A development team has closed on a $58 million construction loan to build The Lincoln, a luxury boutique condominium with 48 residences in Coconut Grove, Florida. Construction has already begun, and the project is scheduled for completion by Q3 2028. The property is located at 2650 Lincoln Avenue and will offer one- to four-bedroom residences with private balconies.
Berkadia's Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matt Robbins and Brad Williamson secured the financing on behalf of the development team, which consists of LORE Development Group—a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário—and Element Development. SME Capital provided the 30-month construction loan, which includes two six-month extension options. Planned amenities include a 40-foot-long heated rooftop pool, fitness center, golf simulator, co-working lounge and media area. Paredes Architects designed the project, and Winmar Construction is the general contractor.
The closing signals continued capital availability for boutique condominium construction in established South Florida submarkets, with a loan structure that includes extension options suggesting some flexibility around the Q3 2028 delivery timeline. The involvement of both a U.S.-based development partner and an international investment vehicle also points to cross-border capital participation in the deal.
What remains unknown from the single source is the loan's interest rate, any pre-sale requirements, the total project cost beyond the construction loan amount, and the equity split among the development partners. The report also does not disclose unit pricing, absorption pace, or whether any residences have already been contracted.