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 financing was arranged by Javier Herrera of Franklin Street, according to a press release.
The Rider Residences will be a 12-story building with 146 condo units and approximately 11,000 square feet of retail space. Construction began earlier this year, with vertical construction expected to start soon. Completion is targeted for 2027, and Beauchamp Construction serves as the general contractor.
In 2021, Rilea and its former partner Promanas Group purchased the development site—located at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street—for $12.2 million. Last year, Rilea acquired Promanas’ share for $21 million, using an $11.5 million mortgage from Altamar Financial Group.
The façade of The Rider Residences is designed by Deforma Studio and features exposed brick, steel, and concrete inspired by architectural styles found in Chicago as well as New York’s SoHo and Meatpacking Districts. Units will include furnished studios along with one-, two-, three-bedroom residences and penthouse units priced between $500,000 and more than $2.5 million.
Developers are marketing the condos for short-term rental use; there will be no rental restrictions on the units. Owners may participate in a rental program or manage their own rentals independently.
Sales are being managed by Cervera Real Estate under Alicia Cervera Lamadrid’s leadership. Buyers also have the option to pay using cryptocurrency.
Nearby, Rilea is also developing Mohawk at Wynwood—a separate 12-story project that will feature about 300 apartments, ground-floor retail space totaling around 31,000 square feet, and offices spanning approximately 3,500 square feet—with completion planned for 2028.
