Affiliates of Brookfield's GGP are slated to close soon on a major refinancing for Oakbrook Center, its Class-A mall in Oak Brook, Illinois.
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Morgan Stanley, Bank of America, Citibank, Goldman Sachs and Wells Fargo are identified as the originators and sellers of the $800M loan tied to the property, which is expected to close on or around Oct. 8, according to a presale report from S&P Global.
The commercial mortgage-backed security offering will repay a previous $700M CMBS loan tied to the property, pay $30M in early payoff penalties, fund $5M in closing costs and return about $65M of equity to the sponsors.
The loan has a five-year term and is interest-only for the entire term, with an assumed rate of 5.9%.
Oakbrook Center saw about 14.5 million visitors over the past year, according to Placer.AI data in the presale report, which ranks it "among the most-visited malls in the U.S.," the report reads. Sales for the total property have grown significantly to more than $1.2B in the trailing 12 months ending May 2026, rising 81.0% from $673M in 2019, according to the report.
"In our view, it's the best center in the country," GGP CEO Kevin McCrain said in May. "It does well over $1,500 [per SF] in sales. We keep investing into it over and over again, because everybody wants to be there."
Since 2015, sponsorship — which includes GGP and Institutional Mall Investors — has invested more than $374M in capital expenditures and redevelopment projects at the mall, according to the report.
As of July 2026, the mall was 94.1% leased with more than 160 distinct tenants, the report stated.
"Oak Brook is symbolic of how we think about things nationally," McCrain said at the time. "It is differentiated uses, continued investment, continued upgrades, and that sort of micro strategy for every space."
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