Brookfield’s GGP Secures $800M CMBS Refinancing for Oakbrook Center Mall
Brookfield Asset Management's retail division, GGP, has secured an $800 million commercial mortgage-backed security (CMBS) refinancing loan to repay a previous debt and cover costs at the Oakbrook Center mall in suburban Chicago. The new loan will replace a prior $700 million CMBS facility and pay off early repayment penalties totaling $30 million. An additional $5 million is allocated for closing costs, with $65 million returned as equity to sponsors. The five-year interest-only loan carries an assumed rate of 5.9%. As of July 2026, the mall was reported at 94% leased and housed around 160 tenants. Oakbrook Center is one of the few large malls in the U.S. that has thrived post-pandemic, maintaining strong occupancy levels despite broader retail sector challenges. The refinancing success contrasts with many other mall operators who have defaulted or returned properties to lenders amid declining foot traffic and rising e-commerce competition. The Oakbrook Center is known for its luxury tenants and recent high-profile additions like Google's Midwest storefront.
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Topics: CMBS loan real estate refinancing retail