Miami-based developer Rilea Group has closed a $150 million construction financing package for Mohawk at Wynwood, a 300-unit multifamily development currently under construction in the heart of Miami’s Wynwood Arts District.
The financing includes $124.2 million in Commercial Property-Assessed Clean Energy (C-PACE) capital provided by Nuveen Green Capital (NGC), a national leader in sustainable commercial real estate financing. The transaction represents the largest C-PACE–financed multifamily project in Florida to date. The capital stack is complemented by a $25 million senior loan from Spain-based ABANCA USA, which serves as the project’s senior secured lender. 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.”
Ojeda added, “Bringing together a national powerhouse like Nuveen Green Capital with a relationship-driven institution like ABANCA is something we’re incredibly proud of. ABANCA demonstrated conviction by financing our last multifamily project during the depths of COVID when many lenders stepped aside, and they continue to lead as pioneers in embracing C-PACE financing. We’re equally grateful to Nuveen for placing their confidence in us with their largest multifamily loan in Florida—an endorsement of the strength of this project, this corridor, and our long-term partnership.”
Scheduled for completion in 2028, Mohawk at Wynwood will feature expansive studio, one-, two-, and three-bedroom residences, including lanai units with private outdoor backyards. The architecture draws inspiration from Wynwood’s industrial roots, incorporating Chicago brick, exposed steel detailing, and floor-to-ceiling glass.
The project is located along NW 29th Street, one of Miami’s fastest-growing corridors, which has experienced record-breaking rent growth and surging retail values, positioning it among the city’s most valuable streets. The corridor has attracted many of Miami’s most prominent developers—including Related Group, Crescent Heights, AMLI (backed by Morgan Stanley), Kushner Companies, Terra Group, Oak Row Equities & L&L Holding, Carlos Rosso Development, PMG, and OKO Group—who view the area as a long-term growth engine. Rilea Group is uniquely positioned with two projects at the heart of this corridor, reinforcing its role as a leading force in Wynwood’s evolution into a premier mixed-use destination.
“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. “As the largest C-PACE multifamily financing in Florida, this transaction underscores our confidence in Miami’s resilience and growth, as well as the effectiveness of C-PACE in supporting large-scale development. Mohawk’s design, efficiency, and community focus exemplify the forward-thinking projects that will shape the future of multifamily housing.”
Rilea Group has launched sales of Mohawk’s ground-floor retail spaces following record-setting success at its adjacent condominium development, The Rider Residences. At The Rider, retail sales reached up to $1,700 per square foot, and Mohawk has since surpassed that figure—establishing a new national pre-construction benchmark with retail sales reaching $1,850 per square foot. Approximately 33% of the retail component has already been sold. The retail spaces are co-listed by Cervera Real Estate and Comras Company and are available for purchase using cryptocurrency. The residential portion of Mohawk will remain a purpose-built multifamily rental community.
Mohawk continues Rilea Group’s creative collaboration with Deforma Studio and RADYCA, the design teams behind The Rider Residences. Together, they are redefining urban living in Wynwood by blending industrial authenticity with refined global design.
“As senior lender on Mohawk, we’re thrilled to deepen our relationship with Rilea Group and continue serving as their banking partner in the U.S.,” said Monica Vázquez, General Manager of ABANCA USA. “This project combines world-class architecture with cultural authenticity and economic vitality—reflecting Miami’s growing global prominence.”
Resident amenities at Mohawk will include rooftop pools and lounges with panoramic skyline views, a padel court, a Turkish hammam spa with cold plunges and infrared saunas, co-working lounges, children’s play areas, and a rooftop dog park.
“Our relationship with the Murphy family and the Coastal Construction team runs deep,” Ojeda added. “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.”
Construction is being led by Coastal Construction, marking Rilea Group’s sixth tower with the firm. Their longstanding partnership began with J.P. Morgan’s 1450 Brickell Tower and continues with the Santander Tower at 1401 Brickell, now rising in Miami’s Financial District.
“The financing secured for Mohawk at Wynwood highlights both Miami’s continued appeal to 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’s momentum played a significant role in attracting both C-PACE and senior financing, and I expect C-PACE usage among Florida developers will continue to grow in 2026 and beyond.”
Mohawk at Wynwood, along with its neighboring project The Rider Residences, builds on Rilea Group’s legacy of landmark developments, including the sold-out Bond on Brickell, the 1450 Brickell Office Tower—home to J.P. Morgan’s headquarters—One Broadway luxury apartments, and the Sabadell Financial Center, all located within Miami’s Brickell Financial District, widely known as “Wall Street South.”
