Rilea Group landed a $149.2 million in construction financing for its planned Mohawk at Wynwood, a 300-unit apartment tower.
The Miami-based real estate developer secured $124.2 million in C-PACE capital from Nuveen Green Capital and a $25 million senior loan from ABANCA USA, arranged by Javier Herrera of Franklin Street, according to a news release. The loan will cover construction of the Mohawk project slated for the 1.5-acre site at 56 Northeast 29th Street.
Rilea, led by owner and CEO Alan Ojeda and President Diego Ojeda, bought the land for $22 million in 2021. The project is set to include units ranging from studios to three-bedrooms, and will have rooftop pools, lounges and padel courts, according to the release.
The building will also have 30,000 square feet of ground floor retail. Construction was first expected to begin in 2023, according to previous coverage. Construction is now set to finish in 2028.
It is adjacent to Rilea’s planned Rider at Wynwood, the 12-story, 146-unit rock-n-roll-themed condo project planned for 94 and 100 Northeast 29th Street and 101 Northeast 28th Street. It acquired the site with Promanas for $12.2 million in 2021 and bought out its partner for $21 million in 2024. The project will be short-term-rental-friendly and prices range from the $600,000s to $1.8 million.
Wynwood has been a hotbed of development for the past decade, with prices rising quickly across multifamily, condo and commercial assets. Retail rents have spiked as the neighborhood’s star has risen, and some businesses are beginning to shutter as the cost of their spaces outpace foot traffic and profits.
There are other signs of the market overheating. A burst of condo and apartment building completions in recent years means rents are flatlining, according to an analysis by The Real Deal. Developers like Clara Homes and Evolve Companies are now listing Wynwood dev sites where they initially planned dozens of units.
