JLL arranges $1.2B refinancing of iconic Dallas shopping destination

Rhea-AI Summary

JLL (NYSE:JLL) arranged a $1.2 billion refinancing for NorthPark Center in Dallas on Oct. 14, 2025. The loan, led by Wells Fargo with Morgan Stanley and Goldman Sachs, will retire the existing mortgage and use excess proceeds to redeem equity interests, returning full ownership to the Nasher/Haemisegger family.

NorthPark Center is a 1.9 million‑square‑foot Class A++ super‑regional shopping center with >190 tenants, a 98.6% occupancy rate, major anchors and a public museum‑quality art collection; the property marks its 60th anniversary in 2025.

Positive

• $1.2B refinancing arranged with Wells Fargo, Morgan Stanley, Goldman Sachs
• Excess proceeds will redeem equity and return full family ownership
• 1.9M sq ft asset with >190 tenants and 98.6% occupancy

Negative

• Equity redemption will remove outside investor interests, concentrating ownership

Insights

Capital Markets Structuring Specialist

JLL arranged a $1.2 billion refinancing that converts ownership and recapitalizes a high‑performing super‑regional mall.

JLL acted for NorthPark Management Company to secure a $1.2 billion loan led by Wells Fargo with Morgan Stanley and Goldman Sachs, retiring the prior mortgage and using excess proceeds to redeem equity and return full ownership to the Nasher/Haemisegger family. The transaction monetizes built-up value in a 1.9 million-square-foot, 98.6% occupied Class A++ asset with strong anchor tenancy and a unique public art program that supports foot traffic and brand positioning.

The business mechanism is straightforward: debt replaces prior capital and funds an equity recapitalization, which preserves operational continuity while crystallizing liquidity for prior equity holders. Key dependencies and risks include covenant terms, interest rate structure, and loan maturity profile, which determine refinancing flexibility and cashflow pressure; those specifics are not disclosed here. Watch for public disclosure of loan pricing, amortization or maturity timing and any covenants over the next 12–24 months to assess financial leverage and refinancing risk.

Wells Fargo, Morgan Stanley and Goldman Sachs provide financing for NorthPark Center

CHICAGO, Oct. 14, 2025 /PRNewswire/ -- JLL's Capital Markets Group announced today that it has arranged a $1.2 billion refinancing package for NorthPark Center, a Class A++ super-regional shopping center located in Dallas, Texas.

JLL represented the borrower, NorthPark Management Company, owned and controlled by the Nasher/Haemisegger family, in securing a $1.2 billion loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs. The new financing will retire the existing mortgage, with all excess proceeds used to redeem the equity interests in the property and return full ownership back to the family.

Celebrating its 60th anniversary this year, NorthPark Center was originally developed in 1965 and has undergone continuous improvements and expansion. The 1.9 million-square-foot shopping, dining and cultural destination features more than 190 tenants, 75 of which are market exclusives. Major anchors include Neiman Marcus, Nordstrom, Macy's, Dillard's, Eataly and a 15-screen AMC theater. The center boasts an exceptional 98.6% occupancy rate and is recognized as one of the top five shopping destinations in the United States.

NorthPark Center is strategically located at the intersection of Northwest Hwy and US-75 in Dallas, providing exceptional accessibility and visibility, drawing visitors from throughout both the Dallas-Fort Worth metroplex and internationally. The center benefits from its proximity to affluent neighborhoods including Highland Park, University Park and Preston Hollow, as well as major employment in the Dallas market.

NorthPark's collection of internationally acclaimed 20th and 21st century art turns shopping and dining into a world-class cultural experience. Comprised of over 50 works from the Nancy A. Nasher and David J. Haemisegger Collection and many works on loan from the Nasher Sculpture Center, as well as other museums and institutions. NorthPark's rotating collection makes museum-quality art accessible to all. The shopping center's public art program also presents exhibitions throughout the year from partnering artists, museums, universities, galleries and institutions.

JLL Capital Market's Debt Advisory team representing the borrower was led by Managing Director Timothy Joyce, Executive Managing Director Trey Morsbach and Director Matt Maksymec.

"The refinancing of NorthPark Center demonstrates the continued strength of premier retail assets in major markets," commented Joyce. "The property's exceptional performance metrics, strategic location and elevated shopping experience make it one of the most successful shopping centers in the country."

JLL's Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with approximately $1.9 trillion in assets that provides banking, investment and mortgage products and services through more than 7,300 locations, 12,000 ATMs and digital platforms across over 40 countries and territories. Founded in 1852 and headquartered in San Francisco, the company serves one in three households in the United States with approximately 250,000 team members. Wells Fargo was ranked No. 41 on Fortune's 2022 rankings of America's largest corporations.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services to corporations, governments, institutions and individuals through offices in 42 countries. The firm is guided by five core values: do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion and give back.

About Goldman Sachs

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About JLL  

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498  
Email: greta.kieras@jll.com

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SOURCE JLL

FAQ

What did JLL announce about the NorthPark Center refinancing on Oct. 14, 2025 (JLL)?

JLL arranged a $1.2 billion loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs, to refinance NorthPark Center.

How will the $1.2B refinancing affect NorthPark Center ownership (JLL)?

Excess proceeds will be used to redeem equity interests, returning full ownership to the Nasher/Haemisegger family.

What are NorthPark Center's size and occupancy metrics mentioned by JLL?

The center is 1.9 million sq ft with more than 190 tenants and a 98.6% occupancy rate.

Which lenders led the NorthPark Center refinancing arranged by JLL?

The loan was led by Wells Fargo, with Morgan Stanley and Goldman Sachs.

When did NorthPark Center celebrate its 60th anniversary referenced in the announcement?

NorthPark Center marked its 60th anniversary in 2025 (originally developed in 1965).