Ciprés and Rilea Group have secured a $90 million construction loan for The Rider Residences, a planned condominium development near Wynwood in Miami. The financing was provided by Banco Inbursa, a Mexican bank, according to a press release. Javier Herrera from Franklin Street arranged the loan.
The Rider Residences is set to be a 12-story building with 146 condo units and 11,000 square feet of retail space. Ciprés and Rilea, both Miami-based firms led by Diego Ojeda, began initial work on the site in February. Vertical construction is expected to start soon, with completion targeted for 2027. Beauchamp Construction has been named as the general contractor.
Rilea and its former partner Promanas Group acquired the 0.6-acre site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street for $12.2 million in 2021. Last year, Rilea bought out Promanas’ share for $21 million, using an $11.5 million mortgage from Altamar Financial Group.
The building’s design comes from Deforma Studio, also based in Miami. According to the release, “the 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 development will include furnished studios as well as one-, two-, three-bedroom residences and penthouse units priced between $500,000 and more than $2.5 million.
Developers are marketing the condos as suitable for short-term rentals with no rental restrictions; owners can choose to enter their units into a rental program or manage them independently.
Sales are being handled by Cervera Real Estate under Alicia Cervera Lamadrid’s leadership. The developer is also accepting cryptocurrency payments for unit purchases.
In addition to The Rider Residences project, Rilea is working on Mohawk at Wynwood nearby—a separate planned development featuring a similar building height with apartments, ground-floor retail space totaling 31,000 square feet, offices measuring 3,500 square feet, and an anticipated completion date of 2028.
