Rilea Scores Largest C-PACE Loan in FL to Date for Multifamily Project, Mohawk in Miami's Wynwood

Key Points

• Record-Breaking Financing: Rilea Group secured $150M in construction funds, including Florida’s largest C-PACE loan at $124.2M, plus a $25M senior loan from ABANCA USA.
• Wynwood's Retail and Rental Heat: Located on NE 29th Street, Mohawk sits in one of Miami’s hottest corridors, where retail has hit $1,850 per square foot.
• Premium Rent-Ready Design: The 300-unit development features rooftop pools, padel courts, coworking space, a Turkish hammam, and 30,000 square feet of retail.

Miami’s Mohawk Project Is a Landlord Playbook
Rilea Group is going big in Wynwood with Mohawk, a 300-unit multifamily tower designed to blend industrial edge with top-tier amenities. Scheduled for completion in 2028, the project is backed by a unique financing structure that reflects new norms in sustainable development. With its tenant-focused design and market-leading retail sales, Mohawk is positioning itself as a top-tier rental property with investor appeal. Here's how the project breaks down for landlords and multifamily watchers.

Financing Stack Shows Where the Market Is Headed
The $150M construction financing was led by a $124.2M C-PACE loan from Nuveen Green Capital, setting a new high for Florida multifamily. C-PACE financing allows property owners to fund energy efficiency improvements and repay them through property taxes, preserving equity and reducing upfront costs. The remaining $25M came via a senior loan from ABANCA USA, arranged by Franklin Street’s Javier Herrera. This combination reflects growing institutional comfort with alternative lending models and energy-focused capital strategies.

Design Choices That Drive Retention and Rents
Mohawk offers units ranging from studios to three-bedrooms, including rare lanai units with private yards. Its exterior mixes Chicago brick, steel details, and floor-to-ceiling windows, nodding to Wynwood’s industrial roots. Amenities aim to meet demand from urban renters: two rooftop pools, a padel court, a Turkish hammam spa, coworking lounges, kid-friendly spaces, and a rooftop dog park. The 30,000 square feet of retail space is already 33 percent sold and has hit record pricing of $1,850 per square foot. The retail component is co-listed by Cervera Real Estate and Comras Company, and crypto payments are accepted.

Wynwood’s 29th Street Corridor Is Heating Up
Located on NE 29th Street, Mohawk joins a cluster of large-scale developments from major players like Related Group, Kushner Companies, and Terra. Rilea’s nearby Rider Residences project helped establish retail comps in the area, and Mohawk’s current retail sales have already surpassed those levels. The corridor is evolving into a high-demand mixed-use zone, with strong walkability and cultural cachet driving both residential and commercial interest.

What This Means for Landlords and Investors
Mohawk is a standout case of how C-PACE financing can be leveraged for multifamily projects without compromising quality or scale. The structure reduces capital costs while enabling energy-efficient upgrades, which can appeal to both tenants and institutional investors. Amenities are tailored for lifestyle renters, while location dynamics suggest upward pressure on rents and long-term appreciation. With repeat lender support from ABANCA and Nuveen, this project signals confidence in Miami’s high-density rental market.

Bottom Line
Mohawk at Wynwood is more than a flashy tower. It's a strategic investment with a smart financing model, top-tier design, and a location primed for growth. As C-PACE gains traction in 2026, expect more developers to follow Rilea’s blueprint.