Forman Capital provided a $29.85 million pre-development loan for Shoma Bay, a 13-acre mixed-use development planned for North Bay Village, Florida. Proceeds will be used to refinance an existing loan.  

The origination team from Forman Capital includes Brett Forman, Ben Jacobson, Scott Mehlman and Ty Regnier. Shoma Group, a vertically integrated real estate development firm based in South Florida, is the developer/sponsor.

Shoma Bay, located at 1850 John F. Kennedy Causeway, will feature a 24-story residential tower with 333 condominium residences, a 36,068-square-foot Publix supermarket and 15,628 square feet of ground-floor retail.  

Condo amenities will include a rooftop pool deck with a heated pool, luxury cabanas, outdoor showers, and a summer kitchen with panoramic water views; a golf simulator and virtual reality gaming area; a wine cellar, wine club, cigar lounge, and fitness center. 

Forman Capital typically funds construction and bridge loans between $10 million and $100 million and provides equity financing for select deals.