Edgewater Condo Tower Cove Miami Lands $170M Construction Loan from Bravo Property Trust
SB Development Group and Hazelton Capital Group secure financing for their Edgewater condo tower from New York-based firm led by CEO Aaron Krawitz.
New York-based developers SB Development Group and Hazelton Capital Group have just secured a $170 million construction loan for their planned waterfront Edgewater condo tower, Cove Miami. The financing comes from Bravo Property Trust, a New York City-based firm led by founder and CEO Aaron Krawitz, according to a press release.
It's been two years since SB Development and Hazelton launched sales for the 40-story, 134-unit tower located at 456, 480, and 496 Northeast 29th Street in Miami. The project's website states that units will range from one to four bedrooms, with amenities such as a pool, fitness center, and spa.
This latest financing news comes after the controversial project faced pushback from the surrounding community, with concerns over its impact on the neighborhood's infrastructure and traffic. However, the developers have continued to move forward with their plans, facing criticism from local officials and activists.
Despite the controversy, Cove Miami has continued to attract buyers, with sales reaching over 50% in just two years. With the new construction loan in place, the developers are expected to ramp up construction and complete the project in a timely manner.
One unnamed source told The Real Deal, "It's no surprise that Bravo Property Trust has supported this project. With their deep pockets and connections, they make a great partner for SB Development and Hazelton. It's a win-win for everyone involved."
Originally reported by The Real Deal https://therealdeal.com/miami/2025/09/02/sb-development-hazelton-score-170m-construction-loan/