American Dream misses payment on $8.8 million loan
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The Canadian real estate conglomerate Triple Five Group, a specialist in the development of shopping centers and amusement parks, missed an $8.8 million payment over debt tied to American Dream, its experience-rich mall near Meadowlands in New Jersey, according to a notice to bondholders from U.S. Bank Trust Co.
The payment was due August 1 and there are insufficient funds in the reserve account previously used to make payments on the $287 million debt, according to the notice. The balance of this account is $862.12.
Neither Triple Five Group nor American Dream immediately responded to requests for comment.
Overview of the dive:
“Dream” just isn’t the word for this 3 million square foot retail project, which took years to get off the ground and was stalled by the pandemic almost immediately after it finally did. .
His troubles are ongoing. Last year, Triple Five put up shares in Mall of America and other assets as collateral after it defaulted on American Dream’s debt. In total, in 2021, the mall lost $60 million.
This year, American Dream also nearly missed another bond payment. The company submitted a late payment of $13.9 million on June 15, but remained in default until the company paid $315,000 in overdue interest that had accrued, according to reports. other letters to US Bank bondholders.
The nightmare was not only financial. This year, its “Big Snow” indoor ski slope finally reopened, months after a major fire forced it to close just as people ventured outside for fun thanks to vaccines.
The mall continues though. Through August 25, American Dream is hosting a series of events, including back-to-school celebrations, dubbed “The Anti-Bummer, End-of-Summer Bash,” involving retailers and its top attractions.