Shoma lands $30M predevelopment loan for North Bay Village project

Masoud and Stephanie Shojaee’s Shoma Group secured nearly $30 million in financing for its planned North Bay Village condo project.  Coral Gables-based Shoma obtained a predevelopment loan from Forman Capital for Shoma Bay, according to a press release. The $29.9 million loan will be used to pay off an existing loan that’s backed by the property at 1872 79th Street Causeway.  Shoma Bay will be a 24-story, 333-unit luxury condo building with a 36,068-square-foot Publix Supermarket on the ground floor, as well as another 15,628 square feet of ground-floor retail.  The building is more than 30 percent presold with about […]This article originally appeared on The Real Deal. Click here to read the full story.