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Shoma Group secures $172.5M C-PACE loan for Shoma Bay project
The financing, arranged by Newmark, backs a 24-story mixed-use development planned for 333 luxury condos and retail anchored by a new 36,000-square-foot Publix Super Market.
Newmark arranged $172.5 million in C-PACE construction financing for Shoma Group for Shoma Bay, a mixed-use waterfront development in North Bay Village, Florida, at 1850 John F. Kennedy Causeway, ConnectCRE reported.
The project will rise as a 24-story building with 333 luxury condominium residences, along with retail space anchored by a new 36,000-square-foot Publix Super Market.
ConnectCRE said the financing was provided by Nuveen Green Capital, and that Newmark’s Anthony Orso, Clifford Welden, Daniel Matz, and Henry Stimler arranged the deal for Shoma Group.
The development is expected to include more than 60,000 square feet of amenities, such as a rooftop pool deck, wellness spa with hammam, two-story fitness center, padel court, and business and co-working spaces.