Shoma Lands $30M Pre-Dev Loan for Delayed Miami Condo Project
The loan from Forman Capital covers a 24-story development with 333 units and a Publix supermarket
By Julia Echikson August 6, 2025 5:45 pm
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Shoma Group has secured a $30 million pre-development loan for a delayed mixed-use project in Miami’s North Bay Village after the developer allegedly failed to obtain permits and make payments to the municipality.
The loan from Forman Capital covers Shoma Bay, which will feature a 24-story condo tower with 333 units, a 36,068-square-foot Publix supermarket and 15,628 square feet of additional ground-floor retail, according to the Delray Beach-based lender.
About a third of the condos have presold, equating to more $97 million in sales, per Forman.
Cooper Horowitz‘s Michael Horowitz, Jordan Horowitz and Adam Horowitz negotiated the debt.
The project is set to rise on a 2.8-acre site at 1850 John F. Kennedy Causeway, which the Coral Gables-based developer, led by Masoud Shojaee, purchased for nearly $16 million in 2021.
The financing comes as Shoma Bay has come under scrutiny from local officials over missed payments.
Instead of building 34 workforce housing units, Shoma Group opted to pay about $4 million into North Bay Village’s affordable housing and community funds. But local officials alleged that Shoma failed to pay, and have withheld master permits, the Business Journals reported in March.
In July, the North Bay Village commission agreed to delay a vote on the permits until Oct. 31, according to The Real Deal. The move has pushed the anticipated completion of Shoma Bay from the first quarter of 2027 to the end of that year.
“Right now, I am spending my own cash and giving the money for the project,” Shojaee told commissioners last month.
North Bay Village, an enclave between Miami and Miami Beach, has become a hotbed of condo developments in recent years. Related Group and Harry Macklowe together are planning a two-tower project after completing a condo buyout. Across the street from Shoma Bay, the Continuum Company is seeking approval for a 40-story condo and hotel tower.
A representative for Shoma Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
