Brookfield's GGP Secures $400M Loan for Natick Mall Refinancing
Brookfield's subsidiary GGP is refinancing its loan for New England's largest mall, Natick Mall, in a $400 million deal. The loan will be originated by Bank of America and JPMorgan Chase, with the debt expected to be securitized as a CMBS loan serviced by Midland Loan Services.
The existing CMBS loan backing 1.7 million square feet of the mall was put on watchlist in 2024 after Wegmans closed its store but ownership secured an extension last March. The partnership between GGP and New York State Common Retirement Fund will contribute $37 million to secure the loan.
The occupancy rate at Natick Mall has rebounded from 82.4% in 2022 to 91.7%, with net cash flow increasing by around $10 million over the same period. A new Raymour & Flanigan store and a pickleball venue have recently opened, and Wegmans continues to pay rent despite closing its store.