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 construction loan; Miami sees first direct wallet-to-wallet Bitcoin condo sale
Key developments: A 12-story, 146-unit condominium called The Rider Residences has started construction work after its developers closed a $90 million construction loan. The project also registered what developers say is Miami’s first direct wallet-to-wallet Bitcoin residential sale, using a regulated exchange to move funds between digital wallets without converting to cash first.
Loan and financing
Mexican bank Banco Inbursa provided a $90 million construction loan to the joint venture developing The Rider. The loan was arranged by a financing adviser with Franklin Street. The project partners previously restructured ownership of the site: one partner was bought out last year for $21 million, a transaction funded in part by an $11.5 million mortgage from a Miami lender.
Groundbreaking and construction schedule
Ground was broken in February, and vertical construction was expected to begin in the months that followed. Reported delivery targets differ: one timeline puts completion in 2027 while another projects late 2026. Beauchamp Construction is serving as general contractor.
Project basics
The Rider will rise 12 stories on a 0.6-acre site at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street, located between Midtown Miami and Wynwood. The development will include 146 residences and about 11,000 square feet of ground-floor retail. Unit types will span furnished studios, and one-, two-, and three-bedroom residences, plus penthouses. All units are planned to be delivered fully furnished.
Design and interiors
Architecture and façade design are credited to a Miami-based studio whose plans show a mix of exposed brick, steel and concrete inspired by Chicago lofts and New York’s SoHo and Meatpacking neighborhoods. Interiors are being handled by a separate design firm and are pitched with a 1970s-inspired look that leans on bold colors, textured fabrics, and retro-modern glass balcony design. Standard unit features listed by the developer include open layouts, gourmet kitchens with named appliances and cabinetry, spa-style primary bathrooms, smart home systems, and floor-to-ceiling windows.
Sales, pricing and rental policy
Sales are being handled by a Miami brokerage led by its founder. Reported price ranges vary across sources, with one set of publicized figures running from about $500,000 to more than $2.5 million and another placing prices from the $400,000s to roughly $1.8 million. The developer is actively marketing units to short-term rental investors and has stated the building will have no rental restrictions, allowing owners to enroll units in a rental program or manage them independently.
Crypto-native sales and financing options
The Rider is being promoted as a crypto-friendly condominium, and the project reported completion of a direct wallet-to-wallet Bitcoin sale for an east-facing studio with a 391-square-foot interior plus a 133-square-foot private terrace. The studio sold for $528,900, or about $1,353 per square foot, and the transaction was executed using a regulated cryptocurrency exchange that enabled a direct wallet transfer between buyer and seller. An in-house broker team facilitated that sale.
To support crypto-based buyers, the project launched a financing partnership with a Wynwood-based firm offering two crypto-focused products. First, a short-term, crypto-collateralized loan allows buyers to post Bitcoin or other digital assets as collateral to fund pre-construction deposits—specifically the 40% pre-construction deposit—without selling their holdings. Stated rates for that crypto-collateralized deposit loan sit in the high single digits. After buildout, the lender plans to offer a 30-year mortgage product that can cover up to 100% of the purchase price at closing, secured by the property. The stated goal is to provide cash liquidity while letting buyers retain crypto exposure.
Amenities and building features
The Rider’s amenity list is extensive and aimed at lifestyle buyers and short-term renters. Planned features include a lobby café, a rooftop resort-style pool deck with a restaurant and a speakeasy, a hi-fi listening lounge, a pet spa, fitness facilities with Peloton and Technogym equipment, and a wellness spa with cold plunge pools, IV therapy services and a Turkish hammam. Additional building services will include 24-hour valet, EV charging, private garage access and a novel “Toybox” that offers in-house Harleys, Vespas and electric bikes for residents.
Transit and neighborhood context
The site sits less than a block from a planned high-speed rail station on NE 27th Street that is part of a growing car-free rail network linking Miami to Aventura, Fort Lauderdale, Boca Raton, West Palm Beach and Orlando. The same developer is also working nearby on another midrise project slated to deliver in 2028.
Ownership history and development team
The Rider is a joint venture between two Miami-based development firms led by the same chief executive. The project site was purchased in 2021 for $12.2 million, and the developer later acquired the remainder of the ownership stake for $21 million. A Miami-based architectural studio and an interiors firm are credited on design, and Beauchamp Construction is the general contractor. Sales are being run by a local brokerage firm whose agents handled the crypto sale.
What this means
Beyond adding new housing and retail to a rapidly changing neighborhood, The Rider is being positioned as an early example of how cryptocurrency can be used in real estate transactions without forced liquidation of digital assets. The development combines traditional construction finance with emerging crypto-first sales and lending products, making it a closely watched test case for buyers, lenders and regulators.
FAQ
What is The Rider Residences?
The Rider is a planned 12-story condominium with 146 units and about 11,000 square feet of retail space, located between Midtown Miami and Wynwood.
Who is developing the project?
The project is a joint venture between two Miami-based developers led by the same chief executive. A Miami-based architecture studio and an interiors firm are handling design; Beauchamp Construction is the general contractor.
How was construction financed?
Construction is supported by a $90 million loan from Banco Inbursa arranged by a financing professional with Franklin Street. Earlier site ownership changes included a buyout funded in part by an $11.5 million mortgage.
When will it be completed?
Reported completion timelines differ. One estimate targets completion in 2027, while another projects delivery in late 2026.
Can buyers use cryptocurrency?
Yes. The developer accepts cryptocurrency and has completed a direct wallet-to-wallet Bitcoin sale. The project also partners with a Wynwood-based crypto lender offering deposit loans backed by digital assets and post-construction mortgage options.
What amenities are included?
Amenity plans include a lobby café, rooftop pool and restaurant, speakeasy, hi-fi lounge, pet spa, fitness center, wellness spa, Toybox with motorized vehicles, 24-hour valet, EV charging and private garage access.
Are there rental restrictions?
No rental restrictions have been stated. Owners can place units in a rental program or manage rentals themselves.
Who is handling sales?
Sales are being handled by a Miami brokerage. An in-house broker team completed the project’s wallet-to-wallet crypto sale.
Key features at a glance
| Feature | Details |
|---|---|
| Project name | The Rider Residences |
| Type | 12-story condominium, 146 units |
| Retail | 11,000 sq ft ground-floor retail |
| Construction loan | $90 million from Banco Inbursa (loan arranged by Franklin Street advisor) |
| Site | 0.6 acre at 94 & 100 NE 29th St and 101 NE 28th St (between Midtown and Wynwood) |
| Developer | Joint venture of two Miami-based firms |
| General contractor | Beauchamp Construction |
| Design | Façade and architecture by Miami studio; interiors by RADYCA-style design |
| Unit mix | Furnished studios, 1–3 bedrooms, penthouses; delivered fully furnished |
| Pricing (reported) | Ranges reported from the $400,000s–$1.8M and $500,000–$2.5M+ |
| Crypto sales | Developer accepts crypto; completed a wallet-to-wallet Bitcoin sale via a regulated exchange |
| Crypto financing | Partnership with Wynwood-based lender offering crypto-collateralized deposit loans and post-closing mortgages (up to 100% financing) |
| Amenities | Rooftop pool, restaurant, speakeasy, lobby café, fitness, wellness spa, Toybox, pet spa, valet, EV charging |
| Transit | Less than a block from a planned high-speed rail station on NE 27th St |
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 FL News
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