Rilea Group has teamed up with leading real estate crowdfunding platform RealtyMogul to raise equity for their new mixed-use Wynwood project, Mohawk at Wynwood. The crowdfunding campaign for the 12-story project, which is located at 56 NE 29th St., launched on April 5 to RealtyMogul’s network of more than 200,000 qualified investors.

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. Rilea group has the 1.5 acre property under contract for $22.33 million.

Mohawk at Wynwood will feature 225 apartment units and 22,000 square feet of retail. Amenities include a rooftop pool, bar, fitness center, residents lounge, dining room, children’s room, game room and dog park. The project was designed by Deforma Studio.