Brookfield’s GGP scores $800M CMBS refi for Oakbrook Center

Brookfield Asset Management's retail arm GGP is locking in an $800 million commercial mortgage-backed security refinancing for one of the last large, functioning malls in suburban Chicago.

A syndicate comprising Morgan Stanley, Bank of America, Citibank, Goldman Sachs and Wells Fargo are reportedly the originators and sellers of the $800 million loan, according to Bisnow. The CMBS loan is set to repay a previous $700 million CMBS loan tied to the Oakbrook Center at 100 Oakbrook Center in the suburb of Oak Brook, as well as pay off $30 million in early payoff penalties. The remainder of the cash will go to closing costs at $5 million and return $65 million of equity to the sponsors, according to the outlet.

The loan has a five-year interest-only term, and has an assumed rate of 5.9 percent. In July 2026, the mall was 94 percent leased with around 160 unique tenants, according to the outlet. Oakbrook Center is the second-largest shopping mall in the Chicago metro and not only came out of the pandemic alive, but thriving.

In 2020, previous reporting from The Real Deal noted that the 2.6 million-square-foot mall was 82 percent leased. Macy's, Nordstrom and Neiman Marcus anchored the mall during the height of the pandemic.

Also in 2020, Morgan Stanley provided the property with another $475 million refinancing package. Securing refinancing proved a success compared to other mall owners across the nation who were kicking the keys back to lenders, due to a sharp decline in foot traffic and a pandemic-era rise in e-commerce.

Oakbrook Center is noted for its luxury stores, meant to attract affluent shoppers from the wealthy Oak Brook suburb. In 2025, LANA, a fine jeweler, moved its flagship location in downtown Winnetka to the Oakbrook Center. In 2024, Google selected the shopping mall for its first Midwest retail storefront, a 3,500-square-foot brick-and-mortar location that was only the tech giant's fifth of its kind at the time.

— Hunter Cooke

Read more

• Fine jeweler LANA moving flagship to Brookfield's Oakbrook Center

• Brookfield lands $475M refi on Oakbrook Center

• Here's what tenants are paying at Brookfield's Oakbrook Center mall

This article originally appeared on The Real Deal. Click here to read the full story.