Shoma Group completed its latest condo development, a sold-out boutique project near Lincoln Road in Miami Beach.
The developer recently completed Ten30 South Beach at 1030 15th Street and received final Fannie Mae approval for buyer financing, according to a press release. About 35 percent of buyers used Fannie Mae-conforming loans to finance their purchases. The approval makes it easier for U.S. buyers to secure conventional financing. Academy Mortgage is the project’s preferred lender.
The 33-unit, four-story building received its temporary certificate of occupancy late last month. Twenty three closings totaling $21.4 million have been recorded online with Miami-Dade County, but all units have closed, according to a spokesperson for the developer. It was fully presold by October.
Fortune Development Sales handled sales. Prices ranged from $566,000 to $1.9 million, making it one of the most affordable new developments in Miami Beach. Shoma previously planned to build a luxury townhouse project on the site with prices that would have started at about $3 million. The developer paid $6 million for the site in 2015, records show.
Shoma CEO Masoud Shojaee and Stephanie Shojaee, chief marketing officer, gifted buyers Hermès blankets, according to the release.
Units range from 786 square feet to 3,005 square feet and include Italian kitchens and keyless entry. The building has a 6,000-square-foot rooftop deck with a pool, two fitness centers, a lounge and an outdoor kitchen area with a barbecue and yoga space.
Shoma financed construction with a $17.6 million loan in March 2020 from Acres Capital Corp., a New York-based balance sheet lender.
Coral Gables-based Shoma recently completed the 14,000-square-foot Shoma Bazaar food hall in Doral and has a number of residential developments in the works, including Shoma Bay in North Bay Village. That 327-unit apartment project will include 17 units of workforce housing and a food hall.
In recent years, Masoud Shojaee and his companies have been involved in litigation with his daughters and his ex-wife, Maria Lamas. Lamas, a Shoma co-founder, in August sued a Shoma affiliate seeking to collect nearly $5 million tied to Shoma’s headquarters, but that lawsuit was dismissed voluntarily by the parties in December, court records show.