Ciprés and Rilea Group have secured a $90 million construction loan from Banco Inbursa for The Rider Residences, a planned 12-story condominium project near Wynwood in Miami. The financing was arranged by Javier Herrera of Franklin Street.
The Rider Residences will include 146 condo units and 11,000 square feet of retail space. Construction began earlier this year, with vertical building set to start soon. The joint venture expects to finish the project in 2027. Beauchamp Construction is serving as the general contractor.
The development site, located at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street, was acquired in 2021 by Rilea and its former partner Promanas Group for $12.2 million. In the following year, Rilea bought out Promanas’ stake for $21 million, using an $11.5 million mortgage from Altamar Financial Group.
Designed by Deforma Studio, the building’s façade features exposed brick, steel, and concrete inspired by architectural styles from Chicago and New York’s SoHo and Meatpacking Districts. The project will offer furnished studios as well as one-, two-, three-bedroom residences and penthouse units priced between $500,000 and over $2.5 million.
The developer is marketing the condos for short-term rentals without rental restrictions. Owners can choose to participate in a rental program or manage their own units.
Sales are being handled by Cervera Real Estate under Alicia Cervera Lamadrid. Buyers also have the option to pay with cryptocurrency.
Nearby, Rilea is developing another project called Mohawk at Wynwood—a planned 12-story building with 300 apartments, ground-floor retail space of 31,000 square feet, and offices totaling 3,500 square feet—with completion expected in 2028.
