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Brookfield GGP to refinance Oakbrook Center with $800M CMBS loan
The CMBS refi will repay an existing $700M loan, cover $30M in early payoff penalties and $5M in closing costs, and return about $65M of equity to sponsors.
Affiliates of Brookfield’s GGP are set to close on a refinancing for Oakbrook Center, a Class-A mall in Oak Brook, Illinois, with an $800 million commercial mortgage-backed securities loan, according to a presale report from S&P Global cited by Bisnow.
The CMBS deal will repay a prior $700 million CMBS loan tied to the property, pay $30 million in early payoff penalties and $5 million in closing costs, and return about $65 million of equity to the sponsors. The loan has a five-year term and is interest-only for the entire term, with an assumed interest rate of 5.9%, and the transaction is expected to close on or around October 8.
The presale report said Oakbrook Center drew about 14.5 million visitors over the past year, based on Placer.AI data, and it was described as among the most-visited malls in the U.S. It also cited trailing 12-month property sales of more than $1.2 billion ending May 2026, up 81.0% from $673 million in 2019.
GGP CEO Kevin McCrain said in May that in his view it is the best center in the country, noting the mall does more than $1,500 per square foot in sales. The report also stated that since 2015, sponsorship including GGP and Institutional Mall Investors has invested more than $374 million in capital expenditures and redevelopment projects, and as of July 2026 the mall was 94.1% leased with more than 160 distinct tenants.