**Shoma Group Secures $29.85M Refi for Shoma Bay Development in North Bay Village**
Forman Capital has provided a $29.85 million pre-development loan for Shoma Bay, a planned 13-acre mixed-use project located in North Bay Village, Florida. The loan proceeds will be used to refinance an existing loan.
The origination team from Forman Capital includes Brett Forman, Ben Jacobson, Scott Mehlman, and Ty Regnier. Shoma Group, a vertically integrated real estate development firm based in South Florida, is the developer and project sponsor.
Located at 1850 John F. Kennedy Causeway, Shoma Bay will feature a 24-story residential tower comprising 333 condominium units. The development will also include a 36,068-square-foot Publix supermarket and 15,628 square feet of ground-floor retail space.
Planned amenities for condo residents include a rooftop pool deck with a heated pool, luxury cabanas, outdoor showers, and a summer kitchen offering panoramic water views. Additional amenities include a golf simulator, virtual reality gaming area, wine cellar, wine club, cigar lounge, and a fitness center.
Forman Capital typically provides construction and bridge loans ranging between $10 million and $100 million, and also offers equity financing for select projects.
