NorthPark Center has undergone some ownership changes \u2014 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.<\/p>\n
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.<\/p>\n
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\u2019s been a key part of the local retail landscape since the 1960s, after the efforts of developer Raymond Nasher.<\/p>\n
In 1995, Nasher sold his stake in NorthPark Center to his daughter, Nancy Nasher, and her husband, David Haemisegger, according to its website.<\/p>\n
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\u2019s equity interest for $570 million, among other things, Fitch said.<\/p>\n
Related<\/p>\n
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\u2019s 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.<\/p>\n
Q: Who are the new owners of NorthPark Center?<\/p>\n
A: Nancy Nasher and David Haemisegger are the new sole owners of NorthPark Center.<\/p>\n
Q: What was the financing package used for?<\/p>\n
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\u2019s equity interest for $570 million.<\/p>\n
Q: What is the significance of NorthPark Center in the Dallas retail landscape?<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
NorthPark Center’s New Ownership NorthPark Center has undergone some ownership changes \u2014 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. […]<\/p>\n","protected":false},"author":12,"featured_media":14005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-14003","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-shopping"},"jetpack_featured_media_url":"https:\/\/dmn-dallas-news-prod.cdn.arcpublishing.com\/resizer\/v2\/MHC7AMWINNFADCFEVW3SW2F72M.jpg?auth=a58d5f14d94a2e8741fc9a7e2112081c9a86c8727b4cc13c97daac37c4775bde&quality=80&width=1200&height=630&smart=true","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/posts\/14003"}],"collection":[{"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/comments?post=14003"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/posts\/14003\/revisions"}],"predecessor-version":[{"id":14006,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/posts\/14003\/revisions\/14006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/media\/14005"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/media?parent=14003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/categories?post=14003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/dallas\/wp-json\/wp\/v2\/tags?post=14003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}