The Lincoln Lands $58 Million Loan in Coconut Grove

The Lincoln, a 48-residence condo at 2650 Lincoln Avenue in Coconut Grove, now has its construction money. LORE Development Group and Element Development closed a $58 million senior construction loan from SME Capital in September 2026, arranged by Berkadia. The developers report more than 40 percent of the residences sold and expect completion in the third quarter of 2028.

The loan and the building

The loan runs 30 months with two six-month extension options, South Florida Agent Magazine reported. That covers construction to the 2028 target with some room for delay.

The Lincoln is an eight-story building designed by Paredes Architects, with Winmar Construction as general contractor. The plan:

• Residences: 48 homes from one to four bedrooms, including six penthouses of up to 3,633 square feet.
• Rooftop: a 40-foot pool and an observation deck.
• Wellness: a fitness center, sauna, steam room and hot and cold plunges.
• Other amenities: a golf simulator and an enclosed dog park.

Where its prices sit in the Grove

In late September 2026, four units at The Lincoln were listed on the MLS. Their median asking price was $2,659,000, or about $1,350 per square foot.

That puts it below the Grove's newest waterfront product and well above the neighborhood's typical resale:

• Mr. C, finished by Terra in 2024 on South Bayshore Drive: 28 sales in the last 12 months at a median of $1,611 per square foot.
• Grovenor House, a 2005 bayfront tower: six sales at a median of $1,560 per square foot.
• The Well Coconut Grove, another eight-story boutique condo under construction a few blocks away: five listings at a median asking price of $1,946 per square foot.
• Coconut Grove overall: 236 condo sales in the 12 months to October 13, 2026, at a median of $865 per square foot.

Why it matters to buyers

An inland boutique, priced between two markets. The Lincoln sits on an inland residential street, not the bay. Its asking prices are roughly 55 percent above the neighborhood's median sale, but below the bayfront new builds. Buyers are paying for new construction in a low-rise building, not for water views.

The Grove is balanced, not soft. Coconut Grove has about nine months of supply: 176 active listings against 236 sales a year. Our Market Index reads 40, in the balanced band, while most of Miami leans toward buyers. That helps explain why boutique projects here can presell 40 percent before going vertical.

Watch the carrying costs. Small buildings spread their fixed costs over few owners. The Lincoln's current listings show a median HOA fee of about $2,984 a month, so read the developer's proposed budget before signing.