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NorthPark Center Owners Obtain $650M Mortgage
NorthPark Center owners have obtained a $650 million commercial mortgage on the 1.9 million square foot mall.
The Dallas Business Journal reports the two-year loan with three one-year extension options will be used to refinance $487.4 million in existing debt and return $138.9 million in equity to the borrower, among other costs and fees.
Investors can purchase a stake in the property through commercial mortgage-backed securities. The loan was made through Barclays Commercial Mortgage Securities LLC.
The mall was built in 1965 and has since been at least partially owned and operated by the Nasher and Haemisegger families. In 2014, Strategic Property Fund, which is sponsored by J.P. Morgan Asset Management, acquired a 60% stake in the property from the Nasher family.
The mall at U.S. Route 75 and Texas State Highway Loop 12 is home to more than 200 shops, restaurants and entertainment tenants. Anchor tenants include Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Eataly and a 15-screen AMC theater.
- ◦Sale/Acquisition
