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’s Wynwood Arts District. Completion is slated for 2028.
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.
“Mohawk at Wynwood represents the next frontier of Miami living – 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,” said Diego Ojeda, President of Rilea Group. “From the widest sidewalks in Wynwood—designed for outdoor dining and pedestrian life—to rooftop pools, lounges, padel courts, and 30,000 square feet of dynamic retail, Mohawk is more than a building, it’s a movement.”
“Bringing together a national powerhouse like Nuveen Green Capital with a relationship-driven institution like ABANCA is something we’re incredibly proud of,” Ojeda added. “ABANCA 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’re 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.”
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’s warehouse and arts-driven context.
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.
“We’re proud to partner with Rilea Group and ABANCA on Mohawk at Wynwood, a project that redefines sustainable urban living,” said Ryan Doyle, Senior Director of Originations at Nuveen Green Capital. “This is the largest C-PACE financing for a multifamily project in Florida, underscoring NGC’s confidence in Miami’s resilience and growth, as well as C-PACE’s efficacy in financing large-scale development. Mohawk’s design, efficiency, and community focus embody exactly the kind of forward-thinking development that will define the next decade of multifamily housing.”
Rilea Group has begun marketing the project’s 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.
Design work for Mohawk at Wynwood is led by Deforma Studio in collaboration with RADYCA, continuing the team’s prior work on The Rider Residences.
“As senior lender on Mohawk, we’re thrilled to deepen our relationship with Rilea Group and continue to be their banking partner in the U.S.,” said Monica Vázquez, General Manager of ABANCA USA. “This project unites world-class architecture with cultural authenticity and economic vitality—a true reflection of Miami’s global trajectory.”
Planned amenities include rooftop pools and lounges, a padel court, a Turkish hammam spa with cold plunges and infrared saunas, co-working spaces, children’s play areas, and a rooftop dog park.
“Our relationship with the Murphy family and the entire Coastal Construction team runs deep,” said Diego Ojeda, President of Rilea Group. “Together we’ve delivered some of Miami’s most respected buildings, and Mohawk will be no exception. We’re bringing the same precision, craftsmanship, and attention to detail to Wynwood — delivering what will be the neighborhood’s premier residential tower, with kitchens and appliances that are truly second to none.”
Construction is being led by Coastal Construction, marking Rilea Group’s sixth high-rise project with the firm. Previous collaborations include 1450 Brickell, home to JPMorgan Chase’s Miami headquarters, and the ongoing Santander Tower redevelopment at 1401 Brickell Avenue.
“The financing secured for Mohawk at Wynwood underscores both Miami’s sustained appeal among lenders and the strength of Rilea Group’s track record in one of the city’s fastest-growing neighborhoods,” said Suzanne Amaducci of Bilzin Sumberg, who represented Rilea Group in the transaction. “Wynwood has become a premier destination for residential and commercial development, and that momentum played a meaningful role in the project’s 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.”
Mohawk at Wynwood and its neighboring projects add to Rilea Group’s broader portfolio, which includes The Bond on Brickell, 1450 Brickell, One Broadway, and the Sabadell Financial Center within Miami’s Brickell Financial District.
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