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Brookfield And Partner Closing In On $265M Refinance On Victoria Gardens

The 1.2M SF Victoria Gardens outdoor mall in Rancho Cucamonga.

Brookfield Properties and the Queensland Investment Corp. are in the final stages of securing a refinance on part of the Inland Empire outdoor shopping mall Victoria Gardens.

The financing would be for about 700K SF of the 1.2M SF mall, The Real Deal reported. Brookfield did not immediately respond to Bisnow’s request for comment. 

Barclays and JPMorgan are originating the loan, which will become part of a commercial mortgage-backed securities deal, TRD reported, citing a report from Moody's. The deal is set to close in July. 

Victoria Gardens' net operating income was up 6% at the end of 2023 to $32M, TRD reported. That figure was also up 15% over pre-pandemic levels. Brookfield and QIC have spent approximately $26M on renovations since 2020. 

The 92%-leased mall has another mortgage as well as existing mezzanine financing on it.

Brookfield's retail portfolio nationally had a difficult 2023, with several malls in various stages of financial distress, including foreclosure. But it has also had some success with refinancing certain properties, such as the three East Coast malls it refinanced in May for $345M, CoStar Group reported