Forman Capital provided a $29.85 million pre-development loan for Shoma Bay, a 13-acre mixed-use development planned for North Bay Village, Florida. Proceeds will be used to refinance an existing loan. Â
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/sponsor.
Shoma Bay, located at 1850 John F. Kennedy Causeway, will feature a 24-story residential tower with 333 condominium residences, a 36,068-square-foot Publix supermarket and 15,628 square feet of ground-floor retail. Â
Condo amenities will include a rooftop pool deck with a heated pool, luxury cabanas, outdoor showers, and a summer kitchen with panoramic water views; a golf simulator and virtual reality gaming area; a wine cellar, wine club, cigar lounge, and fitness center.Â
Forman Capital typically funds construction and bridge loans between $10 million and $100 million and provides equity financing for select deals.
The post Shoma Group Obtains Refi for North Bay Village Development appeared first on Connect CRE.
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