Architectural rendering of Cove Miami, a 40‑story luxury condominium on Biscayne Bay in Edgewater, showcasing terraces, an infinity pool and waterfront access.
Edgewater, Miami, September 3, 2025
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.
A $170 million construction and land loan has closed to fund the Cove Miami condominium tower in Miami’s Edgewater neighborhood. The financing was provided by Bravo Property Trust, the construction and bridge lending platform affiliated with Bravo Capital, and will fund construction of the 40-story waterfront project developed by SB Development Group and Hazelton Capital Group.
The lender, Bravo Property Trust, was launched in 2021 and has since originated more than $1.8 billion in loans. The group is led by its founder and CEO, who heads Bravo Capital and the lending affiliate. The two New York-based developers secured the loan to continue site work and vertical construction on the tower that fronts Biscayne Bay.
Project leaders described the closing as an important milestone for the development. The financing came after a sales launch that began roughly two years earlier, and developers pointed to a difficult market backdrop when arranging construction credit. They noted higher interest rates and tighter lending conditions made the loan harder to secure, and emphasized persistence and the project’s market positioning as factors that helped win the deal.
Cove Miami will rise 40 stories on a site that faces Biscayne Bay in Edgewater and will include a limited collection of 134 luxury residences. Units will range from one- to four-bedrooms and feature floor-to-ceiling windows, expansive wrap-around terraces and natural design elements intended to connect interiors with the waterfront surroundings. Architectural work comes from Kobi Karp and the Buenos Aires-based firm Dieguez Fridman. Renderings for the project were produced by CRAFT and DARKROOM.
The tower’s amenity program is extensive and aimed at full-service luxury living. Planned amenities include:
The project’s planned street addresses are listed as 456, 480 and 496 Northeast 29th Street. Units reportedly have asking prices ranging roughly from $900,000 to $4,000,000. The development was reported to be approximately 30% to 40% presold at the time the financing closed, with a buyer mix made up largely of foreign investors and local end users. Developers say construction completion is slated for 2028.
The Cove Miami site sits adjacent to other high-profile plans in Edgewater, including a planned branded tower from a hospitality group and multiple new residential projects. The neighborhood has several large developments in the pipeline, including a 38-story, 324-unit apartment tower that received a $210.5 million construction loan earlier in the year, a recent 1.6-acre condo site purchase for $53 million, and another resale site sale for about $15 million late last year. These moves reflect continued developer interest in Edgewater despite elevated construction costs and tighter lending conditions.
OneWorld Properties will serve as the exclusive sales team for Cove Miami, leading buyer outreach and presales as construction advances.
The $170 million facility demonstrates continued lender support for well-positioned, high-end Miami condos even as the broader housing market experiences stricter underwriting and rising operating costs. Developers and lenders involved framed the financing as a vote of confidence in demand for waterfront residences in the $1 million to $2 million range and the broader luxury market in Edgewater.
Cove Miami is a planned 40-story luxury condominium with 134 residences ranging from one to four bedrooms, located on Biscayne Bay in Edgewater.
The construction and land loan was provided by Bravo Property Trust, the bridge and construction lending arm affiliated with Bravo Capital.
The project secured a $170 million construction and land loan.
Developers have indicated construction completion is slated for 2028.
Reported asking prices range from about $900,000 to $4,000,000. The project was reported to be roughly 30% to 40% presold at the time of the financing.
OneWorld Properties is the exclusive sales team for Cove Miami.
A long list of amenities is planned, including an infinity pool with private cabanas, Tranquility Spa with cold plunge and hammam, fitness and yoga areas, rooftop lounge, private dining, Grand Theater, library and wine room, pet spa, dock access, waterfront restaurant and resident co-working spaces.
| Feature | Detail |
|---|---|
| Loan amount | $170,000,000 construction and land loan |
| Lender | Bravo Property Trust (affiliate of Bravo Capital) |
| Developers | SB Development Group and Hazelton Capital Group |
| Height | 40 stories |
| Residences | 134 units, 1–4 bedrooms |
| Location | Edgewater, Miami — fronting Biscayne Bay (456, 480 and 496 NE 29th St) |
| Architects | Kobi Karp and Dieguez Fridman |
| Sales team | OneWorld Properties (exclusive) |
| Price range | Approximately $900,000 to $4,000,000 |
| Presales | Reported ~30%–40% presold |
| Completion target | 2028 |
| Renderings | CRAFT and DARKROOM |
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