Shoma nabs $18M construction loan for condos near Lincoln Road

Units start in the $400Ks

Mar.March 26, 2020 03:30 PM
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma Group closed on a construction loan for Ten30 South Beach, a condo project near Lincoln Road with units starting in the $400,000s.

Shoma, led by CEO Masoud Shojaee, secured a $17.6 million loan from Acres Capital Corp., a New York-based balance sheet lender. The financing closed on Wednesday, amid the coronavirus pandemic.

The developer launched sales of Ten30 in October with Fortune Development Sales.

“Especially in today’s current climate, this closing is an endorsement of the market appeal of Ten30,” Shojaee said in a statement.

Michael Horowitz of Cooper Horowitz arranged the loan on behalf of Shoma.

The 43-unit, four-story condo building, at 1030 15th Street in Miami Beach, is under construction. It will have studios, one- and two-bedroom units. The homeowner’s association fees will start under $400 a month, according to a press release. It is scheduled to be completed in the first quarter of 2021.

The deposit requirements are as low as 15 percent. Mark Fogel, president and CEO of Acres, said in the release that the project’s “attainable price point” and low HOA fees will attract local buyers and empty nesters.

Shoma declined to say how many units of the development have been presold. Stephanie Shojaee, chief marketing officer, said that the project has shifted its digital presentations to Zoom and is offering virtual tours of the building.

Once completed, Ten30 South Beach will include a 6,000-square-foot rooftop deck with a pool, lounge, and outdoor kitchen area. Units come with covered parking and terraces, keyless entry and other smart home technology.

The project replaces Shoma’s previous plans to build a luxury townhouse development on the site, Eleven on Lenox, where prices started at about $3 million per unit.

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