Shoma’s Coral Gables Live Local project ramps up with land purchase

Masoud and Stephanie Shojaee’s Shoma Group just picked up the development site where it’s planning a luxury residential project in Coral Gables using the Live Local Act.  Shoma paid $13.3 million through an affiliate to buy 3808-3850 Southwest Eighth Street, the South Florida Business Journal reported. Benworth Capital Partners provided a $14 million mortgage for the purchase. The deal for the 0.8-acre development site was in two transactions and amounts to almost $16 million per acre. An entity led by Jorge Gonzalez sold the property. Gonzalez paid $1.5 million in 2001 for the parcel spanning 24,000 square feet at 3808 […]This article originally appeared on The Real Deal. Click here to read the full story.