Berkadia Secures $58M Construction Loan for The Lincoln, a 48-Unit Boutique Condominium in Coconut Grove

COCONUT GROVE, Fla. — Sept. 4, 2026 — Berkadia has arranged a $58 million construction loan for The Lincoln, a 48-unit boutique condominium project under development at 2650 Lincoln Avenue in Coconut Grove, Florida. SME Capital provided the financing for developers LORE Development Group and Element Development, with construction already underway and completion targeted for the third quarter of 2028.

Deal Terms and Berkadia Team

The 30-month construction loan from SME Capital includes two six-month extension options. The Berkadia team that arranged the financing included Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia Miami, along with Senior Managing Director Mitch Sinberg, Matt Robbins, and Brad Williamson.

"The Lincoln speaks directly to the sustained demand we're seeing from both capital providers and discerning buyers for boutique, design-forward residential product in Coconut Grove," said Scott Wadler. "Lenders and equity partners continue to gravitate toward experienced sponsorship delivering thoughtfully curated communities in supply-constrained submarkets like the Grove."

Bobby Dockerty added: "The combination of limited new boutique inventory, strong pre-development interest and Coconut Grove's enduring appeal as a family-oriented, lifestyle-driven neighborhood created a compelling opportunity for this capitalization."

Development Team and Sales Progress

LORE Development Group is a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário. The group is co-developing The Lincoln alongside Element Development. One Sotheby's International Realty serves as the exclusive sales and marketing broker for the project, which has surpassed the 40% sold milestone.

The project spans approximately 91,000 square feet and offers one- to four-bedroom residences ranging from roughly 1,323 to 3,073 square feet. Six penthouse units reach up to 3,633 square feet. Individual unit asking prices reflect Coconut Grove's high-end positioning, with listings including a 1,227-square-foot residence at $1.52 million, a 1,591-square-foot residence at $2.356 million, and a 2,611-square-foot residence at $3.115 million.

Residences and Amenities

Residences at The Lincoln feature in-suite dens, private balconies, walk-in closets, and custom Snaidero chef-inspired kitchens with quartz stone countertops. Miele appliances include a built-in wine refrigerator, 36-inch induction cooktop, wall-mounted oven, microwave, speed oven, and integrated refrigerator. Bathrooms are finished with floor-to-ceiling glass shower panels, marble countertops, premium fixtures, and Toto toilets.

Building amenities include a 40-foot heated rooftop pool and observation deck with panoramic bay and city skyline views, private cabanas, outdoor yoga and meditation areas, and summer kitchens with outdoor grills. Additional wellness offerings include a sauna, steam room, hot and cold plunges, and a state-of-the-art fitness center. The building also features a golf simulator, co-working lounge, media area, enclosed private dog park, pet grooming room, private storage rooms, and an enclosed bicycle area. Assigned and valet parking, 24/7 front desk service, and night security are also included.

Coconut Grove Market Context

Coconut Grove remains one of Miami's tighter condo submarkets. The neighborhood's median condo price reached $1,226 per square foot in 2026, up 11.5% from the prior year, with the luxury segment commanding higher pricing. Limited new boutique inventory and consistent buyer demand have continued to support lender confidence in well-capitalized development projects in the area.

The Lincoln is situated near parks, marinas, top-rated schools, restaurants, hotels, and boutiques, with proximity to Coral Gables, Brickell, Downtown Miami, and the beaches.

Sources

Berkadia — The Lincoln, Coconut Grove, FL | Financed by Berkadia 2026