Lore and Element Secures $58M Loan as Coconut Grove Condo Tops 40% Sold

• Lore Development Group and Element Development secured a $58 million construction loan for The Lincoln, an eight-story, 48-unit condo at 2650 Lincoln Avenue in Coconut Grove.
• The project has a development cost of nearly $90 million, with the developers contributing $15 million in equity and acquiring the site without leverage.
• More than 40% of the units have sold, with residences starting at $1.5 million, while completion is expected by the end of 2028.

What Is Being Built At 2650 Lincoln Avenue

The Lincoln is bringing 48 boutique condominium residences to Coconut Grove, with one- to four-bedroom layouts and six penthouses. The project sits on a roughly half-acre property at 2650 Lincoln Avenue, close to the neighborhood's restaurants, parks and waterfront amenities.

Residences will feature private balconies, walk-in closets, in-suite dens and Snaidero Italian kitchens. The six penthouses will reach up to approximately 3,630 square feet, giving the project a high-end positioning within Coconut Grove.

What The $58M Construction Loan Means

SME Capital provided the $58 million senior construction loan, arranged by Berkadia. The financing has a 30-month term with two six-month extension options, representing roughly $1.2 million of debt per unit.

The financing is notable because the developers did not use debt to acquire the property. The team funded the acquisition entirely with equity, giving it the flexibility to move into construction before locking in construction financing.

The development team invested $15 million in equity, putting the total development cost near $90 million. For investors, that structure highlights the importance of having sufficient equity to carry a development through acquisition and into construction while sales build momentum.

What Buyers Are Looking For

The Lincoln has already surpassed 40% sold, according to the development team. Buyers include families and empty nesters, with the majority reportedly purchasing homes as full-time residents rather than investors.

Prices start at $1.5 million, while the project is targeting buyers from South Florida, the Northeast, California, Latin America and Europe. ONE Sotheby's International Realty is handling sales and marketing.

What Amenities The Lincoln Will Offer

The eight-story project is being designed around a resort-style amenity package aimed at permanent residents.

Planned features include a 40-foot heated rooftop pool, observation deck, private cabanas, outdoor yoga and meditation areas, summer kitchens, spa, fitness center, golf simulator, coworking lounge, media room and dog park with grooming facilities.

Paredes Architects designed the building, with Design Philosophy handling interiors and Cité Arquitetura serving as façade consultant. Winmar Construction is the general contractor.

What The Developers Bring To Coconut Grove

Lore Development Group and Element Development are building on existing experience in the Miami market. Element previously co-developed Glasshaus, a 23-unit condo at 3161 Center Street, directly across from The Lincoln site.

Lore is also pursuing larger residential developments across South Florida, including a planned 402-unit apartment project in North Miami and a 500-unit apartment tower in Brickell.

The Lincoln adds another boutique condo project to a Coconut Grove market that has already seen developments such as Grove at Grand Bay, Park Grove and Mr. C Residences.

For landlords and investors, the deal also shows that well-capitalized boutique condo projects can attract construction debt while sales are still underway, particularly when developers have meaningful equity invested and can demonstrate buyer demand.