Lore Development Group and Element Development secured a $58 million construction loan for a 48-unit condo in Coconut Grove that has already surpassed the 40 percent units sold.
The joint venture obtained the financing for The Lincoln at 2650 Lincoln Avenue from SME Capital arranged by Berkadia, according to a news release from Lore. The 30-month senior construction loan for the project includes two six-month extension options. The funding amounts to $1.2 million per unit.
The Lincoln’s total development cost is close to $90 million, with $15 million in equity invested by the development team, said Jorge Rucas, director of U.S. real estate at Lore.
The eight-story project started construction in August, with completion expected by the end of 2028.
Rucas said the development team acquired the property with no leverage and funded the acquisition entirely with equity, allowing the developers to begin work before securing the construction loan. The decision to start the project early was influenced by the project’s boutique scale and sales pace.
Records show an LLC named after the address paid about $8.6 million for the half-acre assemblage in 2023.
The Lincoln is planned with one- to four-bedroom residences and six penthouses spanning up to 3,630 square feet, with units including private balconies, walk-in closets, in-suite dens and Snaidero kitchens.
Amenities include a 40-foot heated rooftop pool and observation deck with bay and skyline views, private cabanas, outdoor yoga and meditation areas, summer kitchens, a spa, fitness center, golf simulator, coworking lounge, media room and dog park with a grooming area.
One Sotheby’s International Realty is overseeing sales and marketing for the project, with units starting at $1.5 million. Paredes Architects designed the project, with Design Philosophy handling interior design and Cité Arquitetura serving as facade consultant. Winmar Construction is the general contractor.
Rucas said the development team has sold three of the building’s seven four-bedroom units and is negotiating the sale of two more. Buyers so far include families with children and empty nesters. He said the buyer pool has primarily consisted of full-time residents rather than investors, with buyers coming from other parts of South Florida, California, the Northeast, Latin America and Europe.
The property is north of a cluster of condo towers recently built in Coconut Grove, including Grove at Grand Bay, Park Grove and Mr. C Residences, which are all near the bayfront.
Element co-developed Glasshaus, the five-story, 23-unit condo building at 3161 Center Street, across the street from the Lincoln site.
Lore is planning 402 apartments at the former Johnson & Wales University campus in North Miami and is building a 500-unit apartment tower in Brickell at the southeast corner of Southwest 10th Street and Southwest First Avenue.
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