Brookfield subsidiary GGP is preparing a $400 million refinancing of Natick Mall in Massachusetts, with closing scheduled for October 22, according to Bisnow's September 30 report citing Fitch Ratings. The Real Deal reported the pending transaction October 1.
Bank of America and JPMorgan Chase are originating the five-year, fixed-rate loan, Bisnow reported. It would be securitized through commercial mortgage-backed securities, with Midland Loan Services handling servicing.
Fitch's September 29 presale announcement, distributed by MarketScreener, describes an interest-only mortgage backed by approximately 1.24 million square feet of the 1.7 million-square-foot mall. The sponsors are General Growth Partners and the New York State Common Retirement Fund.
The new loan, together with an estimated $37.2 million in sponsor equity, would refinance $430 million in existing debt. Fitch also lists approximately $2.2 million in outstanding landlord obligations and $6 million in estimated closing costs. Its announcement says the loan has not yet closed.
The refinancing follows an extension secured in March 2025 that moved the previous loan's maturity to November 2026, according to Bisnow. The outlet reported that leasing had risen to 91.7% from 82.4% in 2022, while net cash flow increased to $45.5 million from $35.3 million over that period.
The Real Deal reported that the earlier $505 million loan had been placed on a watchlist and moved to special servicing in 2024 after Wegmans closed its 134,000-square-foot grocery store. That earlier loan amount differs from the $430 million outstanding debt identified in Fitch's current refinancing summary.
Changes to former department-store space form part of the mall's leasing recovery. The Real Deal reported that Raymour & Flanigan opened a 110,000-square-foot store in March. A pickleball and entertainment venue opened in late 2024 in separately owned space that is outside the loan collateral.
Bisnow also reported that GGP redeveloped the former Sears space for several tenants, including Dave & Buster's and Level99, extending the mix of entertainment uses within the shopping center.
Wegmans continued paying rent after closing its store, according to The Real Deal, and brought in T Market to sublease 75,000 square feet this year.
GGP lists the mall at 1245 Worcester Street in Natick and describes more than 180 retailers. Its property page identifies entertainment tenants including Level99 and Dave & Buster's, alongside stores such as Nordstrom and Apple.
Updated October 2: This article has been expanded with additional sourced context.
Sources:
https://www.marketscreener.com/news/fitch-to-rate-ggp-trust-2026-nm-presale-issued-ce785adddc80f223