Shoma Group

KYCO: Know Your Company

Reveal Profile

17 November 2025

1) Overview of the Company

Shoma Group is a private real estate development company headquartered in Coral Gables, Florida, specializing in residential and commercial projects throughout South Florida. Founded in 1988 by Masoud Shojaee, the company has developed over 12,000 residential units, commercial spaces, and offices across more than 6,000 acres, completing over $6 billion in real estate transactions over its 36-year operating history. The firm employs between 50 and 200 professionals and maintains its headquarters at a 40,000-square-foot Class A office building in Coral Gables.

The company operates under the leadership of CEO and Chairman Masoud Shojaee and President Stephanie Shojaee, focusing on mixed-use developments, luxury condominiums, rental communities, and commercial spaces. Shoma Group’s portfolio includes notable projects such as CityPlace Doral, Sanctuary Doral, The Flats, Shoma Village, TEN30 South Beach, and Shoma Bay in North Bay Village. The company has established a reputation for developing properties that blend luxury design with community-focused amenities, particularly in the Doral and Miami markets.

A strategic partnership was formed in September 2025 with Cosmo Developments, powered by UAE’s Reportage Group, marking Shoma Group’s international expansion into Dubai markets. This collaboration includes the $410 million Shoma Bay project expansion and the firm’s first overseas development. In September 2025, Shoma Group also secured $29.9 million in debt financing from Forman Capital. The company has achieved over $650 million in asset sales over the past seven years. Current projects include Ponce 8, Coral Gables’ first Live Local Act development with 201 apartments, and 550 Shoma, a 223-unit rental community.

2) History

Shoma Group was founded in 1988 by Masoud Shojaee, who arrived in the United States from Iran in August 1978 to study electrical engineering at the University of Miami. Following the 1979 Iranian revolution, he remained in the U.S., earning a master’s degree in electrical engineering. Shojaee began his real estate career in the mid-1980s, leveraging capital he brought from Iran to acquire property during the savings and loan crisis. His first project, in 1984, was a 48-home development executed through a joint venture, and after a second successful project, he founded Shoma Development independently in 1988 at age 27.

During the 1990s and early 2000s, Shojaee became known as the “King of Doral” for his extensive development activities in the area before it was an incorporated city. In 1992, he acquired 700 lots at a government auction for $6 million and developed 1,000 single-family homes, establishing a significant footprint in the region. The company strategically targeted the Hispanic market, using innovative approaches like broadcasting Spanish radio shows from sales offices, which resulted in sales of 20-30 homes per month, significantly outpacing competitors. After the 2007 housing crisis, the firm pivoted from mid-market housing to luxury homes and townhomes priced at $1 million and above.

A key leadership transition occurred in March 2022 when Stephanie Shojaee was promoted from Chief Marketing Officer to President. In this role, she assumed responsibility for the company’s expansion into new domestic and international markets, including California, Texas, Mexico, and Colombia, while Masoud Shojaee remained CEO and Chairman. In September 2025, the firm announced a partnership with Cosmo Developments, powered by UAE’s Reportage Group, for its first international expansion into Dubai, marking a significant milestone in its 37-year history.

3) Key Executives

Masoud Shojaee has served as CEO and Chairman of the Board since founding Shoma Group in 1988. He holds Bachelor of Science and Master of Science degrees in Electrical Engineering from the University of Miami and has been a licensed general contractor since 1987 and a real estate broker since 1990. Over 36 years, Shojaee has overseen the development of over 12,000 homes and condominiums and more than one million square feet of commercial space, completing over $6 billion in transactions.

Stephanie Shojaee was named President in March 2022 after joining Shoma Group in 2013 as Chief Marketing Officer and later serving as Vice President. She is responsible for multifamily and commercial development, sales, and marketing operations, and leads the company’s expansion into new markets, including the Middle East. Under her leadership, the company has completed over $650 million in asset sales in seven years and increased revenues by 30%.

Nestor Mejia is the President of Development and Construction, responsible for overseeing the technical execution of Shoma Group’s residential and commercial projects throughout South Florida. He manages all aspects of development and construction from the planning phase through to completion.

