JLL arranges $1.2B refinancing of iconic Dallas shopping destination

CHICAGO, Oct. 14, 2025 –  JLL’s Capital Markets Group announced today that it has arranged a $1.2 billion refinancing package for NorthPark Center, a Class A++ super-regional shopping center located in Dallas, Texas.

JLL represented the borrower, NorthPark Management Company, owned and controlled by the Nasher/Haemisegger family, in securing a $1.2 billion loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs. The new financing will retire the existing mortgage, with all excess proceeds used to redeem the equity interests in the property and return full ownership back to the family.

Celebrating its 60th anniversary this year, NorthPark Center was originally developed in 1965 and has undergone continuous improvements and expansion. The 1.9 million-square-foot shopping, dining and cultural destination features more than 190 tenants, 75 of which are market exclusives. Major anchors include Neiman Marcus, Nordstrom, Macy's, Dillard's, Eataly and a 15-screen AMC theater. The center boasts an exceptional 98.6% occupancy rate and is recognized as one of the top five shopping destinations in the United States.

NorthPark Center is strategically located at the intersection of Northwest Hwy and US-75 in Dallas, providing exceptional accessibility and visibility, drawing visitors from throughout both the Dallas-Fort Worth metroplex and internationally. The center benefits from its proximity to affluent neighborhoods including Highland Park, University Park and Preston Hollow, as well as major employment in the Dallas market.

NorthPark’s collection of internationally acclaimed 20th and 21st century art turns shopping and dining into a world-class cultural experience. Comprised of over 50 works from the Nancy A. Nasher and David J. Haemisegger Collection and many works on loan from the Nasher Sculpture Center, as well as other museums and institutions. NorthPark’s rotating collection makes museum-quality art accessible to all. The shopping center’s public art program also presents exhibitions throughout the year from partnering artists, museums, universities, galleries and institutions.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Timothy Joyce, Executive Managing Director Trey Morsbach and Director Matt Maksymec.

"The refinancing of NorthPark Center demonstrates the continued strength of premier retail assets in major markets," commented Joyce. "The property's exceptional performance metrics, strategic location and elevated shopping experience make it one of the most successful shopping centers in the country."

JLL’s Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with approximately $1.9 trillion in assets that provides banking, investment and mortgage products and services through more than 7,300 locations, 12,000 ATMs and digital platforms across over 40 countries and territories. Founded in 1852 and headquartered in San Francisco, the company serves one in three households in the United States with approximately 250,000 team members. Wells Fargo was ranked No. 41 on Fortune's 2022 rankings of America's largest corporations.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services to corporations, governments, institutions and individuals through offices in 42 countries. The firm is guided by five core values: do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion and give back.

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.