Ciprés and Rilea Group landed a $90 million construction loan for The Rider Residences, a planned condominium near Wynwood.
Mexican bank Banco Inbursa provided the financing for the 12-story condo project with 146 units and 11,000 square feet of retail, a press release states. Javier Herrera with Franklin Street arranged the loan.
Ciprés and Rilea, two Miami-based firms led by Diego Ojeda, broke ground on The Rider Residences in February with vertical construction expected to begin in the coming months, the release states. The joint venture expects to complete the project in 2027. Beauchamp Construction is the general contractor.
In 2021, Rilea and previous partner Promanas Group paid $12.2 million for the 0.6-acre development site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street, records show. Last year, Rilea bought out Promanas’ stake for $21 million, financing the acquisition with a 11.5 million mortgage from Miami-based Altamar Financial Group.
With a façade designed by Miami-based Deforma Studio, 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 release states. The project will have a mix of furnished studios, 1-, 2-, and 3-bedroom residences and penthouse units with prices ranging from $500,000 to more than $2.5 million.
The developer is also pitching units as short-term rentals to attract buyers. The Rider Residences will have no rental restrictions and owners can enter their units into a rental program or manage the condos themselves.
Miami-based Cervera Real Estate, led by Alicia Cervera Lamadrid, is handling sales at The Ryder Residences, and the developer is accepting cryptocurrency transactions, the release states.
Less than a block away from The Rider Residences, Rilia is developing Mohawk at Wynwood, a planned 12-story building with 300 apartments, 31,000 square feet of ground-floor retail and 3,500 square feet of offices. The project is slated for completion this year.
