Brookfield Properties has revived its $2.4 billion refinancing of the Ala Moana Center in Honolulu, signaling that the turbulence caused by recent tariff disputes may finally be easing. The deal, originally set to close in early April with a syndicate of banks led by Morgan Stanley, was abruptly pulled back as US-China trade tensions rattled credit markets and froze new debt activity, according to Cleary Gottlieb, which represented Brookfield affiliates.

Now, with the market showing signs of stabilization as President Trump has walked back some tariffs, Brookfield is moving forward with “opportunistic financing,” a spokesperson told Bloomberg. The revived loan will be structured as a commercial mortgage-backed security split into five tranches, rated from AAA to BBB-, and is expected to pay off an existing CMBS deal while covering closing costs. The loan features an initial two-year term, with three one-year extension options on the $2.4 billion floating-rate facility and will require monthly interest-only payments, according to KBRA.

The Ala Moana Center, once called the most profitable mall in the U.S. and the world’s largest open-air shopping center, remains a major retail destination with a total asset value of $5.74 billion, according to Brookfield. The property includes 2.4 million square feet of retail space and two adjacent office buildings, all situated on a 61.2-acre parcel near downtown Honolulu.