Ciprés and Rilea Group have secured a $90 million construction loan from Banco Inbursa for The Rider Residences, a planned condominium project near Wynwood in Miami. The 12-story development will include 146 residential units and 11,000 square feet of retail space. Javier Herrera of Franklin Street arranged the financing.
The two Miami-based firms, led by Diego Ojeda, began site work on The Rider Residences in February. Vertical construction is expected to start soon, with completion targeted for 2027. Beauchamp Construction is serving as the general contractor.
In 2021, Rilea and its former partner Promanas Group purchased the 0.6-acre site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street for $12.2 million. Last year, Rilea acquired Promanas’ stake for $21 million using an $11.5 million mortgage from Altamar Financial Group.
According to the developers, “The Rider Residences’ structure is a blend of exposed brick, steel and concrete influenced by architectural styles in Chicago and New York’s SoHo and Meatpacking Districts.” The building was designed by Deforma Studio, based in Miami.
Residences will include furnished studios as well as one-, two-, three-bedroom units and penthouses. Prices will range from $500,000 to over $2.5 million. The project will not have rental restrictions; owners can either participate in a rental program or manage their units independently.
Alicia Cervera Lamadrid’s Cervera Real Estate is managing sales for the project, which will also accept cryptocurrency payments.
Rilea is also developing another nearby project called Mohawk at Wynwood—a planned 12-story building with 300 apartments, ground-floor retail space totaling 31,000 square feet, and offices spanning 3,500 square feet—scheduled for completion in 2028.