Tania Martin serves as the Chief Financial Officer, where she directs the financial strategy, planning, and corporate governance for Shoma Group. She is responsible for managing investment strategies that support the firm’s growth and market position.

Jorge Chirinos is the Controller for Shoma Group, tasked with managing the company’s accounting operations and financial reporting functions. He ensures day-to-day financial management and compliance with accounting standards across all development projects.

Simon Oduber serves as a Managing Director, contributing to the strategic leadership and operational oversight of the company’s development activities. He works with senior management to plan and execute projects across Shoma Group’s commercial and residential portfolio.

Lydia Cabrera holds the position of Director of Permit and Construction Affairs, managing the regulatory and compliance aspects of development projects. She oversees the permitting process to ensure projects adhere to local building codes and zoning laws in South Florida.

Vanessa Bedim is the Director of Asset Management, responsible for overseeing the management and performance of Shoma Group’s property portfolio. Her duties include managing operations for completed developments to optimize returns on the company’s investments.

Katherine Chang serves as the Executive Assistant to the Chief Executive Officer and President. She provides administrative support to both Masoud Shojaee and Stephanie Shojaee, coordinating their executive schedules and communications.

Geovanny Cardenas is the Director of Information Technology, managing the firm’s technology infrastructure and systems. He is responsible for implementing IT strategy to support the company’s business and development operations.

4) Ownership

Shoma Group LLC is a privately held Florida limited liability company formed in June 2022 and is wholly owned and controlled by its founders, the husband-and-wife team of Masoud Shojaee and Stephanie Shojaee. Masoud Shojaee is listed as the Manager, and Stephanie Shojaee holds the title of President, with no external investors or institutional equity partners involved in the firm’s ownership. The company operates as a family-controlled enterprise, with ERRA Registered Agents, LLC serving as its registered agent since its formation.

The leadership structure evolved in March 2022 with the promotion of Stephanie Shojaee to President, a move that formalized her expanded operational responsibilities and leadership over the company’s strategic expansion. This represented an internal succession plan, with Masoud Shojaee retaining his position as CEO and Chairman of the Board. The firm’s governance structure does not include external board members, which allows for direct control and rapid decision-making by the owners.

Recent strategic initiatives, such as the September 2025 partnership with Cosmo Developments to expand into Dubai, have been structured to maintain Shoma Group’s private ownership while leveraging the capital and market expertise of partners for international growth. Similarly, the company utilizes project-specific debt financing, including a $29.9 million loan from Forman Capital in September 2025 and a previous $84 million financing package from Walker & Dunlop in December 2020, to fund developments without diluting equity. The firm’s model of developing and selling assets within two to three years supports its ability to self-fund growth and maintain its private ownership structure.

5) Financial Position

Shoma Group demonstrates solid financial fundamentals as evidenced by multiple recent capital market transactions and successful project exits. In September 2025, the company secured $29.9 million in debt financing from Forman Capital for the Shoma Bay development, representing a predevelopment loan to refinance existing debt on the 333-unit luxury condominium project in North Bay Village. This transaction follows a December 2020 financing milestone when Shoma Group closed $84 million in financing with Walker & Dunlop for Sanctuary Doral, a 226-unit multifamily property that was approximately 30 percent occupied at the time of refinancing.

The company’s asset disposal strategy has generated significant liquidity over recent years, with management reporting over $650 million in asset sales over the past seven years. Notable transactions include the March 2025 sale of a Coral Gables development site to a joint venture led by 13th Floor Investments, LeFrak Organization, and Related Group for $35 million, representing a $1 million gain over Shoma Group’s 2022 acquisition cost of $34 million. Additional successful exits include Doral City Place ($135 million), One Park Square ($96.1 million), The Flats ($100 million), Sanctuary Doral ($103 million), and Shoma Village (approximately $100 million).

Operational capacity indicators suggest healthy project pipeline management with current active developments including Shoma Bay (valued at $410 million), Ponce 8 (201-unit Live Local Act project), and 550 Shoma (223-unit rental community in Orlando). The company maintains a 40,000 square foot Class A headquarters facility in Coral Gables, featuring modern art installations and contemporary design elements. Employee headcount ranges between 50-200 professionals, indicating operational scalability to support the current development portfolio.

