Nuveen Green Capital has provided a $172.5 million Commercial Property Assessed Clean Energy (C-PACE) loan to the Shoma Group. This loan is for the financing of the mixed-use residential project, Shoma Bay, which is to be developed on the waterfront in North Bay Village, Florida. The transaction, originally reported by Commercial Observer, highlights the growing importance of C-PACE debt as a financing tool for construction projects, particularly in South Florida.
Ryan Doyle, Senior Director of Originations at Nuveen Green Capital, commented on the transaction in a statement. He emphasised that this was further evidence of C-PACE's ability to provide value-enhancing financing for large-scale assets like Shoma Bay. Doyle also stressed that Nuveen Green Capital acted as the sole capital provider for this project, making it one of the five largest C-PACE financed undertakings in the state of Florida.
The loan was originated by Ryan Doyle in collaboration with Christopher Lawton, Head of Acquisitions, as well as Brendan Moore and Tyler Amano, Directors at Nuveen Green Capital. A source close to the transaction explained the unique nature of the deal: the capital structure includes only deposits from apartment sales and equity in addition to the C-PACE loan, with no other third-party lenders.
The Shoma Bay project is located at 1850 John F. Kennedy Causeway, approximately 10 miles northeast of Downtown Miami. The planned 24-storey complex will comprise 333 condominiums and retail spaces. A 36,000 square foot Publix supermarket will serve as the anchor tenant. Residents can look forward to extensive communal facilities.
- —A rooftop terrace with a pool
- —A wellness spa
- —A two-storey fitness centre
- —A Padel court
- —Coworking spaces
Newmark was responsible for brokering the loan, with a team consisting of Anthony Orso, Clifford Welden, Daniel Matz, and Henry Stimler involved. Anthony Orso described Shoma Bay as an exceptional project that reflects the continuous development of North Bay Village into one of South Florida's most dynamic waterfront communities. The Shoma Group did not respond to a request for comment at the time of reporting.
