Newmark Capital Markets Strategies Arranges $172.5M C-PACE Construction Loan for Shoma Group's Shoma Bay in North Bay Village

Shoma Group has closed a $172.5 million Commercial Property Assessed Clean Energy (C-PACE) construction loan for Shoma Bay, its 24-story mixed-use waterfront condominium development at 1850 John F. Kennedy Causeway in North Bay Village, Florida. Nuveen Green Capital provided the financing, and Newmark Capital Markets Strategies arranged the transaction on behalf of the developer. The loan represents the project's sole debt source, with no traditional bank construction financing in the capital stack.

Nuveen Green Capital has characterized the Shoma Bay loan as one of the five largest C-PACE-financed projects in Florida.

Project Details and Building Program

Shoma Bay is situated on approximately 2.8 acres at the corner of 79th Street Causeway and East Treasure Drive, with bayside frontage between Miami Beach and mainland Miami — roughly 10 miles northeast of Downtown Miami. The 24-story tower will deliver 333 condominium residences ranging from 344-square-foot studios to 2,700-square-foot three-bedroom units and penthouses, with units priced from approximately $800,000.

The development includes a retail promenade anchored by a 36,000-square-foot Publix Super Market, along with an additional 15,628 square feet of retail space. Amenities span more than 60,000 square feet and include a rooftop pool deck, a wellness spa with hammam, a two-story fitness center, a padel court, an owners' lounge, and collaborative workspaces. The project also incorporates a zen garden, wine cellar, cigar lounge, and grocery delivery room. Completion is anticipated in 2027.

Capital Structure and Financing Team

The $172.5 million C-PACE facility from Nuveen Green Capital constitutes the entirety of the project's debt, bypassing a conventional senior construction lender. The structure follows a pre-development loan of approximately $29.85 million from Forman Capital that Shoma Group had previously secured to carry entitlement and pre-development costs for the project. Shoma Group acquired the site in 2021 for $15.78 million.

The Newmark Capital Markets Strategies team that arranged the financing included President Anthony Orso, Senior Managing Director Daniel Matz, Managing Director Clifford Welden, and Vice Chairman Henry Stimler.

Shoma Group President Stephanie Shojaee commented on the transaction: "Securing this financing is a defining milestone for Shoma Bay and a powerful validation of our vision. Shoma Bay will redefine luxury living in North Bay Village, and we are proud to bring a development of this caliber to South Florida. We're grateful to Newmark and Nuveen Green Capital for their confidence in Shoma Group as we bring this landmark project to life."

About Shoma Group

Shoma Group is a Coral Gables-based real estate development firm led by CEO Masoud Shojaee and President Stephanie Shojaee. Founded in 1988, the company has completed more than $5 billion in South Florida development, including more than 10,000 residential units. The firm's portfolio spans mixed-use, commercial, and residential projects across the region.

C-PACE Financing and Market Context

C-PACE financing, which is repaid through a property tax assessment, has gained traction among developers as an alternative to conventional construction debt. The Shoma Bay transaction reflects the growing institutionalization of C-PACE as a capital markets tool in Florida, with Nuveen Green Capital and Newmark Capital Markets Strategies among the firms active in structuring large-scale deals of this type in the state.

The structure — in which C-PACE serves as the sole debt source for a major mixed-use condo tower — is notable given the scale of the project and the broader caution that traditional lenders have applied to for-sale condominium construction in recent years. The grocery-anchored retail component, anchored by Publix, adds a stabilized income element to the mixed-use program.

Sources

• Shoma Group Press Release (The Real Deal)
• Shoma Group Press Release (Hoodline)
• Shoma Group Press Release (Traded)
• Shoma Group Press Release (Multi-Housing News)
• Shoma Group Press Release (Commercial Observer)
• Shoma Group Press Release (NNN Triple Net)
• Shoma Group Press Release (South Florida Business Journal)
• Shoma Group Press Release (ConnectCRE)