International expansion initiatives demonstrate strategic growth positioning through the September 2025 partnership with Cosmo Developments, powered by UAE’s Reportage Group. This collaboration encompasses both domestic projects like Shoma Bay and marks the firm’s first overseas development in Dubai markets, suggesting access to international capital sources and market diversification opportunities. The partnership structure allows Shoma Group to leverage Cosmo’s expertise and financial resources while maintaining operational independence.

Sales velocity metrics indicate strong market demand, with Shoma Bay reporting over 40% of units sold during initial sales phases, attracting significant Latin American buyer interest with 54% of purchasers originating from Colombia and Argentina representing key market segments. The project’s pricing structure ranges from $800,000 to $5.3 million for penthouse units, demonstrating the company’s positioning in the luxury market segment.

Working capital management appears stable based on the company’s ability to secure project-specific financing and execute timely asset dispositions. The firm’s business model centers on developing projects and selling assets within two to three years, maintaining an asset turnover strategy rather than long-term hold investments. This approach has enabled completion of over $6 billion in real estate transactions over 36 years while preserving private ownership structure and avoiding institutional equity requirements.

6) Market Position

Shoma Group operates as a prominent regional real estate developer in South Florida’s luxury residential and commercial market, with over $6 billion in completed real estate transactions since its 1988 founding. The company has established market leadership in the Doral area, where founder Masoud Shojaee earned recognition as the “King of Doral” during the 1990s and early 2000s for his prescient development activities in the region. With over 12,000 residential units developed across 6,000+ acres, Shoma Group maintains a significant market presence in Miami-Dade County’s luxury development sector.

Within Florida’s real estate development industry, Shoma Group ranks among established regional developers alongside firms such as Related Group, Terra Group, Fortune International Group, and Turnberry Associates. The company differentiates itself through its focus on mixed-use developments that blend residential, commercial, and lifestyle components, particularly targeting Latin American buyers who represent 54% of purchasers in flagship projects like Shoma Bay.

The firm competes directly with luxury developers in South Florida’s high-end residential market, where projects typically range from $400,000 to $5.3 million for penthouse units. Shoma Group’s strategic positioning focuses on emerging neighborhoods and community transformation, demonstrated through pioneering developments in Doral, Hialeah, and North Bay Village before these areas achieved widespread developer attention. This early-entry strategy has enabled the company to secure prime development sites and establish market presence ahead of larger institutional competitors.

Shoma Group’s primary market differentiation stems from its community-focused development approach and specialized targeting of Hispanic markets. The company implements innovative marketing strategies, including broadcasting live Spanish radio shows from sales offices, which historically generated sales of 20-30 homes per month compared to competitors’ typical five units monthly. This cultural alignment with Latin American buyers has proven particularly effective, with recent projects achieving over 40% initial sales rates and strong international buyer participation.

The firm’s distribution strategy combines direct sales through company-operated sales galleries with strategic partnerships including Fortune Development Sales for specific projects like Ten30 South Beach. The company maintains dedicated sales facilities, including the Shoma Bay gallery in North Bay Village and satellite locations such as the Aventura Mall kiosk. International marketing efforts target Latin American markets through partnerships and specialized events, with 54% of Shoma Bay buyers originating from Colombia and Argentina representing significant market segments.

In September 2025, Shoma Group achieved a strategic milestone through its partnership with Cosmo Developments, powered by UAE’s Reportage Group, marking the company’s first international expansion into Dubai markets. This collaboration encompasses both domestic projects like the $410 million Shoma Bay development and the firm’s inaugural overseas development in the Middle East. The partnership leverages Cosmo’s proven track record, including the record-breaking $1.1 billion BRABUS Island project in Abu Dhabi that sold out within 48 hours.

Shoma Group’s financial performance demonstrates consistent execution through market cycles, with over $650 million in asset sales over the past seven years. The company’s business model emphasizes developing projects for sale within two to three years rather than long-term hold investments, enabling capital recycling and maintaining private ownership structure. Current development pipeline includes Shoma Bay ($410 million valuation), Ponce 8 (201-unit Live Local Act project), and 550 Shoma (223-unit rental community in Orlando), indicating sustained development capacity and market presence.

