Shoma Group Lands Refi for Miami Condo Project
The 333-unit luxury development is set to come online next year.
Shoma Group has secured a $29.9 million pre-development loan for Shoma Bay, a 333-unit luxury condominium project in North Bay Village, Fla. Forman Capital originated the note meant to refinance existing debt.
Planning for this project began in 2022. Construction started in July last year, with completion scheduled for the end of 2026.
Partners on the project include Adriana Hoyos Design Studio as interior designer, MSA Architects as architect of record and ISG World as exclusive marketing agent. More than 30 percent of the units are already sold, with prices starting at $800,000.
READ ALSO: Why The Standard Residences in Miami Is Anything But Standard
Forman Capital had in-house representation from Managing Partner Brett Forman, Partner Ben Jacobson, Partner & CIO Scott Mehlman and Vice President Ty Regnier.
Shoma Bay will rise 24 stories at 1850 John. F. Kennedy Causeway and will include a 36,068-square-foot Publix supermarket and 15,628 square feet of ground-floor retail space. Occupying 13 acres, the project is close to North Beach and Miami Beach, with easy access to Biscayne Boulevard. Downtown Miami is 7 miles away and Miami International Airport is within 11 miles.
Luxury amenities and features
Floorplans at Shoma Bay will include studio and one- to three-bedroom units ranging from 750 to 2,741 square feet, as well as a penthouse collection. Residences will have open layouts with 9-foot ceiling windows, balconies and walk-in closets.
The tower’s amenity package will consist of a rooftop pool deck with a heated swimming pool, outdoor showers and a summer kitchen, a fitness center, a yoga and Pilates studio. The property will also have a spa center with dry saunas and steam rooms, as well as a salon.
Additional features include a golf simulator, wine cellar and club with cigar lounge, Zen garden, coworking lounge with private offices and a library. Additionally, the tower will have a pet park with spa and EV charging stations.
A busy condo market
Since the start of 2025, Miami’s condo market received notable construction financing for projects in diverse stages of development. A joint venture between Fortune International Group and Blue Road landed a $73.3 million loan for a 254-unit, short-term rental condo project in North Miami Beach, Fla. The developers topped out the 16-story tower last month.
In May, Alta Developers received $94.2 million in construction funds for Cassia – The Residences at Coral Gables, a 174-unit boutique condo development in Miami’s Coral Gables submarket. A month earlier, PMG also received $413 million for the development of One Twenty Brickell Residences, a 803-unit, dual-tower project. The deal represented South Florida’s largest loan transaction of the year.
