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Cashflow In Miami
October 4, 2021
Wynwood is getting its own crowdfunded mixed use 225 unit MAKHAWK!

56 NE 29th S, Wynwood

Rilea Group paid $22 million for the 1.5 acre development site in a deal that closed earlier this summer.

It is the first development in Wynwood to be largely financed by crowdfunding. The developers used RealtyMogul to raise $10 million and ended up surpassing their goal (they are currently at $12.5 million). Rilea has agreed to allow RealtyMogul to source an additional $10 million in crowdfunding for construction next year.

MOHAWK at Wynwood will include:

  • 225 rental apartments
  • 22,000 square feet of ground floor retail
  • 3,500 square feet of private, for-rent offices
  • Amenities will include a state-of-the-art gym with peloton bikes, a private park and dog park, kid’s playroom, rooftop pool and bar, and resident’s lounge.

Javier Barrera of Miami-based Deforma Studio is the architect.

Stylish interiors will feature original artwork from artists such as Jean Michel Basquiat and Marco Grassi as well as fine photography encapsulating the developer’s vision. Exposed brick, steel and concrete with various murals on the building’s façade in true Wynwood fashion will be signature of the development.

The Los Angeles-based, RealtyMogul underwrites and reviews investments internally before opening them up to investors. Crowdfunding allows qualified investors to invest in institutional investments and larger development projects that they would otherwise have no access to. The minimum crowdfunding  investment for the Mohawk at Wynwood project is $35,000 and the estimated hold period for investors is 5 years. The targeted IRR is between 19.1% and 21.1% with a 2.26X target equity multiple.

A portion of the LP equity piece will be raised via crowdfunding as part of the $41 million total equity. 90%, $37 million, will come from LP’s and 10%, $4 million, is sponsored via the developer. A projected $62 million of debt rounds out the expected capitalization of the $103 million total development costs.

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