Mohawk at Wynwood Lands $149M, Led by a C-PACE Loan

Mohawk at Wynwood, Rilea Group's 300-unit rental building on NE 29th Street just south of Midtown, closed about $149 million of construction financing in January 2026, led by a $124.2 million C-PACE loan from Nuveen Green Capital. Completion is planned for 2028. It is a rental project, not condos, but it adds 300 new apartments to the same blocks where Midtown condo owners rent out their units.

How the deal is built

• C-PACE financing: $124.2 million from Nuveen Green Capital.
• Senior loan: $25 million from ABANCA USA, the U.S. arm of the Spanish bank.
• Arranger: Javier Herrera of Franklin Street.

The two pieces add up to $149.2 million, which Commercial Observer reported as the total and Florida YIMBY rounded to $150 million.

C-PACE (commercial property assessed clean energy) debt is repaid through a special assessment on the property's tax bill rather than as a conventional mortgage, and it is meant to fund energy and resilience features. It is showing up more often in Miami towers: in November 2025, Naftali Group closed $235 million of C-PACE from the same lender for JEM Private Residences in Miami Worldcenter, a larger loan than Mohawk's.

What is being built

The building will offer studios through three-bedroom apartments, some with private outdoor space, over about 30,000 square feet of ground-floor retail. Part of the retail has already been sold; reports differ on how much (33% according to Florida YIMBY, about 40% according to Commercial Observer).

Why it matters to Midtown condo owners

Condo owners in Midtown who rent out their units compete for the same tenants as a new 300-unit building with fresh amenities. It also shows where developers see demand: Rilea chose rentals on this site, not condos.

The Midtown condo resale market already has plenty of supply. As of October 13, 2026, Own.Miami's Midtown market report counts 161 condos for sale against 89 closings in the last 12 months, about 22 months of supply, with a median sale of $551,500 and $582 per square foot.

Two established buildings a few blocks north show the range:

• Hyde Midtown, the 410-unit Related Group and Dezer tower finished in 2018, recorded 23 sales on deeds between October 2025 and September 2026 at a median of $540,000. MLS closings over the last year had a median of $704 per square foot.
• Midblock, a 173-unit building from 2007, recorded 8 deed sales over the same period at a median of $550,750, with MLS closings at a median of $505 per square foot.

Both carry a good rating on Own.Miami's Financeability Index, meaning banks are actively lending on purchases there, which keeps resale demand open to buyers who need a mortgage.