Brookfield's GGP Lands $800M CMBS Refinancing for Oakbrook Center Mall

Brookfield Asset Management's retail arm GGP secured an $800 million commercial mortgage-backed securities refinancing for Oakbrook Center, the second-largest mall in the Chicago metro area, the company announced on September 23, 2026. A syndicate of Morgan Stanley, Bank of America, Citibank, Goldman Sachs and Wells Fargo originated the loan, which carries a five-year interest-only term at an assumed rate of 5.9 percent. Proceeds will repay a prior $700 million CMBS loan, cover $30 million in early payoff penalties and $5 million in closing costs, and return $65 million of equity to sponsors. The 2.6 million-square-foot mall was 94 percent leased as of July 2026, up from 82 percent in 2020, with roughly 160 tenants. Oakbrook Center's performance contrasts with many U.S. mall owners that surrendered properties to lenders amid pandemic-era foot traffic declines and rising e-commerce.