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LORE, Element Land $58M construction loan for Coconut Grove condo
The eight-story Lincoln project will deliver 48 units, with construction starting in June and expected completion in the third quarter of 2028.
LORE Development Group and Element Development secured a $58 million construction loan for a boutique condominium project in Miami’s Coconut Grove neighborhood, according to Commercial Observer. The 30-month senior financing, provided by SME Capital, includes two six-month extension options.
The project, called the Lincoln, will be built at 2650 Lincoln Avenue near the area’s commercial center. It is planned as an eight-story development with 48 units and amenities including a rooftop pool and valet parking.
Construction started in June, and the project is expected to be completed in the third quarter of 2028. So far, 40 percent of the units have been pre-sold, with One Sotheby’s International Realty serving as the head broker.
Commercial Observer also notes that Berkadia brokered the debt, and that LORE and its partners bought the 0.5-acre site for $8.6 million in 2023, according to property records. It adds that Coconut Grove demand has also driven other recent condo financing, including a $410 million loan for a nearby 194-unit project and a $323.8 million loan for a Four Seasons branded condo.