Brookfield Properties Retail, CBRE Investment Management Secure $215M Refi
The refinancing will help pay for a $45 million renovation of The Parks Mall at Arlington
By Brian Pascus February 14, 2025 10:38 am
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One of Texas’ biggest malls just got refinanced as it undergoes its first renovation in more than 20 years.
Brookfield Properties Retail and CBRE (CBRE) Investment Management have secured a $215 million refinancing for The Parks Mall at Arlington, a 1.5 million-square-foot regional mall just north of Interstate 20 between Dallas and Fort Worth, Commercial Observer has learned.
Nuveen Real Estate provided a $165 million senior mortgage loan in the deal, while Torchlight Investors provided a $50 million mezzanine loan on a refinancing package that carries a four-year, fixed-rate term.
CBRE’s Tom Rugg, Tom Traynor, Adam Spengler and Henry Fenmore arranged the transaction.
The Parks Mall at Arlington opened in 1988, underwent a renovation in 1996, and expanded in 2002. Brookfield is presently in the middle of a $45 million renovation of the mall, which will convert an 82,000-square-foot space used by Dick’s Sporting Goods into retail and dining, while relocating Dick’s into a new 120,000-square-foot space that will include experiential retail, according to Forth Worth Culture Map.
Current tenants at the mall include Dillard’s, Macy’s, JCPenney, Nordstrom Rack, Sephora, and Barnes & Noble. Sears served as an anchor tenant at the mall from 1988 until its bankruptcy in 2019.
The mall carries an A- rating from Green Street.
“The latest successful refinancing, this at The Parks Mall at Arlington, showcases yet again the strength of our portfolio,” said Kevin McCrain, head of North American retail and office, Brookfield Real Estate.
Brian Pascus can be reached at bpascus@commercialobserver.com
