Rilea Lands $149M to Build Multifamily Project in Miami

Development firm Rilea Group has nabbed $149.2 million in financing to build another residential building in Miami’s Wynwood neighborhood, the company announced.

The construction financing for the 300-unit Mohawk at Wynwood project includes $124.2 million in C-PACE debt from Nuveen Green Capital and a $25 million senior loan from Spanish bank Abanca. 

C-PACE is a state-backed financing tool designed to boost the construction of energy-efficient projects. Unlike a traditional loan, the debt is repaid through a special assessment on the property tax bill. Javier Herrera of Franklin Street brokered the financing for Mohawk at Wynwood. 

The 12-story development will sit at 56 Northeast 29th Street, south of Miami’s Midtown neighborhood, facing Northeast First Avenue. Construction is expected to be completed in 2028.

The project will feature units ranging from studios to three-bedrooms as well as rooftop pool deck and padel courts. The ground floor will house 30,000 square feet of retail space, of which 40 percent has sold for $1,990 a square foot, though a representative for the Miami-based developer declined to name the buyer.

Rilea Group purchased the 1.5-acre site for $22 million in 2021. Next door, the developer is building a 12-story condo building after securing a $90 million loan in October and buying the 0.7-acre parcel for $21 million in 2024.

Julia Echikson can be reached at jechikson@commercialobserver.com.