Brookfield to Secure $400M Refi for Boston Retail Center

October 1, 2026

Retail Boston Finance News More Northeast

The deal will close later this month.

Aerial shot of Fashion Place, a 965,000-square-foot retail center in Salt Lake City. — Brookfield Properties’ retail portfolio across the Northeast amounts to more than 10.5 million square feet. *Image courtesy of Yardi Matrix*

Brookfield Properties will soon secure a five-year, fixed-rate $400 million refinancing loan for Natick Mall, a 1.7 million-square-foot retail center in Boston’s Natick suburb, according to a Fitch Ratings report. Bank of America and JPMorgan Chase Bank will co-originate the financing, while Midland Loan Services Inc. will serve as servicer and special servicer. The deal is scheduled to close on Oct. 22, 2026.

The interest-only mortgage loan, together with $37.2 million in sponsor equity, will retire the property’s $430 million existing debt and cover $2.2 million in outstanding landlord obligations and $6 million in closing costs. General Growth Partners—in which Brookfield Properties acquired the remaining majority stake in 2018—together with New York State Common Retirement Fund, are the sponsors of the mortgage loan.

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Brookfield Properties’ retail portfolio across the Northeast comprises 17 assets, amounting to more than 10.5 million square feet, according to Yardi Matrix data. Earlier this year, Brookfield secured a $435 million mortgage loan for Tysons Galleria, a 740,847-square-foot regional mall in McLean, Va. Bank of America was one of the three loan originators.

A closer look at Natick Mall

Originally opened in 1966 as the first enclosed shopping mall in Greater Boston, Natick Mall was demolished in the 1990s and rebuilt as a two-story regional retail center that reopened in 1994. The ownership invested an additional $500 million from 2007 to 2009 to expand the property by 550,000 square feet. Between 2018 and 2019, the shopping center underwent several improvement programs amounting to nearly $121 million.

Natick Mall is anchored by Macy’s, Nordstrom and Bosse, featuring a 180-tenant roster with a weighted average remaining lease term of 11.6 years. As of August 2026, the retail property was 93.9 leased. Located at 1235 Worcester St., Natick Mall is 20 miles west of downtown Boston, just off Massachusetts State Route 9 and in proximity to Interstate 90.