project in Downtown Naples
Commercial Observer reported that Colorado-based M Development has landed a $30 million loan from Madison Realty Capital to redevelop a site at 900-1100 Fifth Avenue South in Naples, Florida. The loan will be used to fund the acquisition, closing costs and predevelopment of the 4.27-acre property. 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.