Brookfield Sells Mayfair Hotel For $110M: The South Florida Deal Sheet
The hedge fund run by billionaire Paul Singer bought the 44-year-old Mayfair House Hotel & Garden in Coconut Grove for 50% more than its last sales price in 2019.
Brookfield Asset Management sold the 180-room hotel, originally built in 1982, to Elliott Investment Management for a total of $110M, a Brookfield spokesperson confirmed to Bisnow.
The hotel’s real estate alone traded for $69M, according to property records provided by Vizzda, but hotel transactions, which include fixtures and intellectual property, often sell for more than the price on the deed. That's a jump from the $46M Brookfield paid for the property in 2019.
Elliott assumed the seller’s $41M debt from ACORE Capital and expanded the debt on the building to $79M.
Mayfair is a two-Michelin Key hotel recently nominated for the Condé Nast Traveler Readers’ Choice Awards, according to its website.
Elliott has a handful of other assets in Miami. It led the purchase of 701 Brickell, a 32-story office building, for $443M in 2024. That same year, it bought The Gates Hotel South Beach at 2360 Collins Ave. for $53M.
SALES
An entity tracing to Publix purchased a 71K SF neighborhood shopping center in Boynton Beach for $24M, according to property records provided by Vizzda.
The seller of Aberdeen Square at 4966 Le Chalet Blvd. was an affiliate of Boston-based Longpoint Partners. Publix anchors the two-building, nearly 8-acre property and nearly doubled its 2022 sales price of $12.4M.
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The Rubell family sold a handful of properties to Neology Life Development Group, which is planning a multifamily development near the Rubell Museum, according to property records provided by Vizzda.
The deals were spread across three separate transactions that total $39M. The land is near the 100K SF art museum owned by the Rubell family.
The first deal was a 1-acre site at 1000 NW 23rd St. that sold for $15M and will be the location of the first phase of the project. The Rubells purchased the lot in 2021 for $5M.
Lissette Calderon's Neology paid $24M for the two sites at 1090 NW 23rd St., which the Rubells acquired in 2022 for $10M.
Neology, Lion Development Group and the Rubell family teamed up in December to launch an art-focused residential development in Allapattah. The first phase of the project includes a 21-story apartment tower.
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A 100-bed assisted living facility for seniors in Parkland sold for $63M, according to property records provided by Vizzda.
An entity tracing to Chicago-based REIT Ventas purchased the property from an affiliate of Kayne Capital with a $39M loan from Wells Fargo.
Aston Gardens Senior Living at 9401 Aston Gardens Court is made up of 11 two-story buildings and a three-story building totaling 349K SF. It was built in 2001 and offers active independent living, assisted living and memory care.
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Link Logistics sold a nine-property portfolio in Broward to Dalfen Industrial for a total of $95M, according to property records provided by Vizzda.
The deal was made with a $55M cross-collateralized loan from the Teachers Insurance and Annuity Association of America.
The biggest sales by Blackstone's subsidiary were of the 65K SF warehouse at 3600 NW 54th St. for $17M and two 63K SF warehouses at 5535 to 5545 NW 35th Ave. and 10501 Commerce Parkway for $16M.
The trade is the latest South Florida industrial sale for Link, which has offloaded more than $1B combined in the region since 2024.
FINANCING
13th Floor Investments and Barings landed a $134M construction loan for the fourth and final residential building at Link at Douglas, according to a release.
Santander Bank, TD Bank and First Horizon Bank provided the loan for the 37-story, 392-unit project dubbed Crescendo. Construction is underway and is expected to finish by 2029.
Link at Douglas spans 7 acres next to the Douglas Road Metrorail Station between Coconut Grove and Coral Gables. The first phase finished in 2023, bringing two towers named Core and Cascade, which contain more than 730 apartments. The third tower, Cadence, is under construction and set to deliver another 432 units by 2028.
CONSTRUCTION AND DEVELOPMENT
Lore Development Group and Element Development broke ground on The Lincoln, a 48-unit condo in Coconut Grove, according to a release.
The project, which is 40% sold, is headed for completion by the third quarter of 2028. Lore is a joint venture between Miami-based Leste Group and Brazilian fund manager Opportunity.
Units range between one and four bedrooms and up to 3,630 SF for a penthouse. Amenities include a golf simulator, coworking lounge, sauna, steam room, hot and cold plunge pools, a dog park and pet grooming room.
LEASES
Nuage Designs, an event rental and design company, expanded its footprint at Eastview Commerce Center in Miami to 104K SF, according to a release.
Stream Realty Partners and an entity tracing to the California State Teachers' Retirement System are listed as the owners of the business park at 2400-2410 NW 116th St. The commerce center is an 800K SF industrial park that spans six buildings across 80 acres.
Nuage Designs expanded after acquiring tabletop rental company Treasury Rentals. Stream Realty’s Steve Medwin and Nick Wigoda represented the landlord and tenant.
PEOPLE
South Florida-based Bainbridge Cos., which develops, owns and operates multifamily, promoted Brian Doppelt to president, according to a release.
Doppelt, who joined the company in 2016, has been involved with more than $2B of transaction activity in acquisitions, dispositions, joint ventures and capital raises. He will oversee broader corporate strategy and work alongside CEO Richard Schechter.
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American Landmark Apartments named Elizabeth Roy its new chief investment officer based in its Palm Beach County office, according to a release.
Roy, who joined the Tampa-based firm from New York Life Investors, has sourced, underwritten and closed more than $6B in transactions across her 20 years in institutional real estate.
She will oversee the multifamily investment manager and owner-operator's investment platform, including acquisition sourcing and underwriting, portfolio strategy and performance.
