SB Development Group and Hazelton Capital Group scored a $170 million construction loan for their planned waterfront Edgewater condo tower, Cove Miami.
The partners secured financing 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 New York-based SB Development and New York-based Hazelton launched sales for the 40-story, 134-unit tower planned at 456, 480 and 496 Northeast 29th Street in Miami.
Cove Miami’s units will have one to four bedrooms, according to the project’s website. Amenities will include a pool, fitness center, spa facilities, theater, library, private dining room, pet spa and a co-working space, the release shows. The design team includes Kobi Karp Architecture & Interior Design and Buenos Aires-based Dieguez Fridman.
Prices for Cove Miami’s units range from $900,000 to $4 million, and the project is between 30 percent and 40 percent presold, SB Development co-founder Joseph Stern confirmed. The developers tapped Peggy Olin’s OneWorld Properties to lead sales.
Construction is slated to be completed in 2028, Stern said. The buyer demographic is primarily foreign investors and local end users, he added.
Higher interest rates meant a more challenging environment for landing a construction loan.
“It certainly wasn’t easy,” Stern said. “If there’s a will there’s a way.”
Cove Miami’s site is adjacent to Terra and One Thousand Group’s planned Villa Miami, a Major Food Group-branded tower with 56 stories and 70 units.
Cove Miami and Villa Miami are just two of the many projects in the pipeline in Miami’s Edgewater neighborhood. Thousands of residential units are planned in the area, including Oak Row Equities’ 2900 Terrace, a 38-story, 324-unit apartment tower. The developers landed a $210.5 million construction loan for the project in June. In December, One Thousand Group bought a 1.6-acre condo development site in Edgewater for $53 million. In November, Peruvian developer William Ticona bought a residential development site for $15.1 million.