Miami-based developer Rilea Group has closed on a $150 million construction financing package for Mohawk at Wynwood, a 300-unit multifamily rental development now under construction along NE 29th Street in Miami\u2019s Wynwood Arts District. Completion is slated for 2028.<\/p>\n
The capital stack is led by $124.2 million in C-PACE financing from Nuveen Green Capital, representing the largest C-PACE-financed multifamily transaction recorded in Florida to date, alongside a $25 million senior secured loan from ABANCA USA. The financing was arranged by Javier Herrera of Franklin Street.<\/p>\n
\u201cMohawk at Wynwood represents the next frontier of Miami living \u2013 a project that fuses punk rock, high fashion, and renegade culture into an all-brick, steel, and glass building that feels both timeless and unapologetically new,\u201d said Diego Ojeda, President of Rilea Group. \u201cFrom the widest sidewalks in Wynwood\u2014designed for outdoor dining and pedestrian life\u2014to rooftop pools, lounges, padel courts, and 30,000 square feet of dynamic retail, Mohawk is more than a building, it\u2019s a movement.\u201d<\/p>\n
\u201cBringing together a national powerhouse like Nuveen Green Capital with a relationship-driven institution like ABANCA is something we\u2019re incredibly proud of,\u201d Ojeda added. \u201cABANCA had the vision and conviction to finance our last multifamily project when many lenders stepped to the sidelines during the depths of COVID, and they continue to lead by example as one of the pioneers embracing C-PACE financing today. We\u2019re equally grateful to Nuveen for placing their confidence in us with their largest multifamily loan in Florida, it speaks volumes about the strength of this project, this corridor, and our long-term partnership.\u201d<\/p>\n
Mohawk at Wynwood will deliver a mix of studio, one-, two-, and three-bedroom residences, including lanai units with private outdoor spaces. Architectural plans call for Chicago brick, industrial steel detailing, and floor-to-ceiling glazing, drawing from Wynwood\u2019s warehouse and arts-driven context.<\/p>\n
The development site is located along NW 29th Street, a corridor that has seen rapid residential and retail growth in recent years. The area has attracted a concentration of major developers, including Related Group, Crescent Heights, AMLI backed by Morgan Stanley, Kushner Companies, Terra Group, Oak Row Equities in partnership with L&L Holding, Carlos Rosso Development, PMG, and OKO Group.<\/p>\n
\u201cWe\u2019re proud to partner with Rilea Group and ABANCA on Mohawk at Wynwood, a project that redefines sustainable urban living,\u201d said Ryan Doyle, Senior Director of Originations at Nuveen Green Capital. \u201cThis is the largest C-PACE financing for a multifamily project in Florida, underscoring NGC\u2019s confidence in Miami\u2019s resilience and growth, as well as C-PACE\u2019s efficacy in financing large-scale development. Mohawk\u2019s design, efficiency, and community focus embody exactly the kind of forward-thinking development that will define the next decade of multifamily housing.\u201d<\/p>\n
Rilea Group has begun marketing the project\u2019s ground-floor retail component following sales activity at its adjacent condominium development, The Rider Residences. Retail at Mohawk has surpassed prior benchmarks along the corridor, with approximately 33 percent of the retail space sold to date. The retail component is co-listed by Cervera Real Estate and Comras Company, while the residential portion will remain a purpose-built rental community.<\/p>\n
Design work for Mohawk at Wynwood is led by Deforma Studio in collaboration with RADYCA, continuing the team\u2019s prior work on The Rider Residences.<\/p>\n
\u201cAs senior lender on Mohawk, we\u2019re thrilled to deepen our relationship with Rilea Group and continue to be their banking partner in the U.S.,\u201d said Monica V\u00e1zquez, General Manager of ABANCA USA. \u201cThis project unites world-class architecture with cultural authenticity and economic vitality\u2014a true reflection of Miami\u2019s global trajectory.\u201d<\/p>\n
Planned amenities include rooftop pools and lounges, a padel court, a Turkish hammam spa with cold plunges and infrared saunas, co-working spaces, children\u2019s play areas, and a rooftop dog park.<\/p>\n
\u201cOur relationship with the Murphy family and the entire Coastal Construction team runs deep,\u201d said Diego Ojeda, President of Rilea Group. \u201cTogether we\u2019ve delivered some of Miami\u2019s most respected buildings, and Mohawk will be no exception. We\u2019re bringing the same precision, craftsmanship, and attention to detail to Wynwood \u2014 delivering what will be the neighborhood\u2019s premier residential tower, with kitchens and appliances that are truly second to none.\u201d<\/p>\n
Construction is being led by Coastal Construction<\/a>, marking Rilea Group\u2019s sixth high-rise project with the firm. Previous collaborations include 1450 Brickell, home to JPMorgan Chase\u2019s Miami headquarters, and the ongoing Santander Tower redevelopment at 1401 Brickell Avenue.<\/p>\n \u201cThe financing secured for Mohawk at Wynwood underscores both Miami\u2019s sustained appeal among lenders and the strength of Rilea Group\u2019s track record in one of the city\u2019s fastest-growing neighborhoods,\u201d said Suzanne Amaducci of Bilzin Sumberg<\/a>, who represented Rilea Group in the transaction. \u201cWynwood has become a premier destination for residential and commercial development, and that momentum played a meaningful role in the project\u2019s ability to attract C-PACE financing alongside a senior loan. Florida developers are increasingly turning to C-PACE financing to complete the capital stack, and I expect the C-PACE program will grow in popularity in 2026 and beyond.\u201d<\/p>\n Mohawk at Wynwood and its neighboring projects add to Rilea Group\u2019s broader portfolio, which includes The Bond on Brickell, 1450 Brickell, One Broadway, and the Sabadell Financial Center within Miami\u2019s Brickell Financial District.<\/p>\n Subscribe<\/a> to YIMBY\u2019s daily e-mail<\/p>\n Follow<\/a> YIMBYgram for real-time photo updates
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