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