LORE Development Group and Element Development have secured $58 million in construction financing for The Lincoln, a 48-unit luxury condominium planned for Miami’s Coconut Grove. The project is already more than 40 percent sold, with construction underway and completion targeted for the third quarter of 2028.
Key takeaways
The financing advances a high-end condominium development in one of Miami’s established waterfront neighborhoods.
- SME Capital provided a $58 million senior construction loan.
- The 30-month loan includes two six-month extension options.
- The Lincoln will feature 48 residences, including six penthouses.
- Construction began in August, with delivery expected in the third quarter of 2028.
The project is being developed at 2650 Lincoln Ave., near Coconut Grove’s dining, retail and waterfront attractions.
Financing supports The Lincoln’s construction
SME Capital originated the senior note, while Berkadia arranged the transaction and represented the development joint venture. The financing is structured for an initial 30-month term and includes two possible six-month extensions, giving the developers additional flexibility during construction and delivery.
LORE Development Group is a partnership between Leste Group and Brazil-based Opportunity Fundo de Investimento Imobiliário. The companies formed LORE in 2023 with plans to pursue as much as $1 billion in multifamily and condominium projects across South Florida over five years.
Luxury residences planned for Coconut Grove
The Lincoln will offer one- to four-bedroom residences ranging from 1,353 to 3,073 square feet. Planned features include ceilings as high as 11 feet, porcelain flooring, dedicated office areas, walk-in closets, expansive balconies and kitchens equipped with Miele appliances.
The project’s six penthouses will reach up to 3,633 square feet and include private balconies and in-suite dens. Interior and architectural responsibilities are being handled by Design Philosophy, Paredes Architects and Cité Arquitetura, respectively. Winmar Construction is the general contractor, while One Sotheby’s International Realty is overseeing sales and marketing.
Rooftop amenities headline the project
Most of The Lincoln’s shared amenities will be located on the rooftop. The planned features are designed to combine recreation, wellness and outdoor entertaining.
- A 40-foot heated swimming pool and private cabanas
- Garden lounges, summer kitchens and outdoor dining areas
- A yoga and meditation space
- An observation deck
- A fitness and wellness center
- A resident lounge with coworking areas
- A golf simulator, media room, grooming station and dog park
The location is within roughly six miles of Downtown Miami and Miami International Airport. Nearby Dinner Key Marina and other waterfront destinations further position the development within Coconut Grove’s lifestyle-oriented residential market.
Miami condo financing remains active
The Lincoln’s loan comes as lenders continue to finance luxury condominium projects across the Miami area. Recent transactions have included a $323.8 million construction loan for Four Seasons Private Residences in Coconut Grove, $172.5 million in C-PACE financing for a mixed-use condominium in North Bay Village and a $50 million mezzanine loan for a condominium tower in Hallandale Beach.
Together, these deals signal continued lender interest in Miami-area residential development, even as projects vary widely in scale, location and capital structure.