Newmark has arranged $172.5 million in C-PACE construction financing for Shoma Bay, a mixed-use waterfront development planned by Shoma Group in North Bay Village, Florida. The financing supports the construction of a 24-story project at 1850 John F. Kennedy Causeway that will combine luxury residential condominiums with a retail program anchored by a new Publix Super Market.
The development is designed to deliver 333 luxury condominium residences, offering a mix that ranges from studios to three-bedroom units and penthouses. These homes will be complemented by an extensive amenity package and a ground-level retail promenade, positioning the project as a destination within North Bay Village.
Newmark structured the C-PACE financing on behalf of Shoma Group. The capital was provided by Nuveen Green Capital, which served as the lender on the transaction. The Newmark team included Anthony Orso, Clifford Welden, Daniel Matz and Henry Stimler, who worked together to arrange the construction financing. On the lender side, the Nuveen Green Capital team was led by Christopher Lawton, Ryan Doyle, Brendan Moore and Tyler Amano.
The retail component at Shoma Bay will be anchored by a 36,000-square-foot Publix Super Market, which is expected to serve both building residents and the broader North Bay Village community. Additional dining and retail offerings are planned to line a retail promenade, expanding the project’s draw beyond grocery traffic and reinforcing its mixed-use character.
Residents of Shoma Bay will have access to more than 60,000 square feet of amenities. Planned features include a rooftop pool deck, a zen garden, a wellness spa with hammam, and a two-story fitness center. Recreational and social offerings will also encompass a padel court, an owners’ lounge, and dedicated business and co-working spaces, aimed at supporting both lifestyle and work-from-home needs within the property.
The combination of condominium residences, resort-style amenities and a grocery-anchored retail component makes Shoma Bay a notable addition to the North Bay Village waterfront. The C-PACE construction financing package arranged by Newmark and provided by Nuveen Green Capital enables Shoma Group to advance the project with a capital structure tailored to its mixed-use, amenity-rich program.
