Cove Miami Secures $170M Construction Loan in Eleventh-Hour Financing Win

In a dramatic turn of events, Cove Miami—a highly anticipated 40-story luxury condominium planned for Miami’s Edgewater neighborhood—has officially secured a $170 million construction and land loan from Bravo Property Trust, an affiliate of Bravo Capital. The deal, announced in early September 2025, represents a major milestone for the project after weeks of uncertainty that left many in the industry questioning whether financing would come together. Despite launching sales roughly two years ago and reaching between 30 and 40 percent presales, the development team had faced significant challenges securing debt in today’s high-interest-rate environment.

Located at 456 NE 29th Street along Biscayne Bay, Cove Miami will rise 40 stories and bring 134 one- to four-bedroom residences to one of the fastest-growing districts in Miami. The design is a collaboration between Kobi Karp Architecture & Interior Design and Buenos Aires–based Dieguez Fridman, blending sleek glass architecture with bayfront living. Prices range from approximately $900,000 to nearly $4 million, appealing to a high-end buyer demographic in a market segment that continues to show strong demand despite broader economic headwinds. Completion of the project is currently slated for 2028.

Beyond its striking design and coveted location, Cove Miami promises an array of luxury amenities designed to elevate the resident experience. Plans include a waterfront infinity-edge pool with cabanas, a full spa with massage rooms, sauna, hammam, and cold plunge, as well as a state-of-the-art fitness center, indoor and outdoor yoga studios, and a rooftop lounge overlooking Biscayne Bay. Social and lifestyle features include a wine and library lounge, a private dining room with chef’s kitchen, a grand theater, and game rooms, while modern conveniences such as co-working spaces, private office suites, an on-site restaurant, dock access for water sports, and even LEAA on-demand healthcare highlight the project’s comprehensive approach to urban luxury living.

The $170 million financing package was arranged by Bravo Property Trust, a lending platform backed by Bravo Capital that has originated over $1.8 billion in loans since 2021. Bravo’s leadership highlighted the importance of backing experienced developers with bold, high-quality projects, underscoring confidence in Miami’s high-end condo market at a time when financing has become increasingly selective.

Cove Miami also arrives amid a broader development surge in Edgewater, a neighborhood that has transformed into one of Miami’s most desirable luxury condo markets. Just blocks away, Villa Miami, a branded tower by Major Food Group, is underway, while Oak Row Equities recently secured a $210.5 million construction loan for 2900 Terrace, a 38-story, 324-unit project. Together, these projects reflect both the resilience of Miami’s luxury housing market and the growing appeal of Edgewater as the city’s next major real estate hotspot.

The successful financing of Cove Miami signals more than just progress for one project—it demonstrates continued investor faith in Miami’s luxury condo market and in Edgewater’s rapid evolution. Despite an uncertain lending environment, determined developers and strategic financial partners are ensuring that some of the city’s most ambitious projects not only break ground but also redefine Miami’s skyline in the years to come.