7) Legal Claims and Actions

Shoma Group and its executives face multiple legal and regulatory challenges spanning employment law violations, construction safety citations, debt disputes, and complex commercial litigation. The company’s legal exposure encompasses multiple jurisdictions and claim types, with significant financial implications totaling tens of millions of dollars in damages and settlements.

Shoma Group faces two separate federal class action lawsuits filed in the U.S. District Court for the Southern District of Florida under the Fair Labor Standards Act. The first action, Castillo v. Shoma Group, LLC was filed on May 29, 2024, by 11 current and former employees of Shoma Bazaar, the company’s food hall operation. The lawsuit alleges Shoma Group violated federal and state wage laws by engaging in improper tip pooling practices, allowing managers and supervisors to participate in tip distributions despite not being classified as “tipped employees,” and confiscating employee tips while paying below minimum wage. The plaintiffs claim total underpayment of $225,451, averaging $20,495.54 per employee, and seek liquidated damages that could double the award.

A second, related action was filed on May 22, 2025 by nine plaintiffs including Antonio Castillo and Margarelys Flores, alleging similar wage violations and adding retaliation claims. The complaint alleges that Shoma terminated employees who raised concerns about wage violations, specifically identifying one worker as the “leader” in organizing the lawsuit. Both cases have been referred to U.S. Magistrate Judge Eduardo Sanchez for settlement conferences, with the second case reaching a stipulated dismissal with prejudice on October 16, 2025.

In November 2014, the Occupational Safety and Health Administration conducted inspections at the Oasis Park Square residential development in Doral, resulting in citations against nine contractors including Shoma Alliance Management Corp., the project manager. OSHA proposed $152,000 in fines across the contractors for exposing workers to fall hazards up to 35 feet, failing to provide proper eye and head protection, improperly using ladders, and not providing required safety training. The violations occurred at a luxury housing development where homes started at $1 million, highlighting the contrast between high-end amenities for residents and dangerous working conditions for construction workers.

Shoma Group executives face multiple foreclosure lawsuits involving millions of dollars in allegedly defaulted mortgage debt. In January 2024, City National Bank of Florida filed an $8 million foreclosure action against Masoud Shojaee as trustee for the Masoud Shojaee 2005 Revocable Trust, along with 60 Edgewater Drive LLC and Erra Trustees. The lawsuit involves a 3,100-square-foot condominium unit and a 10,500-square-foot mansion in Cocoplum, both securing an $8 million mortgage with a 5.4% fixed interest rate that matured on August 19, 2024.

In December 2023, Right Meow Capital filed a lawsuit against Masoud and Stephanie Shojaee and two trusts for allegedly failing to repay a $10.5 million promissory note secured by the retail component of Shoma Village in Hialeah. The loan had a November 7, 2023 maturity date, with personal guarantees from both Shojaees. Right Meow voluntarily dismissed this action on December 20, 2023 “without prejudice,” preserving the right to refile.

In September 2021, Maria Lamas, Masoud Shojaee’s ex-wife and co-founder of Shoma Group, filed a foreclosure lawsuit against LSA Property Holdings LLC seeking $4.9 million in principal, interest, and attorney fees. Lamas alleged that Shoma constructed a glass-enclosed rooftop lounge at the company’s Coral Gables headquarters without permits and without her consent as required under the $6 million mortgage she provided in 2018. Coral Gables code enforcement issued a violation warning letter on August 19, 2021, confirming that the rooftop structure was added without obtaining proper permits and inspections.

Shoma Group engaged in protracted litigation with developer Ugo Colombo over a failed joint venture to develop a mixed-use condominium project in Coral Gables. In 2021, a jury awarded Shoma Coral Gables LLC $10 million in damages against Gables Investment Holdings CMC, finding that Colombo breached the operating agreement by unilaterally shutting down the project’s sales office, halting marketing efforts, and attempting to purchase retail space and parking at below-market rates for his adjacent luxury car dealership. The trial court initially overturned the jury verdict in January 2022, but the Third District Court of Appeal reversed this decision in July 2023, ordering reinstatement of the $10 million judgment.

