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Nuveen Green Capital funds $172.5M C-PACE loan for Shoma Bay
The 24-story Shoma Bay project is set to deliver 333 condo units and includes retail anchored by a 36,000-square-foot Publix supermarket.
Nuveen Green Capital has closed a 172.5 million C-PACE loan to finance Miami developer Shoma Group’s Shoma Bay mixed-use condominium waterfront project in North Bay Village, Florida, according to Commercial Observer.
The financing underscores C-PACE’s role as a construction tool for large-scale projects, with Nuveen Green Capital stating it served as the sole capital provider for the development in the capital stack.
Shoma Bay will rise at 1850 John F. Kennedy Causeway, about 10 miles northeast of downtown Miami, and is planned as a 24-story project with 333 condo units plus retail space.
The development will include community amenities such as a rooftop pool deck, a wellness spa, a two-story fitness center, a padel court, and coworking spaces, with Newmark handling debt negotiations, Commercial Observer reported.