The owners of NorthPark Center have secured a $650 million commercial mortgage for the 1.9 million square foot mall. According to the Dallas Business Journal, this two-year loan with three one-year extension options will be used for various costs and fees, including refinancing existing debt and returning equity to the borrower.
Investors can now purchase a stake in this property through commercial mortgage-backed securities offered by Barclays Commercial Mortgage Securities LLC. The mall has been owned and operated by the Nasher and Haemisegger families since its construction in 1965. In 2014, Strategic Property Fund (sponsored by J.P Morgan Asset Management) acquired a majority stake from the Nasher family.
Located at U.S Route 75 and Texas State Highway Loop 12, NorthPark Center boasts over 200 shops, restaurants, and entertainment tenants such as Dillard’s , Macy’s , Neiman Marcus , Nordstrom , Eataly ,and an AMC theater with fifteen screens . This significant investment opportunity is sure to attract attention from investors looking for prime real estate assets.