In November 2024, the condominium association for Ten30, a 33-unit boutique condominium in Miami Beach developed by Shoma Group, filed a lawsuit against the company alleging construction defects. In March 2025, Shoma Group faced a compliance dispute with North Bay Village over development agreement obligations related to a high-rise condominium project.

8) Recent Media

Media coverage of Shoma Group in 2023-2025 has focused primarily on the company’s business developments and legal challenges. In January 2025, The Real Deal reported on City National Bank of Florida’s $8 million foreclosure lawsuit against Masoud Shojaee involving a condominium and mansion that secure the loan. The Miami Herald covered employee allegations in 2024 regarding Shoma Bazaar managers taking staff tips while claiming tip credits. In December 2024, The Real Deal reported on a lender suing Masoud and Stephanie Shojaee over an alleged $11 million debt default, and another article covered the Ten30 Condo Association’s lawsuit against Shoma Group for alleged construction defects.

Business coverage has highlighted the company’s growth achievements. In September 2025, Entrepreneur magazine reported on Shoma Group’s partnership with Cosmo Developments for Dubai expansion. The company announced closing $650 million in landmark sales deals, which received coverage in industry publications.

The company has also faced negative coverage regarding workplace safety and regulatory compliance. In 2025, The Real Deal reported on allegations that Shoma Group built its headquarters rooftop without proper approvals. Various legal publications have covered the federal wage and hour lawsuits filed against the company by Shoma Bazaar employees.

9) Strengths

Experienced Leadership Team with Proven Track Record

Shoma Group benefits from seasoned leadership under CEO and Chairman Masoud Shojaee, who founded the company in 1988 and has overseen over $6 billion in real estate transactions across 36 years. The leadership team combines long-term institutional knowledge with strategic modernization through President Stephanie Shojaee, who has engineered over $650 million in asset sales over the past seven years while increasing company revenues by 30% since joining in 2013. This dual leadership structure provides both operational stability and forward-thinking strategic vision, enabling the company to navigate multiple real estate cycles successfully.

Strategic International Expansion Capabilities

In September 2025, Shoma Group achieved a significant milestone through its partnership with Cosmo Developments, powered by UAE’s Reportage Group, marking the company’s first international expansion into Dubai markets. This collaboration demonstrates the firm’s ability to leverage its Miami-based expertise and brand recognition to access global markets and international capital sources. The partnership structure allows Shoma Group to replicate its proven development model while maintaining operational independence, positioning the company for sustained international growth beyond its South Florida base.

Proven Asset Development and Exit Strategy

Shoma Group has demonstrated exceptional execution in its development-to-exit business model, consistently delivering projects and achieving optimal market timing for asset dispositions. Recent successful exits include Sanctuary Doral ($103 million), The Flats ($100 million), One Park Square ($96.1 million), and Doral City Place ($135 million), showcasing the company’s ability to create value and execute strategic exits across multiple property types. This disciplined approach to asset turnover within two to three years enables capital recycling and maintains private ownership structure while generating superior returns.

Specialized Market Positioning and Cultural Expertise

The company has established a distinctive competitive advantage through its specialized targeting of Latin American buyers, with 54% of Shoma Bay purchasers originating from Colombia and Argentina representing significant market segments. This cultural alignment and marketing expertise has historically generated superior sales velocity, with the company achieving sales of 20-30 homes per month compared to competitors’ typical five units monthly through innovative approaches such as broadcasting Spanish radio shows from sales offices. The firm’s deep understanding of Hispanic market preferences provides a sustainable competitive moat in South Florida’s international buyer segment.

Diversified Portfolio and Innovation in Affordable Housing

Shoma Group demonstrates strategic portfolio diversification through its entry into workforce housing with Ponce 8, Coral Gables’ first Live Local Act development featuring 201 apartments with 40% designated as affordable housing. This initiative positions the company to capitalize on Florida’s Live Local Act incentives while addressing critical market needs and expanding beyond luxury development. The project represents the firm’s ability to adapt to regulatory opportunities and market demands while maintaining its development expertise across multiple price points.

