LORE Development Group and Element Development have obtained a $58 million construction loan for The Lincoln, a 48-unit luxury condominium project in Miami’s Coconut Grove neighborhood. The project is scheduled for completion in late 2028.
The development team includes Paredes Architects as architect of record, Design Philosophy as interior designer, and Cité Arquitetura, which was in charge of the façade. One Sotheby’s International Realty is leading sales and marketing efforts.
Project Details
Construction commenced in August on The Lincoln, which is more than 40 percent sold. The project is being built at 2650 Lincoln Ave, an area with multiple dining and shopping options, as well as multiple waterfront landmarks, including the Dinner Key Marina.
Downtown Miami and its international airport are both within 6 miles of the property. The unit mix includes one- to four-bedroom floorplans ranging in sizes from 1,353 to 3,073 square feet.
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Residences will include up to 11-foot ceilings, porcelain flooring, office spaces, walk-in closets, large balconies with glass railings, designer kitchens, Miele appliances, and bathrooms with floor-to-ceiling glass showers.
Notably, The Lincoln will also feature six penthouses with sizes up to 3,633 square feet, complete with in-suite dens and private balconies, offering residents a unique and luxurious living experience.
Amenities and Financing
Amenities at the condominium project will be at the rooftop level and will comprise a 40-foot heated swimming pool, private cabanas, a lounge with garden spaces, a yoga and meditation area, summer kitchens with outdoor grills and dining spots, and an observation deck.
Other amenities will include a fitness center, a wellness center, a resident lounge with coworking spots, a golf simulator and media room, as well as a grooming station and a dog park. Berkadia’s Vice President Bobby Dockerty, Senior Managing Directors Mitch Sinber and Brad Williamson, together with Managing Director Scott Wadler, represented the joint venture.
SME Capital originated the 30-month senior note, which has two six-month extension options. The loan is a significant investment in the Miami luxury condo market, which continues to attract lender interest.
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Miami Condo Market
The Miami luxury condo market continues its strong construction pace well into 2026, while lender activity also follows for new projects as well as developments currently underway. In February, CMC Group and Fort Partners obtained a $323.8 million construction loan for the development of Four Seasons Private Residences, another condo project underway in Coconut Grove.
More recently, Shoma Group secured $172.5 million in C-PACE construction financing for a 333-unit mixed-use condominium project in North Bay Village, Fla. The deal places the project, called Shoma Bay, among Florida’s five largest C-PACE-financed projects.
The Miami condo market is poised for continued growth due to its strong construction pace and attractive financing options. It is likely that developers and lenders will continue to invest in the area, capitalizing on its popularity. With its strong construction pace and attractive financing options, the Miami luxury condo market is well-positioned for future growth.
Developer Giuseppe Iadisernia received a $50 million mezzanine loan for a 250-unit condo project in Hallandale Beach, Fla. The mortgage will finance East Tower, one of the two 25-story towers within Oasis Hallandale, a larger development with retail, dining, and office space across five buildings. The diversity of projects, ranging from luxury condominiums to mixed-use developments, shows the versatility and appeal of the Miami market.