Shoma Group Lands $173M C-PACE Loan for North Bay Village's Shoma Bay

• Nuveen Green Capital provided a $172.5 million C-PACE loan for Shoma Bay at 1850 John F. Kennedy Causeway, North Bay Village, Florida.
• Shoma Group is developing the 24-story waterfront condominium project, which will include 333 condo units and retail space anchored by a 36,000-square-foot Publix.
• Nuveen Green Capital is the sole capital provider for the development, making the transaction one of the five largest C-PACE-financed projects in Florida, according to the lender.
• Newmark arranged the financing with a team led by Anthony Orso, Clifford Welden, Daniel Matz and Henry Stimler.

What The $172.5 Million Loan Is Financing

Shoma Group has secured $172.5 million in C-PACE financing from Nuveen Green Capital for Shoma Bay, a planned mixed-use condominium development in North Bay Village.

The project is located at 1850 John F. Kennedy Causeway, approximately 10 miles northeast of Downtown Miami.

Unlike a traditional capital stack with multiple debt providers, the Shoma Bay financing is structured around the C-PACE loan, condominium sales deposits and developer equity.

What Shoma Bay Will Include

The 24-story waterfront development will feature 333 condominium residences along with retail space.

A major component of the project will be a 36,000-square-foot Publix supermarket, giving the development a significant everyday retail component in addition to its residential offerings.

The project is also planned with a substantial amenity package, including a rooftop pool deck, wellness spa, two-story fitness center, padel court and coworking spaces.

What Nuveen Green Capital Says About The Deal

Ryan Doyle, senior director of originations at Nuveen Green Capital, said the transaction demonstrates how C-PACE can be used for large-scale development.

“This transaction provides further evidence of the power of C-PACE to provide accretive financing for large-scale assets such as Shoma Bay.”

Doyle also highlighted the size of the transaction, noting that Nuveen Green Capital served as the sole capital provider.

“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.”

Doyle originated the loan alongside Christopher Lawton, head of originations; Brendan Moore, director; and Tyler Amano, associate director.

What Newmark Did in The Financing

Newmark arranged the debt financing for Shoma Bay.

The brokerage's team included Anthony Orso, Clifford Welden, Daniel Matz and Henry Stimler.

Orso said the project reflects the continued growth of North Bay Village as a South Florida waterfront market.

“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.”

What The Financing Means for Shoma Bay

The financing gives Shoma Group construction capital for a major condominium project while relying on C-PACE as the development's only debt source.

The structure is notable because there is no other debt provider in the capital stack, according to a source familiar with the transaction. Condo sales deposits and equity make up the remaining sources of capital.

For North Bay Village, the project represents another large-scale investment in a waterfront community that continues to attract residential and mixed-use development.

What C-PACE Means for The Project

Commercial Property Assessed Clean Energy, or C-PACE, financing is designed to fund qualifying improvements related to energy efficiency, renewable energy and building resilience.

The Shoma Bay transaction demonstrates how the financing structure can also play a significant role in funding large real estate developments.

At $172.5 million, the loan ranks among Florida's largest C-PACE financings, according to Nuveen Green Capital.