The Mayfair in the Grove mixed-use complex in Miami scored a $113.6 million refinancing, as South Florida lending keeps flowing amid higher interest rates.
Guggenheim Partners Investment Management provided the debt, which refinanced an outstanding balance of $72.4 million on a 2022 loan for $76.7 million, and bumped up the total by $41.2 million, according to records.
WMP I, an entity tied to Timo Kipp and West Palm Beach-based Whalou Properties, owns the 288,000-square-foot Mayfair in the Grove consisting primarily of retail space. Kipp bought the property for $37.8 million in 2010, records show.
Amy Julian and Andrew Chilgren of CBRE represented the landlord in the refinancing. Mayfair leasing broker Chris Dekker of Mayfair Advisors also worked on the loan.
Last year, WMP I completed a $37 million renovation of the Mayfair, including the retail promenade and the open-air lobby, according to a CBRE news release.
Mayfair in the Grove is 98 percent leased, the release says.
The property is at 3354 Mary Street, 2901 Florida Avenue and 2911 Grand Avenue. It’s adjacent to the 179-key Mayfair House Hotel & Garden, where Whalou and Kipp also own a retail unit.
Over the past three years, South Florida landlords felt the sting of elevated interest rates and increases in other expenses, including insurance, materials and labor. Yet, many have still refinanced debt.
In December, Vlad Doronin’s OKO Group and Cain International landed a $630 million refinancing for their 57-story 830 Brickell office tower in Miami, completed in 2024.
That came after Resident Group scored a $113.8 million refinancing for its 279-unit Metro Edgewater apartment tower in Miami in October. Also that month, Miami-based 13th Floor Investments, Brickell-based Key International, West Palm Beach-based Wexford Real Estate Investors and Boca Raton-based CDS International landed $139 million to refinance their completed 420-unit Savio apartment complex in Delray Beach.
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