Ciprés and Rilea Group have secured a $90 million construction loan from Banco Inbursa for The Rider Residences, a planned condominium development near Wynwood. 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 11,000 square feet of retail space. Construction began earlier this year, with vertical work set to start in the coming months. The joint venture expects the project to be completed in 2027. Beauchamp Construction is serving as the general contractor.
The development site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street was purchased by Rilea and its former partner Promanas Group for $12.2 million in 2021. In the previous year, Rilea acquired Promanas’ stake for $21 million using an $11.5 million mortgage from Altamar Financial Group.
The design of The Rider Residences is being handled by Miami-based Deforma Studio, featuring exposed brick, steel, and concrete inspired by Chicago and New York’s SoHo and Meatpacking Districts. Units will include furnished studios as well as one-, two-, three-bedroom residences, and penthouses priced between $500,000 and over $2.5 million.
There are no rental restrictions on the units; owners can either join a rental program or manage their condos independently. Sales are being managed by Cervera Real Estate under Alicia Cervera Lamadrid’s leadership, with cryptocurrency accepted for transactions.
Nearby, Rilea is also developing Mohawk at Wynwood—a separate 12-story project that will offer 300 apartments along with retail and office space—with completion targeted for 2028.
