Rilea Group has successfully secured a substantial $150 million financing package to fuel the construction of Mohawk at Wynwood, a high-end, 300-unit residential project situated in Miami’s vibrant Wynwood Arts District. The development is anticipated to welcome residents in 2028, adding to the city’s growing housing stock.
Key Takeaways
- Nuveen Green Capital provided $124.2 million in C-PACE capital, marking the largest C-PACE-financed multifamily transaction in Florida.
- ABANCA USA originated a $25 million senior loan as part of the capital stack.
- Franklin Street Senior Director Javier Herrera facilitated the transaction.
- Coastal Construction is the general contractor, continuing a successful partnership with Rilea Group.
Mohawk At Wynwood Details
Mohawk at Wynwood will offer a diverse range of living options, including studio, one-, two-, and three-bedroom residences. Notably, some units will feature lanai layouts with private backyards. The development boasts an array of upscale amenities designed for modern living, such as rooftop pools and lounges, a padel court, a Turkish spa, dedicated coworking lounges, children’s play areas, and a rooftop dog park. The 12-story building will also incorporate ground-floor retail spaces, with 33 percent already leased at the time of the financing deal.
The prime location at 56 NE 29th St. places the development equidistant from downtown Miami and Miami International Airport, with convenient access to major transportation routes including I-95, I-395, US-1, US-27, US-441, and Florida State Routes 9 and 112.
Adjacent Condominium Project
In a separate venture, Rilea Group is collaborating with Ciprés on The Rider Residences, a 12-story condominium tower situated next to Mohawk at Wynwood. This adjacent project will feature 146 residences, offering flexibility with no restrictions on short-term or long-term rentals. Construction commenced in February 2025, with an expected completion date in 2027. This development secured $90 million in financing from Banco Inbursa in November 2025, also arranged by Franklin Street’s Javier Herrera.
Miami’s Thriving Multifamily Market
The South Florida multifamily market continues its robust expansion. In the first eight months of 2025, approximately 7,725 new units were delivered, representing 2.0 percent of the existing stock. The region’s construction pipeline remains strong, with 17,705 units across 68 properties currently in development, the majority of which are market-rate units.