Shoma Group Secures $172.5 Million C-PACE Construction Loan For 24-Story Waterfront Condo Project

The asset involved in the transaction is a development site located at 1850 John F. Kennedy Causeway in North Bay Village, FL. The construction loan secured for the property amounts to $172,500,000, which is designated for the 24-story Shoma Bay waterfront condo project. This project will include 333 condo units and 36,000 square feet of Publix-anchored retail space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $172,500,000
• Lender: Nuveen Green Capital
• Landlord: Masoud Shojaee - Shoma Group
• Brokers: Anthony Orso, Cliff Welden, Danny Matz & Henry Stimler - Newmark
• Originators: Ryan Doyle, Christopher Lawton, Brendan Moore & Tyler Amano - Nuveen Green Capital

Shoma Group utilized this loan to enhance its financial structure for the project, which also includes backing from condo sales deposits and equity. The transaction marks one of Florida's five largest C-PACE-financed projects, with Nuveen Green Capital acting as the sole debt provider for the construction financing.