Shoma Group secured a $172.5 million construction loan for its mixed-use condo tower in North Bay Village.
Nuveen Green Capital is providing the C-PACE debt, according to a release from Newmark Capital Markets Strategies, which arranged the financing. Coral Gables-based Shoma, led by Masoud and Stephanie Shojaee, are building the 24-story, 333-unit condo building. It will include a retail component anchored by a 36,000-square-foot Publix grocery store.
The tower is planned for the waterfront site at 1850 John F. Kennedy Causeway. A team led by Newmark’s Anthony Orso, Clifford Welden and Daniel Matz represented the developer in the loan. Nuveen’s Christopher Lawton, Ryan Doyle and Brendan Moore represented the lender, according to the release.
Developers are increasingly tapping into C-PACE financing, which stands for Commercial Property Assessed Clean Energy. It encourages the use of energy efficient and sustainable materials and design. Nuveen said the Shoma Bay loan marks one of the five largest C-PACE-financed projects in Florida.
In August of last year, Shoma secured a $29.9 million predevelopment loan from Forman Capital that was backed by the project.
Shoma paid about $16 million for the site in 2022, with plans for a rental apartment tower and retail development anchored by Publix. North Bay Village approved the project that year. The developer changed course, adapting the project to condos.
Asking prices for the condos started in the $800,000s, with Craig Studnicky’s ISG World handling sales of the project. Amenities will include a rooftop pool deck with cabanas and an outdoor kitchen, a golf simulator and virtual reality gaming, a fitness center and spa, a padel court, and an owners’ lounge with a business center and co-working spaces.
Last year, Shoma Group secured the master building permit for the project after receiving a short extension via an amendment of the development agreement.
Units in the tower will range from 344-square-foot studios to 2,700-square-foot, three-bedroom condos, plus 10 townhouses. The Shojaees have said they plan to live in one of the penthouses.
Development is heating up in the village. A joint venture between the Pérez family’s Related Group and Harry Macklowe Properties plans a Ritz-Carlton-branded two-tower luxury condo development. It will include two 498-foot, 43-story waterfront buildings at 8000 East Drive and 7946 East Drive.
The Eichner family’s Continuum Company plans to redevelop the former Shuckers-anchored property, currently the Palm Tree Club, into more than 500 condos, 200 hotel rooms and a marina.
The largest planned development is Andy Ansin’s phased project that includes land north and south of the 79th Street Causeway, which bisects the town.
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