The Mayfair in the Grove, a mixed-use property in Miami, has secured a $113.6 million refinancing loan. The financing was provided by Guggenheim Partners Investment Management and replaces an outstanding balance of $72.4 million from a 2022 loan, increasing the total by $41.2 million.
The property is owned by WMP I, which is linked to Timo Kipp and Whalou Properties based in West Palm Beach. Records show that Kipp acquired the 288,000-square-foot complex for $37.8 million in 2010. The site consists mainly of retail space and underwent a $37 million renovation last year, which included updates to its retail promenade and open-air lobby.
Amy Julian and Andrew Chilgren from CBRE represented the landlord during the refinancing process. Chris Dekker of Mayfair Advisors also participated as the leasing broker.
According to CBRE, Mayfair in the Grove is currently 98 percent leased. The complex is located at 3354 Mary Street, 2901 Florida Avenue, and 2911 Grand Avenue. It sits next to the Mayfair House Hotel & Garden, where Whalou and Kipp also own a retail unit.
Despite higher interest rates and increased costs for insurance, materials, and labor over recent years, many South Florida landlords have continued to refinance their properties’ debt.
In December 2025, OKO Group and Cain International refinanced their office tower at 830 Brickell with a $630 million loan after completing construction earlier that year (https://therealdeal.com/miami/2023/12/18/vlad-doronins-oko-cain-score-630m-refi-for-830-brickell-office-tower/). In October 2025, Resident Group obtained a $113.8 million refinancing for Metro Edgewater’s apartment tower (https://therealdeal.com/miami/2023/10/11/resident-group-scores-114m-refi-for-metro-edgewater-apartment-tower/) while another group including Key International and Wexford Real Estate Investors secured $139 million for Savio apartments in Delray Beach (https://therealdeal.com/miami/2023/10/23/south-florida-apartment-complexes-score-big-loans-as-interest-rates-rise).
