Guggenheim Partners Refinances Coconut Grove, Fla., Complex for $114M
Palm Beach investor Timo Kipp bought the retail and office asset for $38 million in 2010
By Brian Pascus March 3, 2026 4:39 pm
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An entity controlled by Palm Beach investor Timo Kipp of Whalou Properties Management has secured $113.6 million to refinance its interest in Mayfair in the Grove, a 283,000-square-foot retail and office asset in Coconut Grove, Fla., according to a release.
Guggenheim Partners provided the debt, while CBRE’s Amy Julian and Andrew Chilgren represented the sponsor.
Ownership invested $37 million into the property for renovations in 2025, upgrading the open-air lobby and retail promenade. Kipp purchased the asset from Deutsche Bank in 2010 for $38 million.
Located at 3390 Mary Street in Coconut Grove, Mayfair in the Grove features numerous retail outlets and restaurants and sits adjacent to the Mayfair House Hotel & Garden, a 179-room hotel that was purchased by Brookfield for $40 million in 2019.
The complex also contains a building reserved for office space, with Sony Music, Sapient, Santander and One Park Financial as current tenants.
The asset has signed 250,000 square feet of leases since the start of 2022, according to CBRE. The Mayfair is currently 98 percent leased with an average weighted lease term of approximately eight years.
“The sponsor has done an excellent job renovating the asset and, as a result, has had tremendous leasing success,” said CBRE’s Julian.
Brian Pascus can be reached at bpascus@commercialobserver.com.
