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.
Major construction loan closed for 40‑story Cove Miami in Edgewater
New York‑based developers secured a $170 million construction and land loan to build a 40‑story luxury condominium tower on Biscayne Bay in Miami’s Edgewater neighborhood. The loan was provided by a bridge and construction lending platform affiliated with a private capital firm founded in 2021. The financing clears a major hurdle for the project and moves construction forward toward a projected 2028 completion.
Who is behind the deal and the building
The development team includes two New York‑based companies working together on the Cove Miami tower. The lender is a dedicated bridge and construction lending vehicle led by the founder and chief executive of the parent capital platform. Since launching in 2021, the lending platform has originated more than $1.8 billion in loans.
Project basics and sales status
Cove Miami will rise 40 stories along the Biscayne Bay shoreline and offer a limited collection of 134 luxury residences. Units will range from one‑bedroom layouts up to four‑bedroom homes, and designs emphasize large spans of glass with floor‑to‑ceiling windows and expansive wrap‑around terraces. The project’s planned street addresses are 456, 480 and 496 Northeast 29th Street.
Sales launched roughly two years ago. Reported asking prices fall roughly between $900,000 and $4,000,000, and the development was confirmed to be in the range of about 30% to 40% presold. The buyer mix is reported to include both foreign investors and local end users.
Design, architects and amenities
Architectural and design teams on the project include an internationally based firm from Buenos Aires paired with a Miami practice. Residences will incorporate natural materials and design touches intended to connect occupants with the waterfront setting.
Condo amenities are extensive and geared to full‑service, resort‑style living. Planned features include:
- Infinity pool with private cabanas
- Tranquility Spa with cold plunge, massage rooms, traditional hammam and sauna
- State‑of‑the‑art fitness center and indoor/outdoor yoga areas
- Rooftop lounge with outdoor kitchen and panoramic Biscayne Bay views
- Private dining room with chef’s kitchen, Grand Theater, game and billiards room
- Library, wine room, pet spa and dock access for water sports
- Shared co‑working spaces, private office suites and an on‑site waterfront restaurant
- Exclusive resident services including on‑demand healthcare and car‑sharing
Financing context and development hurdles
Developers confirmed that securing the construction loan came amid a tougher lending environment. Higher interest rates and stricter loan underwriting have made construction financing more challenging in recent cycles. Lender leadership framed the investment as a match between available capital and developers with ambition and proven experience, noting strong demand in the upper‑middle market of about $1 million to $2 million.
Market setting: Edgewater
Cove Miami sits in a district with a large development pipeline. Nearby projects include planned towers by other local and national developers, a recently financed apartment tower that received a large construction loan in June, and several high‑profile land purchases reported over the past year. The concentration of planned units and new towers underscores continuing interest in the neighborhood from both investors and residents.
Timeline and sales team
Developers report the construction completion target as 2028. OneWorld Properties is named as the exclusive sales team. Project renderings were produced by two visualization studios credited on the development materials.
What comes next
With the construction and land loan in place, developers plan to advance site work and vertical construction. The project’s progress will be watched closely as part of broader activity in the Edgewater coastal corridor, where both condominium and rental towers are moving through approvals, financing and construction stages.
Frequently Asked Questions
Q: How much financing was secured for Cove Miami?
A: The project secured a combined construction and land loan totaling approximately $170 million.
Q: Who is providing the loan?
A: The loan was provided by a bridge and construction lending platform affiliated with a private capital firm founded in 2021. The platform has originated more than $1.8 billion in financing since its inception.
Q: Where is Cove Miami and what is the scope of the project?
A: Cove Miami is a 40‑story condominium planned along Biscayne Bay in the Edgewater neighborhood of Miami. It will include 134 residences ranging from one to four bedrooms, with a wide list of lifestyle amenities and waterfront access.
Q: What are the reported price ranges and presale status?
A: Reported asking prices range from roughly $900,000 to $4,000,000. The project was reported to be about 30% to 40% presold at the time financing closed.
Q: When is the project expected to be completed?
A: Developers have targeted 2028 for construction completion.
Q: Who handles sales and marketing?
A: An exclusive sales team is managing unit sales and buyer outreach for the development.
Key project features
| Feature | Detail |
|---|---|
| Project | Cove Miami |
| Height | 40 stories |
| Units | 134 residences (1–4 bedrooms) |
| Location | Edgewater, Miami — waterfront on Biscayne Bay |
| Financing | $170 million construction and land loan |
| Lender | Bridge and construction lending platform affiliated with private capital firm (founded 2021) |
| Sales status | ~30%–40% presold; asking prices roughly $900K–$4M |
| Estimated completion | 2028 (target) |
| Notable amenities | Spa, infinity pool, rooftop lounge, theater, restaurant, dock access, co‑working |
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
