Brookfield's GGP to Refinance $700M Loan at Oakbrook Center Mall with New $800M CMBS Deal
Affiliates of Brookfield Asset Management’s General Growth Properties (GGP) are set to close a new $800 million commercial mortgage-backed security refinancing for the Oakbrook Center mall in suburban Chicago. The loan, led by Morgan Stanley and other major banks, will replace an existing $700M CMBS loan while also covering early payoff penalties, closing costs, and returning equity to sponsors. The five-year interest-only loan carries a 5.9% assumed rate. Oakbrook Center is one of the most visited malls in the U.S., with over 14.5 million visitors annually and trailing sales exceeding $1.2 billion for the year ending May 2026 — up from $673M in 2019. GGP CEO Kevin McCrain has praised it as one of the best-performing malls, noting its strong per-square-foot sales performance. Since 2015, over $374 million has been invested into capital improvements and redevelopment at Oakbrook Center, which is currently 94.1% leased with more than 160 tenants.
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