The Mayfair in the Grove, a mixed-use complex in Miami, has secured a $113.6 million refinancing deal as lending activity continues in South Florida despite higher interest rates.
Guggenheim Partners Investment Management provided the new loan, which replaces an outstanding balance of $72.4 million from a 2022 loan that was originally for $76.7 million. The refinancing increased the total debt by $41.2 million, according to property records.
The property is owned by WMP I, an entity linked to Timo Kipp and West Palm Beach-based Whalou Properties. The Mayfair in the Grove consists mainly of retail space and covers 288,000 square feet. Records show that Kipp acquired the complex for $37.8 million in 2010.
Amy Julian and Andrew Chilgren of CBRE represented the landlord during the refinancing process. Chris Dekker of Mayfair Advisors, who serves as leasing broker for Mayfair, also contributed to securing the loan.
Last year, WMP I completed a renovation project costing $37 million at Mayfair in the Grove. The upgrades included improvements to the retail promenade and enhancements to its open-air lobby, according to a news release from CBRE.
Currently, the property is reported to be 98 percent leased.
Located at 3354 Mary Street, 2901 Florida Avenue and 2911 Grand Avenue, Mayfair in the Grove sits next to the 179-key Mayfair House Hotel & Garden where Whalou and Kipp own another retail unit.
Over recent years, landlords across South Florida have faced challenges such as higher interest rates and rising costs related to insurance, materials and labor. Nevertheless, many owners have continued to refinance their properties.
In December last year, OKO Group led by Vlad Doronin along with Cain International obtained a $630 million refinancing package for their newly completed 57-story office tower at 830 Brickell in Miami.
Earlier in October, Resident Group refinanced its Metro Edgewater apartment tower with a $113.8 million loan for its 279-unit building (link). In that same month, several firms including 13th Floor Investments and Key International arranged a $139 million refinancing for their Savio apartment complex consisting of 420 units located in Delray Beach (link).
