DALLAS — JLL has arranged the $1.2 billion refinancing of NorthPark Center, a 1.9 million-square-foot enclosed mall in North Dallas. NorthPark Center originally opened in 1965 and has subsequently undergone multiple renovations and expansions. Today, the mall is home to nearly 200 tenants, with Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and AMC Theatres serving as the anchors. A consortium of lenders led by Wells Fargo, Morgan Stanley and Goldman Sachs provided the financing to the owner, NorthPark Management Co., an entity that is owned and controlled by the Nasher/Haemisegger family. Timothy Joyce, Trey Morsbach and Matt Maksymec of JLL led the debt placement efforts. NorthPark Center was 98.6 percent leased at the time of the loan closing. The financing will retire the existing mortgage, and ownership will use excess proceeds used to redeem equity interests in the property and return full ownership back to the family.
In addition to being a shopping and dining destination, NorthPark Center in Dallas is also known locally for its collection of internationally acclaimed 20th and 21st century artwork. NorthPark Center also has a public art program that presents exhibitions throughout the year from partnering artists, museums, universities and galleries.
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