LORE and Element Secure $58M Construction Loan for The Lincoln

Coconut Grove’s limited boutique condo supply just got a fresh capital vote. LORE Development Group and Element Development have closed a $58 million construction loan for The Lincoln at 2650 Lincoln Avenue, a 48-residence tower already under construction and scheduled for completion in the third quarter of 2028.

SME Capital provided the 30-month senior note, with two six-month extension options, arranged by Berkadia’s Miami team. LORE is the joint venture of Leste Group and Brazil’s Opportunity Fundo de Investimento Imobiliário; One Sotheby’s International Realty is exclusive sales and marketing broker. The project has passed the 40 percent sold mark, according to the development team.

Homes span one to four bedrooms, including six penthouses of up to about 3,633 square feet, with dens, private balconies, walk-in closets and Snaidero kitchens. Amenity programming covers spa and wellness (sauna, steam, hot and cold plunges), fitness, a golf simulator, co-working and media space, a private dog park and grooming room, plus a roughly 40-foot heated rooftop pool and observation deck with bay and skyline views.

For lenders, the story is sponsorship plus scarcity: Grove inventory remains tight relative to Brickell and Edgewater, and family-oriented buyers have kept absorbing design-forward product when it is delivered at a manageable scale. The design and build stack includes Paredes Architects, Design Philosophy interiors, Cité Arquitetura on the facade, and Winmar Construction as general contractor — a full team now funded through vertical build.