Photo by Danny Fulgencio
NorthPark Center has secured a $650 million refinancing loan from a partnership with J.P. Morgan and Barclays, as reported by The Real Deal.
This loan will refinance $487 million of existing debt, provide $139 million in equity to the owners, allocate $17 million for leasing costs and cover closing expenses. The deal is expected to close on March 15, according to a Fitch Ratings analysis.
The owners plan to invest $71.4 million in capital improvements over the next five years.
Since opening in 1965, NorthPark Center has been home to retailers such as Dillard’s and Macy’s along with a movie theater and a library. Despite economic challenges from the Recession and the pandemic, NorthPark has consistently outperformed many retail competitors in sales.
The mall is currently 96% leased, with tenants continuing to sign, renew and extend their leases and averages $845 per square foot in sales between October 2022 and October 2023.
