Miami, FL, October 3, 2025
News Summary
The Rider Residences, a 12-story, 146-unit condominium between Midtown Miami and Wynwood, has broken ground after securing a $90 million construction loan from Banco Inbursa arranged by a Franklin Street adviser. The project includes about 11,000 sq ft of retail, furnished studios through penthouses, and extensive amenities such as a rooftop pool, wellness spa and a ‘Toybox’ of vehicles. Developers reported Miami’s first direct wallet-to-wallet Bitcoin residential sale and launched crypto-friendly financing, including crypto-collateralized deposit loans and planned post-construction mortgage products. Beauchamp Construction is the general contractor and design draws on loft-inspired and 1970s retro-modern interiors.
The Rider Residences breaks ground with a $90 million loan and completes a direct wallet-to-wallet Bitcoin condo sale
Developers have started work on The Rider Residences, a planned 12-story condominium that will bring 146 units and about 11,000 square feet of retail to a 0.6-acre site in Miami. The project move forward after the joint venture secured a $90 million construction loan from a Mexican bank, and the development has already recorded a headline-making transaction that used a direct wallet-to-wallet Bitcoin transfer.
Key deal and construction milestone
The construction financing was provided by a Mexican bank and arranged by a loan officer working with an investment sales firm. Groundbreaking took place in February, and vertical construction was announced to begin in the coming months. The joint venture expects delivery of the building either in late 2026 or, alternatively, sometime in 2027, depending on final schedules.
Crypto-first sales and financing
The Rider has been publicly promoted as a crypto-friendly development and completed a direct wallet-to-wallet Bitcoin sale in April 2025. That first transaction used a regulated cryptocurrency exchange to move Bitcoin directly between wallets, avoiding intermediary conversion to U.S. dollars. The sold unit was an east-facing studio with a 391-square-foot interior plus a 133-square-foot private terrace, sold for $528,900 — roughly $1,353 per square foot.
To support buyers who hold digital assets, the project unveiled a strategic financing partnership with a Wynwood-based crypto mortgage lender. That lender is offering a two-part product: a crypto-collateralized loan to fund the 40% pre-construction deposit without requiring sale of Bitcoin, followed by a post-construction 30-year mortgage secured by the property. The lender says it can finance up to 100% of the purchase price at closing and priced the initial crypto-backed deposit loan in the high single digits in interest. The stated goal is to let buyers keep exposure to crypto while using that crypto as collateral for purchase liquidity.
Project design, units and amenities
The Rider will blend exposed brick, steel and concrete with a façade designed by a Miami architecture studio inspired by industrial loft districts. The same studio is credited as architect on the project, with interiors handled by a separate design firm. Units will be delivered fully furnished and include studios through three-bedroom residences plus penthouses. Standard features listed for units include open layouts, gourmet kitchens with premium appliances and cabinetry, spa-style primary bathrooms, smart home systems and floor-to-ceiling windows. Interiors are styled around a 1970s-inspired retro-modern palette with bold colors, textured fabrics and glass balcony details.
Building amenities span a lobby café, a rooftop resort-style pool deck with a restaurant and speakeasy, a hi-fi listening lounge, pet spa, fitness center with Peloton and Technogym equipment, and a wellness spa with cold plunge pools, IV therapy and a Turkish hammam. Additional services include 24-hour valet parking, EV charging, private garage access and a novelty “Toybox” amenity offering Harley-Davidsons, Vespas and electric bikes for resident use.
Unit pricing, sales and rental policy
Advertised pricing ranges vary across reporting: one range lists prices from about $500,000 to more than $2.5 million, while another source lists a range from the $400,000s to roughly $1.8 million. Sales are being handled by a Miami-based brokerage firm with an established local presence. The developer is marketing units as suitable for short-term rentals, and the building will have no rental restrictions, allowing owners to enroll units in a rental program or self-manage leases.
Site history, ownership moves and construction team
The development sits at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street, positioned between Midtown Miami and Wynwood and less than a block from a planned high-speed rail station on NE 27th Street that is part of an expanding, car-free regional network. In 2021 the land was purchased for $12.2 million, and last year the primary developer bought out a prior partner’s stake for $21 million. That buyout was financed in part with an $11.5 million mortgage from a Miami lender.
