Shoma Group Secures $172.5 Million C-PACE Construction Financing For Landmark Mixed-Use Development
Newmark announced the Company has arranged $172.5 million in C-PACE construction financing on behalf of Shoma Group for Shoma Bay, a landmark mixed-use waterfront development in North Bay Village. Located at 1850 John F. Kennedy Causeway, the 24-story development will comprise 333 luxury condominium residences and a retail component anchored by a new 36,000-square-foot Publix Super Market.
Newmark Capital Markets Strategies President Anthony Orso, Managing Director Clifford Welden, Senior Managing Director Daniel Matz and Vice Chairman Henry Stimler arranged the financing on behalf of Shoma Group, led by CEO Masoud Shojaee and President Stephanie Shojaee. The financing was provided by Nuveen Green Capital, led by Head of Originations Christopher Lawton, Senior Director Ryan Doyle, Director Brendan Moore and Associate Director Tyler Amano.
“Shoma Bay is an exceptional project that reflects the continued evolution of North Bay Village into one of South Florida’s most dynamic waterfront communities,” said Orso. “We are proud to have secured a financing solution that supports Shoma Group’s vision for this landmark development and to continue our longstanding partnership with Masoud, Stephanie and the Shoma Group team.”
Shoma Bay will feature 333 luxury residences ranging from studios to three-bedroom condominium residences and penthouses, featuring 360-degree views of the Atlantic Ocean, South Beach, Biscayne Bay and downtown Miami. The development will offer more than 60,000 square feet of amenities, including a rooftop pool deck, zen garden, wellness spa with hammam, two-story fitness center, padel court, owners’ lounge and business and co-working spaces. Residents will also benefit from assigned parking, additional spaces available for purchase and full valet service, providing the flexibility of both private self-parking and valet access. Shoma Bay will also feature a retail promenade anchored by Publix, complemented by additional dining and retail offerings.
“We are extremely proud to provide C-PACE financing for this landmark mixed-use property in partnership with Newmark Capital Markets Strategies on behalf of Shoma Group,” said Doyle, Senior Director of Originations, Nuveen Green Capital. “This transaction provides further evidence of the power of C-PACE to provide accretive financing for large-scale assets such as Shoma Bay. The project is particularly impactful, as Nuveen Green Capital served as the sole capital provider for this development, which ranks among the five largest C-PACE-financed projects in the state of Florida. Through this financing, the sponsor will strengthen its capital stack, helping to ensure the asset’s long-term success, while delivering a state-of-the-art property to South Florida.”
Situated along Biscayne Bay, North Bay Village connects Miami Beach and mainland Miami, with convenient access to Downtown Miami, Brickell, Wynwood and the Design District. Shoma Bay is part of a significant wave of investment transforming North Bay Village into a growing residential and lifestyle destination.
Key Facts
- Property: Shoma Bay
- Location: 1850 John F. Kennedy Causeway, North Bay Village, Florida
- Asset Type: Mixed-use waterfront condominium and retail development
- Transaction Type: C-PACE construction financing
- Developer/Borrower: Shoma Group
- Size: 24 stories; 333 luxury condominium residences; more than 60,000 square feet of amenities
- Retail: Publix Super Market will anchor the retail component with a 36,000-square-foot store
- Financing: $172.5 million
- Capital Provider: Nuveen Green Capital
- Brokers/Advisors: Newmark Capital Markets Strategies — Anthony Orso, Clifford Welden, Daniel Matz and Henry Stimler
- Other Notable Details: Nuveen Green Capital was the sole capital provider. The transaction ranks among the five largest C-PACE-financed projects in Florida.