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American Dream Lenders Likely to Seize Share of Other Mega Malls

  • Cash flow problems at New Jersey complex straining finances
  • Mall of America stake was used to secure loan for construction
Shoppers at the Mall of America in Bloomington, Minnesota, in June 10, 2020.
Shoppers at the Mall of America in Bloomington, Minnesota, in June 10, 2020.Photographer: Emilie Richardson/Bloomberg

The owners of New Jersey’s American Dream project are likely to lose almost half their stakes in two other mega malls used as collateral to finance the $5 billion shopping and entertainment center.

With American Dream struggling through a cash flow crisis, lenders are likely to take 49% of the West Edmonton Mall in Canada and Minnesota’s Mall of America, according to Kurt Hagen, an executive at Triple Five Worldwide, the Ghermezian family company that owns the three malls.