Lore Development, Element Land $58M Loan for Coconut Grove Condo

Lore Development Group and Element Development have secured a $58 million construction loan for The Lincoln, their 48-unit condo tower in Coconut Grove, according to The Real Deal. The loan came from SME Capital, arranged by Berkadia, as the eight-story project moves through vertical construction toward a 2028 delivery.

Why it matters

A nine-figure-adjacent construction loan closing on a boutique luxury condo tower is a live read on whether lenders will still underwrite ground-up South Florida condo product at meaningful size. Coconut Grove has drawn a wave of low-rise luxury condo bets in the past two years, and The Lincoln, developed by Lore Development Group (a partnership of Leste Group and Brazil’s Opportunity Fundo de Investimento Imobiliário) with Element Development, is one of the few of that wave to reach construction financing rather than stalling at entitlement. Both developers carry a multi-year track record in South Florida condo development, not single-purpose entities assembled for one deal. Florida YIMBY, which tracks Miami permit activity, separately reported the project under its site address of 3151 SW 27th Ave, distinct from the 2650 Lincoln Ave marketing address, with construction underway as of June 2026.

The numbers

The Real Deal reports the $58 million senior construction loan carries a 30-month term with two six-month extension options, works out to roughly $1.2 million per unit, and covers a project with a total development cost near $90 million, including $15 million of sponsor equity. The Lincoln will rise eight stories on a 20,970-square-foot site the developers bought for $8.56 million in 2023, with Winmar Construction as general contractor and Paredes Architects as designer. We could not independently verify the loan terms against a recorded Miami-Dade Clerk mortgage instrument or the developers’ entity filings; those figures rest on trade-press reporting. Sales, handled by ONE Sotheby’s International Realty, have crossed 40 percent of the 48 units at prices starting near $1.5 million.

What’s next

Vertical construction continues toward the project’s targeted 2028 completion. For South Florida developers and brokers, a fully financed, actively selling boutique condo tower in the Grove is a marker that construction lenders still have appetite for the product type, provided the sponsor has pre-sales and a track record behind it.