A beverage dispensing system includes a nozzle assembly and a valve system, the nozzle assembly including a nozzle body having a diffuser chamber, a mixing chamber, and one or more cooling channels formed therein, a diffuser disposed within the diffuser chamber, and a manifold having one or more cooling channels formed therein and being configured to receive a flow of a base fluid and a flow of a concentrate for mixing of the base fluid and the concentrate in the mixing chamber to provide a beverage, and the valve system including one or more valves for regulating respective flow rates of each of the base fluid and the concentrate to substantially achieve a target mix ratio of the base fluid to concentrate within the mixing chamber.