Edgewater, Miami, September 3, 2025
News Summary
New York‑based sponsors SB Development Group and Hazelton Capital Group secured a $170 million construction and land loan from Bravo Property Trust to finance Cove Miami, a planned 40‑story luxury condominium on Biscayne Bay in Edgewater. The tower will offer 134 residences with floor‑to‑ceiling windows and expansive terraces, with architecture by Kobi Karp and Dieguez Fridman. Sales, handled exclusively by OneWorld Properties, report asking prices from about $900,000 to $4,000,000 and roughly 30–40% presold. The financing allows construction to advance and supports the project’s extensive waterfront amenities and luxury positioning.
Cove Miami Scores $170 Million Construction and Land Loan
Top line
New York–based developers reached a key financing milestone for a 40‑story luxury condominium in Miami’s Edgewater neighborhood. SB Development Group and Hazelton Capital Group secured a $170 million construction and land loan provided by Bravo Property Trust, the bridge and construction lending arm affiliated with Bravo Capital.
What the loan covers and who’s behind it
The loan covers construction and land costs for Cove Miami, a waterfront tower planned along Biscayne Bay. Bravo Property Trust, founded in 2021 and led by Aaron Krawitz, has been actively originating development financing and has put more than $1.8 billion into the market since its inception. The trust serves as the construction lender on this project.
Project details and design
Cove Miami is planned as a 40‑story condominium containing a limited collection of 134 luxury residences, ranging from one‑ to four‑bedroom layouts. Units will feature floor‑to‑ceiling windows, expansive wrap‑around terraces, and curated natural elements intended to connect interiors with the bayfront setting. Architectural design is led by Kobi Karp in partnership with Buenos Aires‑based Dieguez Fridman. Visual renderings for the project were produced by CRAFT and DARKROOM.
Amenity program and resident services
The development’s amenity list is extensive and built around waterfront living and wellness. Planned features include an infinity pool with private cabanas, a Tranquility Spa with cold plunge, massage rooms, traditional hammam and sauna, and a state‑of‑the‑art fitness center with indoor and outdoor yoga areas. Social and entertainment spaces will include a rooftop lounge with an outdoor kitchen and panoramic bay views, a private dining room with chef’s kitchen, a Grand Theater, game and billiards room, library and wine room, and a pet spa. The project will also offer dock access for water sports, shared co‑working spaces, private office suites, and an on‑site waterfront restaurant. Exclusive resident services will include on‑demand healthcare access and Zipcar car‑sharing.
Sales, pricing and timeline
Sales launched about two years ago. Reported asking prices for residences span roughly $900,000 to $4,000,000. Sources indicate the project is approximately 30% to 40% presold, and construction completion is planned for 2028. The buyer mix reported for the development is composed primarily of international investors and local end users. OneWorld Properties serves as the exclusive sales team for the project.
Market context and lending environment
Developers noted that obtaining construction financing has been more difficult due to elevated interest rates, but sponsors continued to pursue deals that meet demand for well‑located, high‑end residences. Lenders like Bravo Property Trust are targeting projects that address limited supply in the $1 million to $2 million band and broader demand for waterfront luxury product.
Edgewater pipeline and nearby activity
Cove Miami’s site sits adjacent to a planned branded tower from another developer. Edgewater remains active with a number of high‑profile parcels trading and new towers seeking financing. Nearby activity includes a recently financed 38‑story apartment project that closed a roughly $210.5 million construction loan, a 1.6‑acre condo site acquired for about $53 million, and another residential site purchased for about $15.1 million. The neighborhood is carrying multiple projects that together represent thousands of planned residential units, reinforcing the area’s role as a major development corridor.
Why it matters
The deal highlights continued investor appetite for well‑positioned luxury residential product in Miami despite tighter financing conditions. A construction loan of this scale from a specialist lending platform underscores how sponsors and lenders are navigating the current market to bring new waterfront housing to an area with sustained demand.
FAQ
What is Cove Miami?
Cove Miami is a planned 40‑story luxury condominium tower in Miami’s Edgewater neighborhood with 134 residences and a robust amenity program.
Who is financing the project?
Bravo Property Trust provided a $170 million construction and land loan to SB Development Group and Hazelton Capital Group for Cove Miami.
What types of units will be available?
The development will offer one‑ to four‑bedroom residences with floor‑to‑ceiling windows and large terraces.
What amenities are planned?
Planned amenities include an infinity pool with cabanas, a Tranquility Spa with cold plunge, sauna, hammam, fitness center, rooftop lounge, private dining room, Grand Theater, library and wine room, pet spa, dock access, co‑working spaces, private offices, and an on‑site waterfront restaurant.
When is completion expected?
Construction completion is targeted for 2028.
How much do units cost?
Reported asking prices range roughly from $900,000 to $4,000,000.
Who is handling sales?
OneWorld Properties is listed as the exclusive sales team for the project.
Key Project Features
| Feature | Details |
|---|---|
| Loan amount | $170,000,000 |
| Lender | Bravo Property Trust (affiliate of Bravo Capital) |
| Developers | SB Development Group; Hazelton Capital Group |
| Location | Edgewater, Miami — waterfront on Biscayne Bay |
| Height / units | 40 stories; 134 residences |
| Unit mix | One‑ to four‑bedroom residences |
| Pricing (reported) | Approximately $900,000 to $4,000,000 |
| Presales | Reportedly 30%–40% presold |
| Completion target | 2028 |
| Design | Kobi Karp; Dieguez Fridman |
| Amenities | Infinity pool, spa, hammam, rooftop lounge, theater, library, docking, co‑working, waterfront restaurant, and more |
| Sales team | OneWorld Properties (exclusive) |
Deeper Dive: News & Info About This Topic
Additional Resources
- Profile Miami Real Estate: SB Development Group and Hazelton Capital Group Secure $170 Million for Cove Miami
- Wikipedia: Cove Miami
- ConnectCRE: Development duo lands $170M financing for Biscayne Bay condos
- Google Search: Cove Miami
- The Real Deal: SB Development, Hazelton score $170M construction loan
- Google Scholar: Cove Miami
- Miami Herald: Cove Miami / Edgewater development coverage
- Encyclopedia Britannica: Edgewater, Miami
- South Florida Agent Magazine: Villa Miami loan (neighboring project)
- Google News: Cove Miami
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