The general contractor on the project is a local construction firm, and the façades were developed by the Miami-based studio serving as architect. The joint venture is led by two Miami firms working together on the project.
Local context and nearby development
The same developer is moving forward on another nearby project less than a block away: a 12-story building called Mohawk at Wynwood with roughly 300 apartments, extensive ground-floor retail and small office space, with an expected completion around 2028. The Rider’s proximity to transit and neighborhood amenities is being emphasized in marketing materials.
Why this matters
The Rider’s combination of mainstream construction financing, traditional condo sales and an operational path for direct crypto purchases — plus a crypto-collateralized deposit product and a post-closing crypto mortgage option — creates a practical example of how digital assets are being folded into real estate transactions. The development will serve as a visible test of demand for crypto-enabled buying strategies and short-term rental-friendly condo living in Miami.
Frequently Asked Questions
What is The Rider Residences?
The Rider Residences is a planned 12-story condominium with 146 residential units and about 11,000 square feet of ground-floor retail on a 0.6-acre site in Miami between Midtown and Wynwood.
Who is financing and building the project?
Construction is backed by a $90 million loan from a Mexican bank arranged through a loan officer and an investment sales firm. The general contractor has been selected and the project broke ground in February, with vertical construction slated to begin in the coming months.
When will the building be finished?
Delivery targets vary; the joint venture has given timelines that include late 2026 and a target sometime in 2027.
Are units available for short-term rentals?
Yes. The Rider will have no rental restrictions, and the developer is marketing units for short-term rental use as well as long-term ownership.
Will the building accept cryptocurrency?
The project is marketed as crypto-friendly. Developers have completed a direct wallet-to-wallet Bitcoin purchase of a studio, and a local crypto lender is offering products that let buyers use crypto as collateral for deposit financing and provide mortgage options after completion.
How did the wallet-to-wallet sale work?
A studio was sold via a direct Bitcoin transfer between digital wallets using a regulated exchange as the transfer mechanism. The sale price was $528,900 for a studio with an interior of 391 square feet and a private terrace of 133 square feet.
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Quick facts table
| Feature | Detail |
|---|---|
| Project name | The Rider Residences |
| Type / Height | Condominium / 12 stories |
| Units | 146 (studios to 3-bedrooms and penthouses), fully furnished |
| Retail | Approximately 11,000 sq ft |
| Site | 0.6 acre at 94 & 100 NE 29th St and 101 NE 28th St (between Midtown and Wynwood) |
| Construction loan | $90 million from a Mexican bank; loan arranged by an investment sales firm |
| Developer | Joint venture of two Miami-based firms |
| Architect / Façade | Local studio credited as architect and façade designer |
| Interiors | Interiors by a dedicated design firm; 1970s-inspired retro-modern theme |
| General contractor | Named local construction firm |
| Pricing | Reported ranges from mid-$400,000s up to $2.5M+ (varies by reporting) |
| Crypto features | Accepts cryptocurrency purchases; completed a direct wallet-to-wallet Bitcoin sale; crypto-collateralized deposit loans and crypto mortgage options available |
| Nearby project | Mohawk at Wynwood — 12 stories, ~300 apartments, completion target around 2028 |
| Transit | Less than a block from a planned high-speed rail station on NE 27th Street (regional network) |
Deeper Dive: News & Info About This Topic
Additional Resources
- The Real Deal: Developers secure $90M loan for Miami condo project
- Wikipedia: The Rider Residences
- Profile MiamiRE: Rilea Group and CIPRS break ground on The Rider Residences
- Google Search: The Rider Residences Wynwood groundbreaking
- Florida YIMBY: First direct wallet-to-wallet cryptocurrency real estate sale at The Rider
- Google Scholar: wallet-to-wallet Bitcoin real estate sale Miami
- Profile MiamiRE: The Rider and Wynwood-based crypto lender unveil crypto-backed financing
- Encyclopedia Britannica: cryptocurrency mortgage real estate
- Community Newspapers: Record $1.19M sale of retail space at The Rider Residences
- Google News: The Rider Residences retail sale Miami
Author: Construction TX News
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