The Lincoln Secures $58 Million Construction Loan as Coconut Grove’s Boutique Condo Passes 40% Sold
LORE Development Group and Element Development have closed a $58 million construction loan from SME Capital, arranged by Berkadia, for The Lincoln — an eight-story, 48-residence boutique condominium at 2650 Lincoln Avenue in Coconut Grove. The project is over 40% pre-sold with completion targeted for Q3 2028, as of September 2026.
MIAMI — LORE Development Group and Element Development have locked down a $58 million senior construction loan for The Lincoln, their eight-story, 48-residence boutique condominium at 2650 Lincoln Avenue in Coconut Grove. The financing came from SME Capital and was arranged by a Berkadia team led by managing director Scott Wadler, first reported by The Real Deal on September 8, 2026, with additional coverage from Commercial Observer and Florida YIMBY on September 9.
The loan carries a 30-month term with two six-month extension options, per Florida YIMBY’s reporting — a runway that comfortably brackets the developers’ Q3 2028 completion target. Construction began in June 2026, per Commercial Observer, and the project was more than 40% pre-sold when the debt closed, with ONE Sotheby’s International Realty handling sales exclusively.
Why does a construction loan matter to condo buyers?
For pre-construction buyers, a closed senior loan is the single strongest de-risking milestone short of vertical progress: it means an institutional lender has underwritten the budget, the presale contracts, and the sponsor. “The Lincoln speaks directly to sustained demand from capital providers and buyers for boutique, design-forward product in Coconut Grove,” Berkadia’s Scott Wadler said in the announcement.
Buyers weighing a contract here should still read the fine print on deposits and exit rights — our guide to assigning a pre-construction contract in Florida covers assignment clauses, delay provisions, and exit options that matter most between now and a 2028 closing.
What exactly is The Lincoln, and who is building it?
The Lincoln is deliberately small: 48 residences over eight stories on a half-acre site the sponsors bought for $8.6 million in 2023, per Commercial Observer. Layouts run one to four bedrooms — each with an in-suite den or office and ceilings up to 11 feet — plus six penthouses of up to 3,633 square feet. LORE Development Group is a joint venture of Miami-based Leste Group and Brazil’s Opportunity Fundo de Investimento Imobiliário.
Design is by Miami’s Paredes Architects with interiors by Design Philosophy, façade consulting by Rio de Janeiro’s Cité Arquitetura, and Winmar Construction as general contractor. Amenities include a 40-foot heated rooftop pool with cabanas and Biscayne Bay views, a spa with sauna, steam, and hot/cold plunges, a golf simulator, co-working lounge, and a private dog park, per the developers’ announcement. Unit pricing was not disclosed in the loan coverage [VERIFY: current price list and PPSF — request from developer or sales team].
The Lincoln, Coconut Grove — project snapshot (as of September 2026)
| Metric | Detail |
| Construction loan | $58 million, SME Capital (arranged by Berkadia) |
| Loan term | 30 months + two 6-month extensions |
| Residences / stories | 48 / 8 |
| Penthouses | 6, up to 3,633 SF |
| Pre-sales | Over 40% sold |
| Construction start | June 2026 |
| Completion target | Q3 2028 |
| Site acquisition | 0.5 acres, $8.6M (2023) |
What does this signal about Coconut Grove’s boutique condo market?
Coconut Grove has become South Florida’s proof case that low-density, design-led buildings can clear institutional underwriting even as lenders scrutinize larger towers. A 48-unit building crossing 40% sold before its loan closes tells you absorption in the Grove’s $2M-plus segment remains real, not promotional — a pattern consistent with what we track monthly in our South Florida pre-construction monthly for September 2026 and in the price-per-square-foot index.
The boutique format also changes ownership math: fewer units sharing amenity costs typically means higher per-door assessments. Before contracting, run the numbers with our breakdown of what a $5M new-development condo in South Florida really costs per year.
How does a Q3 2028 delivery fit a buyer’s timeline?
A Q3 2028 completion puts The Lincoln one cycle behind the 2027 wave — useful for buyers who want new product but need time to exit a current home. Compare it against projects arriving sooner via our 2027 delivery calendar September update, and browse the full pipeline in the Haute Residence new developments hub. Buyers wanting keys sooner should look at 2026’s near-completion deliveries instead.
Frequently Asked Questions
Who financed The Lincoln in Coconut Grove?
SME Capital provided a $58 million senior construction loan, arranged by a Berkadia Miami team led by managing director Scott Wadler. The loan, first reported by The Real Deal on September 8, 2026, carries a 30-month term with two six-month extension options, per Florida YIMBY.
How many residences will The Lincoln have?
The Lincoln will contain 48 residences across eight stories at 2650 Lincoln Avenue in Coconut Grove. Layouts range from one to four bedrooms, each with an in-suite den or office and ceilings up to 11 feet, plus six penthouses of up to 3,633 square feet.
How much of The Lincoln is already sold?
The project was more than 40% pre-sold as of the September 2026 loan announcement, with ONE Sotheby’s International Realty as exclusive sales and marketing brokerage. That presale level, achieved before the construction loan closed, was cited by Berkadia as evidence of sustained demand for boutique Coconut Grove product.
When will The Lincoln Coconut Grove be completed?
Completion is targeted for the third quarter of 2028, per the developers’ September 2026 announcement. Construction began in June 2026, according to Commercial Observer, and the 30-month loan term with two six-month extensions aligns with that delivery schedule.
Who is developing The Lincoln?
LORE Development Group — a joint venture between Miami-based Leste Group and Brazil’s Opportunity Fundo de Investimento Imobiliário — is co-developing with Element Development. Paredes Architects designed the building, Design Philosophy is handling interiors, and Winmar Construction is the general contractor.
What amenities will The Lincoln offer?
Announced amenities include a 40-foot heated rooftop pool with cabanas and Biscayne Bay views, a spa with sauna, steam room, and hot and cold plunges, a fitness center, golf simulator, co-working lounge, media area, private dog park with grooming room, and 24-hour front desk with nighttime security.