Lore, Element land $58M construction loan for Coconut Grove condos

Lore Development Group and Element Development secured a $58 million construction loan for a 48-unit condo in Coconut Grove that has already surpassed the 40 percent units sold.  The joint venture obtained the financing for The Lincoln at 2650 Lincoln Avenue from SME Capital arranged by Berkadia, according to a news release from Lore. The 30-month senior construction loan for the project includes two six-month extension options. The funding amounts to $1.2 million per unit. The Lincoln’s total development cost is close to $90 million, with $15 million in equity invested by the development team, said Jorge Rucas, director of […]

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