Dealmaker: JLL Arranges $1.2B Refinancing of Dallas Shopping Destination

(Photo courtesy of JLL)

JLL’s Capital Markets Group arranged a $1.2 billion refinancing package for NorthPark Center, a Class A super-regional shopping center in Dallas.

JLL represented borrower NorthPark Management Co., Dallas, owned and controlled by the Nasher/Haemisegger family, in securing the 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.

JLL Capital Market’s Debt Advisory team was led by Managing Director Timothy Joyce, Executive Managing Director Trey Morsbach and Director Matt Maksymec.

NorthPark Center was developed in 1965 and has undergone continuous improvements and expansion since then. The 1.9 million-square-foot center has more than 190 tenants, 75 of which are market exclusives. Anchors include Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and a 15-screen AMC movie theater. The center boasts a 98.6% occupancy rate and is recognized as one of the top five shopping destinations in the United States.

NorthPark Center is located at the intersection of Northwest Highway and US-75 in Dallas and draws visitors from throughout the Dallas-Fort Worth metroplex as well as internationally. The center is near affluent neighborhoods including Highland Park, University Park and Preston Hollow, as well as major employment in the Dallas market.

NorthPark’s collection of acclaimed 20th and 21st century art turns shopping and dining into a cultural experience. Comprised of more than 50 works from the Nancy A. Nasher and David J. Haemisegger Collection and many works on loan from the Nasher Sculpture Center, as well as other museums and institutions, NorthPark’s public art program also presents exhibitions throughout the year from partnering artists, museums, universities, galleries and institutions.

“The refinancing of NorthPark Center demonstrates the continued strength of premier retail assets in major markets,” Joyce noted.