Dealmaker: Dockerty Romer Arranges $24M for Miami-Area Mixed-Use
(Mayfair in The Grove.)
Dockerty Romer & Co., Miami, arranged $24 million in permanent mortgage financing structured for Mayfair in The Grove, a mixed-use office and retail complex located in Coconut Grove, a neighborhood in Miami.
Mayfair In The Grove is a 281,721 square-foot office and retail complex with three separate buildings. The property is currently 100% leased with tenants that include Sony Music, Sapient Technologies, Santander, One Park Financial and Major Food Group. It is adjacent to the Mayfair Hotel & Spa, located within the heart of Coconut Grove, one of South Florida’s most famous entertainment, dining, and cultural destinations.
Craig Romer of Dockerty Romer & Co. arranged the financing through Guggenheim Partners on behalf of its client Whalou Properties. Guggenheim provided funds for improvement and modernization of the property. Whalou Properties, which is owned and controlled by Timo Kipp. The modernization encompasses the entire three buildings center from all common areas to its promenade. Ultimately, the Mayfair in the Grove will transition from a mixed-use office and retail complex into a campus.
“Since Timo’s acquisition of the Mayfair in 2010, he has continually improved the physical elements of the property as well as the overall tenancy,” Romer said.