The Lincoln in Coconut Grove Locks a $58 Million Construction Loan at More Than 40% Sold

PROFILEmiami reported on September 11, 2026 that The Lincoln Coconut Grove “has locked down a $58 million construction loan for the luxury boutique condominium with 48 spacious residences.” Berkadia arranged the 30-month loan, which includes two six-month extension options. The lender is SME Capital. One Sotheby's International Realty is the exclusive sales and marketing broker, and the project has surpassed the 40% sold milestone.

The project

• One to four bedrooms. Including six penthouses with up to 3,633 square feet, per PROFILEmiami.
• 2650 Lincoln Avenue. Paredes Architects is the architect of record.
• A 40-foot heated rooftop pool. Paired with an observation deck offering bay and city skyline views.
• Completion in Q3 2028. Sponsored by LORE Development Group, a joint venture of Leste Group and Opportunity Fundo de Investimento Imobiliário, with Element Development.

Why the loan is the real story

Sales milestones get the headlines. Financing is the harder test. A lender writing $58 million against a Miami condo project in September 2026 has underwritten the presales, the budget and the exit, and has done it while the broader condo market is soft. For context already published on this site, the Miami-Dade condo median was $400,000 in July 2026, with 125 days on market and roughly 12 months of supply. A boutique Grove project clearing 40% presold against that backdrop is a different animal from the resale market, and it argues against the idea that the development pipeline has frozen.

My read

Read the delivery date before you read the sales percentage. Q3 2028 is roughly two years out from today. Sign a contract here and your deposits sit with the developer through a full rate cycle, and you close at a price set in 2026. That can work well or badly depending on what Grove pricing does in between. The article does not publish unit pricing, the total sellout, non-penthouse square footage or the loan's interest rate, so I cannot run a per-foot comparison against Grove resales for you. Before I would put a client into this, I would want the full price sheet, the deposit schedule in writing, and a straight answer on the sponsor's delivery record.