Private Ownership Structure and Financial Flexibility

As a wholly-owned family enterprise, Shoma Group operates without the constraints of institutional investors or external board requirements, enabling agile decision-making and strategic flexibility. This structure has allowed the company to pivot quickly in response to market changes, such as shifting from mid-market to luxury development after the 2007 crisis and more recently expanding into international markets. The firm’s asset turnover strategy provides consistent capital availability for new opportunities while maintaining full ownership control.

10) Potential Risk Areas for Further Diligence

Legal and Employment Law Compliance Risk

Shoma Group faces significant exposure from multiple federal Fair Labor Standards Act class action lawsuits alleging systematic wage violations at its Shoma Bazaar subsidiary. The complaints claim the company engaged in improper tip pooling practices, allowed managers and supervisors to participate in tip distributions, and confiscated employee tips while paying below minimum wage, resulting in total underpayment claims of $225,451 across 11 employees. The second lawsuit adds retaliation claims against employees who raised wage concerns, with one worker identified as the “leader” in organizing legal action. These cases indicate potential systemic labor compliance deficiencies that could extend beyond the food hall operation to other Shoma Group business units.

Personal Financial Entanglement and Key Person Risk

The company’s leadership faces multiple personal financial challenges that create potential conflicts with corporate interests. CEO Masoud Shojaee is defending against an $8 million foreclosure lawsuit from City National Bank of Florida involving his personal residence, while previously facing a $10.5 million loan default claim that was voluntarily dismissed without prejudice. These personal financial pressures on key leadership could influence corporate decision-making, debt capacity, and strategic priorities. The concentration of ownership and management in the husband-and-wife team of Masoud and Stephanie Shojaee creates substantial key person dependency without apparent succession planning or governance oversight mechanisms.

Construction Quality and Project Execution Risk

Multiple construction-related disputes indicate potential systemic quality control and project management deficiencies. The Ten30 condominium association filed a lawsuit in November 2024 alleging extensive construction defects throughout the 33-unit Miami Beach project. Additionally, OSHA cited Shoma Alliance Management Corp. in 2014 as part of $152,000 in fines across nine contractors for exposing workers to fall hazards up to 35 feet and failing to provide proper safety equipment and training. A separate dispute with Shojaee’s ex-wife involves unauthorized construction at the corporate headquarters that violated city permits and mortgage covenants.

Regulatory Compliance and Permitting Risk

The unauthorized rooftop construction at Shoma Group’s Coral Gables headquarters demonstrates potential gaps in regulatory compliance procedures and internal controls. Coral Gables code enforcement issued violation warnings for unpermitted exterior alterations, plumbing, mechanical, and electrical work, creating default conditions under the building’s mortgage agreement. This incident suggests insufficient oversight of construction activities and permit requirements, which could extend to active development projects and create regulatory enforcement risks across the company’s portfolio.

Geographic Market Concentration Risk

Despite recent international expansion initiatives, Shoma Group’s portfolio and revenue streams remain heavily concentrated in the South Florida real estate market. This exposes the company to heightened risk from regional economic downturns, changes in local regulations, or saturation in the Miami-area luxury and rental markets. The firm’s success depends significantly on continued demand from Latin American buyers and the stability of the South Florida luxury market.

Financial Transparency and Corporate Governance Concerns

As a privately held family enterprise, Shoma Group operates without independent board oversight or institutional investor scrutiny that typically provides governance checks and balances. The pattern of litigation involving personal guarantees, corporate asset transfers, and family disputes creates questions about the separation between personal and corporate interests. Enhanced financial transparency measures and formal governance structures would strengthen investor confidence and operational oversight as the company pursues international expansion and larger-scale development projects.

Operational Scalability and Resource Management Risk

The company’s workforce ranges between 50-200 employees, indicating significant operational variability that may reflect project-driven staffing rather than sustainable organizational capacity. As Shoma Group expands internationally and increases project complexity, current operational infrastructure and management systems may require substantial investment to support growth while maintaining quality standards and regulatory compliance across multiple jurisdictions.

General Real Estate Development Industry Risks

The company operates in an inherently cyclical industry subject to interest rate fluctuations, construction cost inflation, and buyer demand volatility. Changing economic conditions, material shortages, and labor availability can significantly impact project timelines, profitability, and completion feasibility across the development portfolio.

Sources

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