LORE Development Group and Element Development have secured US$58 million in construction financing for a boutique condominium project in Miami's sought-after Coconut Grove district. SME Capital provided the 30-month senior financing, which includes two extension options of six months each. This funding supports the realisation of the eight-storey residential complex, which will be named Lincoln.
The project, located at 2650 Lincoln Avenue, near Southwest 27th Avenue and the neighbourhood's commercial centre, will comprise 48 residential units. Planned amenities include a rooftop pool and valet parking service. Construction began in June, and completion is scheduled for the third quarter of 2028.
The financing was brokered by a team from Berkadia, consisting of Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matt Robbins, and Brad Williamson. Marketing efforts are already showing success: 40 percent of the units have been presold, with One Sotheby's International Realty acting as the lead broker.
LORE Development Group, a joint venture between Miami-based Leste Group and the Brazilian Opportunity Fundo de Investimento Imobiliário, acquired the 0.5-acre plot for US$8.6 million in 2023, according to property records.
Coconut Grove has become one of Miami's most desirable neighbourhoods. Last year, Larry Page, co-founder of Google, invested approximately US$188 million in acquiring a property in this exclusive area. Other developers are also capitalising on the consistently high demand.
In January, Terra and AB Asset Management secured US$410 million for the construction of a nearby 194-unit boutique luxury condo. In the same month, CMC Group and Fort Partners received a construction loan of US$323.8 million for a Four Seasons-branded condo directly on the waterfront.
