Shoma Group has secured $172.5 million in construction financing through the Commercial Property Assessed Clean Energy (C-PACE) program for Shoma Bay, a 333-unit condominium development in North Bay Village, Fla. The 24-story project will combine residences, extensive amenities and a Publix-anchored retail promenade along Biscayne Bay.
Key takeaways
The financing makes Shoma Bay one of Florida’s five largest C-PACE-financed developments. Key details include:
- Nuveen Green Capital provided the financing as sole capital provider.
- Newmark arranged the transaction for Shoma Group.
- The project is expected to be delivered by the end of 2026.
- A 36,000-square-foot Publix Super Market will anchor the retail component.
- More than 60,000 square feet will be dedicated to amenities.
The loan follows a roughly $30 million pre-development facility secured by Shoma Group in August of the previous year.
A major North Bay Village development
Shoma Bay is planned for 1850 John F. Kennedy Causeway, in the island community located between mainland Miami and Miami Beach. The development broke ground in July 2024 after plans were initially unveiled in 2022. Its timeline was revised from an anticipated 2023 completion to delivery near the end of 2026.
The residential mix will include studios, one- to three-bedroom residences and penthouses. Homes are planned with smart-home technology, floor-to-ceiling windows, porcelain flooring, balconies and views of Biscayne Bay, the Atlantic Ocean or downtown Miami. Kitchens will feature Italian cabinetry and Miele appliances.
Wellness and retail shape the project
Plans call for a retail promenade with the Publix supermarket, along with additional dining and shopping options. Residents will also have access to assigned parking, optional additional spaces and valet services.
Amenities will include a rooftop saltwater pool, cabanas, outdoor showers and summer kitchens. Other planned features include:
- A landscaped Zen garden with fire pits
- A wellness spa and yoga center
- A two-story fitness center
- A padel court and pet facilities
- Coffee, lounge, business and coworking spaces
Interiors and common areas are being designed to position the project as a luxury, wellness-oriented condominium community. ISG World is handling sales and marketing, while MSA Architects serves as architect of record and Adriana Hoyos Design Studio is leading interior design.
C-PACE expands its role in development finance
The Shoma Bay transaction highlights the growing scale of C-PACE financing in commercial real estate. Originations reached approximately $1.56 billion during the first six months of 2026, more than double the $754 million recorded during the same period in 2025, according to industry commentary cited by the source publication.
C-PACE programs can support energy-efficiency, water-efficiency and climate-resiliency improvements. In Florida, eligible measures expressly include flood mitigation and other protective upgrades, a feature that can be particularly relevant for waterfront construction.
Nuveen Green Capital has also increased its lending capacity, reaching a first close above $1 billion for its fourth C-PACE fund. Commitments across the firm’s C-PACE fund series have totaled $3 billion since its launch in 2023, providing additional private capital for projects focused on efficiency and resiliency.