Developer Masoud Shojaee closed on a $67 million loan for Shoma Village, a mixed-use apartment project with a food hall component in Hialeah.
Shojaee’s Shoma Group secured the loan, which includes construction and permanent financing, from the U.S. Department of Housing and Urban Development. The two-in-one loan is part of a new construction program HUD is offering developers, Shojaee said.
The financing includes a two-year construction term followed by a 40-year, fully amortizing fixed-rate loan, Shojaee said.
Shoma Village, at 435 Hialeah Drive, will include 304 workforce housing apartments and about 30,000 square feet of retail. The retail will be anchored by a 12,000-square-foot food hall, with a ghost kitchen, that will focus on takeout and delivery in a post-Covid world.
To adapt to the health concerns brought on by coronavirus and potentially future pandemics, the project will also include features such as UV lighting in the air conditioning systems, Shojaee said.
Shoma’s other projects include a 43-unit condo development near Miami Beach’s Lincoln Road, called Ten30; Sanctuary, a mixed-use project in Doral with 226 rental units; and Shoma Bazaar, a food hall next door to Sanctuary, according to Shoma’s website. The developer also has plans for a rental community in North Bay Village, called Shoma Bay.
Construction of the Hialeah project is underway, and it is expected to be delivered by December 2021. Shoma paid $11.75 million for the 5.5-acre site in 2013, property records show.
Development is ramping up in Hialeah.
A partnership of developers is building Pura Vida Hialeah, a 9-acre development with 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.