Ciprés and Rilea Group have secured a $90 million construction loan from Banco Inbursa for The Rider Residences, a condominium project planned near Wynwood. The 12-story development will include 146 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 work on the site in February. Vertical construction is expected to start soon, with completion targeted for 2027. Beauchamp Construction serves as the general contractor.
The development site was acquired in 2021 by Rilea and its former partner Promanas Group for $12.2 million. In 2023, Rilea bought out Promanas’ share for $21 million, using an $11.5 million mortgage from Altamar Financial Group.
The building’s design features 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.
The Rider Residences will not have rental restrictions; owners can either manage their own rentals or use a rental program offered by the developer.
Sales are being handled by Cervera Real Estate under Alicia Cervera Lamadrid, with cryptocurrency accepted for transactions.
Rilea is also developing Mohawk at Wynwood nearby—a separate 12-story project that will include 300 apartments along with retail and office space—scheduled for completion in 2028.
