Nuveen Green Capital Closes $173M C-PACE Loan on Miami-Area Condos Project

The continued strength of Commercial Property Assessed Clean Energy (C-PACE) debt as a construction financing tool has made a big splash in South Florida.

Miami developer Shoma Group has landed a $172.5 million C-PACE loan from Nuveen Green Capital to develop its Shoma Bay mixed-use condominium waterfront project in North Bay Village, Fla., Commercial Observer can first report.

This transaction provides further evidence of the power of C-PACE to provide accretive financing for large-scale assets such as Shoma Bay,” Ryan Doyle, senior director of originations, at Nuveen Green Capital, said in a statement. “The project is particularly impactful, as Nuveen Green Capital served as the sole capital provider for this development, which ranks among the five largest C-PACE-financed projects in the state of Florida.”

Doyle originated the loan with a Nuveen Green Capital team that also featured Christopher Lawton, head of originations, along with Brendan Moore, director, and Tyler Amano, associate director. 

One source familiar with the transaction said it’s notable because there’s no other debt provider in the capital stack — just the C-PACE loan, condo sales deposits and equity. 

Located at 1850 John F. Kennedy Causeway 10 miles northeast of Downtown Miami,  the 24-story Shoma Bay development will comprise 333 condo units and retail space anchored by a 36,000-square-foot Publix supermarket. Community amenities will include a rooftop pool deck, a wellness spa, a two-story fitness center, a padel court and coworking spaces. 

Newmark negotiated the debt with a team consisting of Anthony Orso, Clifford Welden, Daniel Matz and Henry Stimler.

“Shoma Bay is an exceptional project that reflects the continued evolution of North Bay Village into one of South Florida’s most dynamic waterfront communities,” Orso said in a statement. 

Shoma Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.