LORE and Element Land $58M to Build Miami Condo

Lore Development Group and Element Development have nabbed a $58 million construction loan for a boutique condo project in Miami’s coveted Coconut Grove neighborhood.

SME Capital provided the 30-month senior financing, which includes two six-month extension options, backing the eight-story development called the Lincoln.

The project is set to include 48 units at 2650 Lincoln Avenue, adjacent to Southwest 27th Avenue, near the neighborhood’s commercial center. Amenities will include a rooftop pool and valet parking. 

Construction started in June and is expected to be completed in the third quarter of 2028. Berkadia’s Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matt Robbins and Brad Williamson brokered the debt. 

So far, 40 percent of the units have pre-sold, with One Sotheby’s International Realty serving as the head broker. 

LORE Development Group, a joint venture between Miami-based Leste Group and Brazil’s Opportunity Fundo de Investimento Imobiliário, purchased the 0.5-acre site for $8.6 million in 2023, according to property records. 

Coconut Grove has become one of Miami’s most sought-after neighborhoods. Last year, Google’s billionaire co-founder Larry Page spent roughly $188 million assembling a compound in the ritzy enclave. 

Other developers are also banking on the demand. In January, Terra and AB Asset Management secured $410 million to build a nearby, 194-unit boutique luxury condo. That same month, CMC Group and Fort Partners scored a $323.8 million construction loan for a Four Seasons-branded condo along the waterfront.

Julia Echikson can be reached at jechikson@commercialobserver.com.