LORE Development Group and Element Development are developing The Lincoln, a planned 48-residence condominium in Coconut Grove, with a $58 million construction loan arranged by Berkadia. Commercial Observer identifies SME Capital as the lender.
Who arranged and provided the loan?
Berkadia announced on September 4, 2026, that it arranged the $58 million financing for The Lincoln at 2650 Lincoln Avenue. Berkadia is the arranger, not the lender: Commercial Observer identifies SME Capital as the financing provider. Berkadia names LORE Development Group and Element Development as the development team. It describes LORE as a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário. Berkadia’s announcement and Commercial Observer’s report describe the transaction and the parties’ roles.
What are the reported loan terms?
Commercial Observer reports a 30-month senior loan with two six-month extension options. The reported options are not evidence that either extension has been exercised. The reviewed coverage does not include the loan instrument or independently confirm the terms against recorded mortgage documents, so the term and options should be understood as that publication’s reporting.
What is planned for The Lincoln?
The project is planned as a 48-home boutique condominium at 2650 Lincoln Avenue in Coconut Grove. Coverage describes residences with one to four bedrooms and private balconies. Reported amenities include a heated rooftop pool, fitness center, golf simulator, co-working lounge and media area; South Florida Agent Magazine also lists sauna, steam and plunge facilities and a dog park. Trade coverage identifies Paredes Architects as architect and Winmar Construction as general contractor.
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What is the construction and sales timeline?
Berkadia said construction had begun and announced a target completion in Q3 2028. That is a planned schedule, not a guaranteed delivery date. In September 2026, South Florida Agent Magazine reported that more than 40% of the residences had sold and named ONE Sotheby’s International Realty as the sales and marketing broker. That dated sales milestone is not a measure of current inventory or pricing.
What the announcement does—and does not—establish
LORE director of U.S. real estate Jorge Rucas said, “We are pleased to complete this financing, which reinforces the quality of The Lincoln, its prime Coconut Grove location and the strength of our development team, shareholders and investors.” This is the project representative’s characterization of the financing. The loan announcement and trade reports establish a specific project transaction; they do not, by themselves, show broader construction lending conditions or market-wide condominium demand.
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