M
asoud and Stephanie Shojaee are facing a lawsuit from an aggressive lender seeking repayment of a $10.5 million loan. Right Meow Capital, a Delaware entity, filed the complaint in Miami-Dade Circuit Court against the Shojaees and two trusts under Masoud's name, alleging they defaulted on a promissory note by failing to repay the debt on November 7th. The loan's collateral is the retail component of Shoma Village, a mixed-use project with 304 apartments in Hialeah.

    Shoma CEO Masoud Shojaee claims Right Meow is playing hardball and that the lender proposed excessive terms when they requested a two-month extension on the loan. He stated that the lender threatened to sue after Shoma refused to agree to the terms. According to the promissory note, Masoud and Stephanie are personal guarantors who would need to show a balance sheet of at least $80 million, replenish interest reserves, and pay a fee of $78,750 to extend the maturity date.

    The Shojaees obtained the initial loan in 2019 for $8.6 million, which was paid down to $7.4 million before being increased by $3.1 million last year. This lawsuit is the latest in a series of litigation targeting Shoma, including a recent suit from the condo association of Ten30 over alleged construction defects.