LORE Development lands $58M loan for The Lincoln in Coconut Grove

LORE Development Group and Element Development have closed a $58 million construction loan with SME Capital for The Lincoln, a 48-residence boutique condominium at 2650 Lincoln Ave in Coconut Grove. LORE is a joint venture of Leste Group and Opportunity Fundo de Investimento Imobiliário. Construction has begun, and completion is scheduled for the third quarter of 2028.

Why it matters

Lenders are still writing large checks for small Grove condo buildings, as long as presales prove the demand. The Lincoln is over 40% sold before the structure is out of the ground, and that is the number a construction lender wants to see. One Sotheby’s International Realty is handling sales.

Berkadia’s Scott Wadler said the deal reflects “sustained demand from capital providers and buyers for boutique, design-forward residential product in Coconut Grove.”

The numbers

The loan carries a 30-month term with two six-month extension options, so the lender has a path to 42 months if the schedule slips. Spread across 48 residences, $58 million is roughly $1.2 million of construction debt per unit. That is our math from the reported figures, not a disclosed underwriting metric.

Six of the 48 homes are penthouses. Price points have not been disclosed.

What’s next

Watch the sales pace through completion in 2028. If presales hold past the halfway mark, the extension options may never be needed. We tried the Miami-Dade permit feed for 2650 Lincoln Ave and found no matching record, so the building permit and valuation are still unconfirmed.

More deals like this are tracked on our South Florida market page.