The Lincoln Coconut Grove has secured a $58 million construction loan, giving the boutique condominium project fresh financing as vertical development begins in one of Miami’s tightest residential submarkets. The 48-unit building at 2650 Lincoln Avenue is now under construction and is targeting completion in the third quarter of 2028.
The financing was arranged by Berkadia and provided by SME Capital. The loan has a 30-month term and includes two six-month extension options, according to the report. The debt package marks a key milestone for the project, which has already surpassed the 40% sold mark through exclusive sales and marketing broker One Sotheby’s International Realty.
| Project Detail | Information |
|---|---|
| Project Name | The Lincoln Coconut Grove |
| Address | 2650 Lincoln Avenue, Coconut Grove |
| Developer Team | LORE Development Group and Element Development |
| Joint Venture Partners | Leste Group and Opportunity Fundo de Investimento Imobiliário |
| Number of Residences | 48 condominiums |
| Loan Amount | $58 million |
| Lender | SME Capital |
| Loan Arranger | Berkadia |
| Expected Completion | Q3 2028 |
Construction financing supports Coconut Grove boutique condo
The new loan provides the capital stack for a project aimed at buyers seeking a smaller-scale condominium product in Coconut Grove, where new residential supply has remained limited compared with higher-density corridors in Miami. The Lincoln is being developed as a boutique building with one- to four-bedroom residences and a limited number of penthouses, a format that has continued to draw interest in established neighborhood settings.
Berkadia executives Scott Wadler and Bobby Dockerty, along with Senior Managing Directors Mitch Sinberg, Matt Robbins and Brad Williamson, secured the financing on behalf of the development team, according to the report. Wadler said the transaction reflects sustained demand from capital providers and buyers for “boutique, design-forward residential product” in Coconut Grove, while Dockerty pointed to the area’s limited new inventory and strong pre-development interest.
LORE Development Group is a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário, and it is developing the project with Element Development. One Sotheby’s International Realty is handling sales and marketing. The project had already crossed the 40% sold threshold before the construction-loan announcement, signaling that a meaningful share of the residences had been reserved before the financing was finalized.
Residential offerings and building features
The Lincoln is planned as a 48-residence condominium with layouts ranging from one to four bedrooms. The building will also include six penthouses, each with up to 3,633 square feet, according to the project details shared in the original report. Interior features include in-suite dens, private balconies, walk-in closets and custom Snaidero kitchens.
The kitchen package includes quartz stone countertops and Miele appliances, among them a built-in wine refrigerator, a 36-inch induction cooktop, wall-mounted oven, microwave and speed oven, plus an integrated refrigerator. Bathrooms are designed with floor-to-ceiling glass shower panels, marble countertops, Toto toilets and premium fixtures.
Project materials also describe a range of lifestyle-oriented amenity spaces, including a spa area with sauna, steam room, hot and cold plunges, a fitness center, golf simulator, coworking lounge and media area. Pet amenities include an enclosed dog park and grooming room, reflecting the growing emphasis on pet-friendly condominium offerings in South Florida.
Rooftop amenities and neighborhood setting
At the top of the building, The Lincoln is planned to include a 40-foot heated rooftop pool and observation deck with bay and skyline views. The rooftop program also calls for private cabanas, an outdoor yoga and meditation area, lounge seating and summer kitchens with grills. Additional amenities include assigned and valet parking, 24/7 front desk and night security, private storage rooms and an enclosed bicycle area.
The project’s Coconut Grove location places it near parks, marinas, schools, restaurants, hotels and retail, with access to Coral Gables, Brickell, Downtown Miami and the beach areas. Coconut Grove has long attracted buyers looking for a more residential, village-like setting than the city’s denser urban core, and new construction there tends to be more limited than in nearby downtown submarkets.
For developers and lenders, that scarcity can matter. Smaller projects in supply-constrained neighborhoods often appeal to both end users and financing sources because they offer a narrower inventory pool and a more defined buyer profile. The loan for The Lincoln suggests that capital continues to flow toward select residential projects in established Miami neighborhoods, even as the broader condo market adjusts to higher construction and financing costs.
What comes next for The Lincoln
With financing now in place, the project is moving into a deeper construction phase ahead of its projected Q3 2028 delivery. No additional timeline updates were disclosed in the report beyond the loan term and completion window. As is typical for condominium projects at this stage, future progress will likely hinge on continued construction activity, sales execution and the developer’s ability to maintain momentum through the buildout period.
PROFILEmiami previously reported the project’s sales launch in January 2025, when The Lincoln entered the market as a 48-unit residential offering in Coconut Grove. Since then, the development has advanced from early sales to financing and construction, marking a notable step forward for one of the neighborhood’s latest boutique condo entries.
For readers following South Florida development, The Lincoln’s financing is another example of how well-located boutique condominium projects continue to secure capital in neighborhoods with limited new supply and established buyer demand. While the building remains under construction, the combination of a construction loan, active sales and a long-term delivery schedule provides a clearer path forward for the project than many early-stage proposals in the current market.
