NorthPark Center’s New Ownership
NorthPark Center has undergone some ownership changes — and returned to its roots. Nancy Nasher and David Haemisegger, the longtime couple behind the high-profile shopping hub, are now the sole owners of the mall, as of last week. They will continue to manage NorthPark Center, general manager, said in a statement.
J.P. Morgan, which had taken a 60% stake in NorthPark about a decade ago, is no longer a partial owner. The shift in ownership came amid a financing package of $900 million from parties that include Wells Fargo Bank, Morgan Stanley and Goldman Sachs, according to a note by Fitch Ratings. As part of the deal, the family is buying out the equity interest of Strategic Property Fund, a core U.S. real estate fund sponsored by J.P. Morgan Asset Management.
About NorthPark Center
NorthPark is one of the premier shopping hubs in the Dallas area, if not far beyond the region. The roughly 2 million square-foot mall has such tenants as include Neiman Marcus, Nordstrom, Prada and Givenchy. It’s been a key part of the local retail landscape since the 1960s, after the efforts of developer Raymond Nasher.
In 1995, Nasher sold his stake in NorthPark Center to his daughter, Nancy Nasher, and her husband, David Haemisegger, according to its website.
Financing Package
With the financing package, loan proceeds, mezzanine debts and sponsor equity were used to refinance $650 million of existing debt secured by the property and buy out J.P. Morgan Asset Management’s equity interest for $570 million, among other things, Fitch said.
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Conclusion
In conclusion, NorthPark Center has undergone a significant change in ownership, with Nancy Nasher and David Haemisegger becoming the sole owners of the mall. The financing package of $900 million has enabled the family to buy out J.P. Morgan Asset Management’s equity interest and refinance existing debt. This change in ownership is expected to have a positive impact on the mall and its tenants, and will likely lead to continued growth and development in the Dallas retail landscape.
FAQs
Q: Who are the new owners of NorthPark Center?
A: Nancy Nasher and David Haemisegger are the new sole owners of NorthPark Center.
Q: What was the financing package used for?
A: The financing package of $900 million was used to refinance $650 million of existing debt secured by the property and buy out J.P. Morgan Asset Management’s equity interest for $570 million.
Q: What is the significance of NorthPark Center in the Dallas retail landscape?
A: NorthPark Center is one of the premier shopping hubs in the Dallas area, with a wide range of tenants including Neiman Marcus, Nordstrom, Prada and Givenchy. It has been a key part of the local retail landscape since the 1960s.
