Miami Mixed-Use Complex Gets $53M Loan

Guggenheim Partners provided the permanent mortgage financing for the Coconut Grove asset. Whalou Properties purchased the office and retail development spanning more than 281,000 square feet in 2010.
Mayfair in the Grove. Image courtesy of Whalou Properties

Whalou Properties has received $53.1 million in permanent mortgage financing for Mayfair in the Grove, a 281,066-square-foot office and retail complex in the Coconut Grove neighborhood of Miami. Craig Romer and Chris Romer of Dockerty Romer & Co. arranged the financing through Guggenheim Partners.

The three-building property at 3390 Mary St., is currently 94.1 percent leased, with tenants including Sony Music, General Electric, Sapient Technologies and Regus Office Suites. Built in 1977, the property was completely renovated in 2007. Whalou Properties bought the Class A asset from RREEF Property Trust in 2010 for $37.8 million, according to Yardi Matrix data.

“Guggenheim provided an excellent debt structure which will allow our client to execute on their long-term business plan for this asset,” Dockerty Romer & Co. said in a statement.

The mixed-use property sits adjacent to the boutique Mayfair Hotel & Spa and across the street from CocoWalk, a popular open-air mall that is undergoing renovations. In January, coworking provider Spaces signed a 42,883-square-foot lease at One CocoWalk, the development’s office component.