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

Brookfield Asset Management's retail division, GGP, has secured an $800 million refinancing for the Oakbrook Center, one of the last sizable malls operating in suburban Chicago. The financing is being provided by a consortium consisting of Morgan Stanley, Bank of America, Citibank, Goldman Sachs, and Wells Fargo, as reported by Bisnow.

This loan will settle a prior $700 million CMBS loan on the Oakbrook Center, located at 100 Oakbrook Center, in addition to covering $30 million in early penalty fees. The residual proceeds from the deal will be allocated towards closing expenses, amounting to $5 million, and returning $65 million in equity to the sponsors. The loan carries a five-year interest-only period with an expected interest rate of 5.9%.

At the time of the refinancing in July 2026, the mall boasted an impressive 94% occupancy rate, housing approximately 160 distinct tenants. Oakbrook Center, the second-largest shopping mall in the Chicago metropolitan area, had already demonstrated resilience post-pandemic, with a 2.6 million-square-foot space reporting an 82% occupancy rate in 2020.

High-profile retailers like Macy's, Nordstrom, and Neiman Marcus were among the mall's anchors during the pandemic, which saw a significant rise in e-commerce. The property's success stands in contrast to other mall owners who were forced to surrender their facilities to lenders due to a dramatic drop in foot traffic and the subsequent e-commerce boom.

Oakbrook Center's luxury retail offerings have attracted affluent shoppers from the affluent Oak Brook suburb. In 2025, LANA, a renowned fine jeweler, relocated its flagship from downtown Winnetka to the Oakbrook Center. In 2024, Google chose the shopping mall for its first Midwest retail store, marking the company's fifth such venture at the time.