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Brookfield Extends $505M Natick Mall Loan Through Late 2026
Brookfield Properties has extended its $505-million loan on Natick Mall through late 2026, after it was unable to refinance the debt when it came due in November, reported the Boston Business Journal. One of the state’s largest malls, the 1.6-million-square-foot Natick, MA property has contended with the loss of multiple major tenants in recent years, including Lord & Taylor, Neiman Marcus, Sears and Wegmans.
Ownership has recovered from some of those blows by leaning into experience-based retail, the Business Journal reported. A massive pickleball facility recently replaced the Neiman Marcus, and a Dave & Buster’s and Level99 have taken up much of the Sears space.
However, persistent vacancies, along with elevated interest rates and below-market debt-yield levels, were challenges in Brookfield’s quest to refinance the loan and could be again when the extension runs out in November 2026. The loan, originated by Bank of America in 2019, was transferred to special servicing last fall just before it matured.
- ◦Financing
