JLL’s Capital Markets Group has arranged a $1.2 billion refinancing package for NorthPark Center, a class A++ super-regional shopping center in Dallas.
JLL represented the borrower, NorthPark Management Co., owned and controlled by the Nasher/Haemisegger family, in securing a $1.2 billion loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs. The new financing will retire the existing mortgage, with all excess proceeds used to redeem the equity interests in the property and return full ownership back to the family.
Celebrating its 60th anniversary this year, NorthPark Center was originally developed in 1965 and has undergone continuous improvements and expansion. The 1.9 million-square-foot shopping, dining and cultural destination features more than 190 tenants, 75 of which are market exclusives. Major anchors include Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and a 15-screen AMC theater. The center boasts a 98.6 percent occupancy rate and is
