Wells Fargo, Morgan Stanley, Goldman Sachs Provide $1.2B CMBS Loan on Dallas Mall
The nearly 2M-SF NorthPark Center has 98.6% occupancy and $1.4 billion in annual sales
By Brian Pascus October 15, 2025 1:30 pm
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Who says retail is dead?
NorthPark Management has secured a $1.2 billion commercial mortgage-backed securities (CMBS) loan to refinance NorthPark Center, a 1.9 million-square-foot regional shopping center in Dallas.
Wells Fargo, along with Morgan Stanley and Goldman Sachs originated the single-asset, single-borrower CMBS loan — listed as NRTH Commercial Mortgage Trust 2025-PARK — with the loan tranches broken down as follows: $664.5 million as Class A debt; $111.8 million as Class A debt; $78.7 million as Class C debt; and $45 million as Class HRR (horizontal risk retention) debt.
Wells Fargo will supply 50 percent of the debt, while Morgan Stanley and Goldman Sachs will each provide 25 percent.
KeyBank will serve as the servicer on the loan, while CWCapital Asset Management will serve as the special servicer.
The entire property has an appraised value of $1.62 billion, according to DBRS Morningstar.
The JLL Capital Markets team of Timothy Joyce, Trey Morsbach and Matt Maksymec arranged the financing. The new CMBS loan will retire the existing mortgage, and use the remaining proceeds to redeem equity on the property and return the ownership of NorthPark Center to the families of Nancy A. Nasher and David J. Haemisegger, according to JLL.
In a statement announcing the loan, JLL’s Joyce described NorthPark Center as “one of the most successful shopping centers in the country,” and said the property has recently demonstrated “exceptional performance metrics” due to its strategic location and diverse and varied shopping experience.
“The refinancing of NorthPark Center demonstrates the continued strength of premier retail assets in major markets,” Joyce said.
Located at 8687 North Central Expressway in Dallas, NorthPark Center opened in 1965 under the guidance of Raymond Nasher and has undergone multiple renovations and improvements over its 60-year run. Today the mall boasts a 98.6 percent occupancy and features nearly 200 tenants, including Neiman Marcus, Nordstrom, Macy’s, Dillard’s, Eataly and a 15-screen AMC theater.
NorthPark Center sales exceeded $1.4 billion in 2024, and are expected to top $1.5 billion in 2025. The mall has reached at least $1 billion in annual sales every year since 2015, with the pandemic year of 2020 being the only year that it failed to reach that standard due to mandated closings, according to DBRS.
Brian Pascus can be reached at bpascus@commercialobserver.com.
