$173M C-PACE Loan Backs Miami Waterfront Condo Project
This deal marks one of the metro's largest transactions of its kind this year.
Shoma Group has received $172.5 million in C-PACE construction financing for Shoma Bay, a 333-unit mixed-use condominium development in North Bay Village, Fla.
Shoma Bay will rise 24 stories and will include a Publix Super Market. All image courtesy of Newmark 
Residents will have assigned parking and additional spaces available for purchase, 
Shoma Bay’s amenities will span more than 60,000 square feet, including a rooftop deck with views across Biscayne Bay and Miami’s skyline. 
The rooftop deck will feature a saltwater swimming pool and cabanas. 
A landscaped zen garden with fire pits will also be included in the project’s wellness and outdoor amenities.
The transaction places the luxury development among Florida’s five largest C-PACE-financed projects.
Newmark arranged the deal on behalf of the developer. Nuveen Green Capital originated the financing as the sole capital provider for the transaction.
ISG World is leading sales and marketing efforts. The development team also includes MSA Architects as architect of record and Adriana Hoyos Design Studio as interior designer.
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Shoma Group first unveiled plans for Shoma Bay in 2022, when initial completion was expected for 2023. The developer ultimately broke ground in July 2024, and the project’s delivery was pushed to the end of 2026. In August last year, Shoma Group secured a roughly $30 million pre-development loan.
Shoma Bay is a 24-story waterfront project set to rise at 1850 John F. Kennedy Causeway in North Bay Village, a group of islands between mainland Miami and Miami Beach. The area includes multiple beaches and retreats, as well as a range of dining, entertainment and shopping options. Miami International Airport is 11 miles away.
Wellness, leisure shape amenities at Shoma Bay
Shoma Bay’s unit mix will comprise studios and one- to three-bedroom floorplans, as well as penthouses. Interiors will have smart home technology, floor-to-ceiling windows, porcelain flooring, floor-to-ceiling sliding glass doors, walk-in closets and balconies. Kitchens will include Italian cabinetry and Miele appliances, while bathrooms will have backlit mirrors and frameless rain showers. Residences will include views of Biscayne Bay, the Atlantic Ocean and downtown Miami.
Once completed, Shoma Bay will also include a retail promenade anchored by a 36,000-square-foot Publix Super Market, along with additional dining and retail options.
The property will include more than 60,000 square feet of top multifamily amenities. Plans call for a Zen garden with fire pits, a wellness spa center, a two-story fitness center, a yoga center, a coffee lounge, a padel court and a rooftop deck with a saltwater swimming pool, outdoor showers, summer kitchens and cabanas.
Other amenities will include a lounge, business and coworking spaces and full valet services. Residents will have access to assigned parking spots with the option of purchasing additional spaces. The property will also be pet-friendly and is set to include a pet spa and a pet park.
Newmark Capital Markets Strategies President Anthony Orso, Senior Managing Director Daniel Matz, Managing Director Clifford Welden and Vice Chairman Henry Stimler arranged the financing on behalf of Shoma Group.
Head of Originations Christopher Lawton, Senior Director Ryan Doyle, Director Brendan Moore and Associate Director Tyler Amano worked on behalf of Nuveen Green Capital.
C-PACE market draws more capital
The broader C-PACE market has continued to expand rapidly this year. Total C-PACE originations reached approximately $1.56 billion during the first six months of 2026, more than double the $754 million recorded during the same period of 2025, Anne Hill, senior vice president at Bayview PACE, wrote in a recent MHN Viewpoint. The growth comes as state programs continue to evolve, becoming more flexible and lender-friendly while adapting to the financing needs of commercial real estate borrowers.
Resiliency measures are increasingly part of C-PACE programs, allowing financing to cover a larger share of construction-related costs and contributing to loan sizes that can reach hundreds of millions of dollars. Florida is among the states that expressly recognize flood mitigation and protective improvements as eligible C-PACE measures.
In August, Nuveen Green Capital expanded its capacity for C-PACE originations. The company reached a first close of more than $1 billion for its fourth C-PACE lending fund, bringing the total commitments across the series to $3 billion since its launch in 2023. This fund will provide owners and developers with long-term private capital for projects targeting energy and water efficiency, as well as climate resiliency.
