American Dream Mall Draws on Reserves to Make Bond Payment
- Complex drew $9.3 million from reserve fund to service debt
- Coronavirus outbreak delayed American Dream’s opening
Dream Works Water park at the American Dream mall in East Rutherford, New Jersey.
Photographer: Kena Betancur/AFP/Getty ImagesThis article is for subscribers only.
American Dream, a $5 billion super mall in New Jersey’s Meadowlands, had to tap into a reserve fund to make a bond payment as it copes with a cash flow crisis exacerbated by the coronavirus.
The 3.3 million-square-foot behemoth, which features an indoor ski slope, amusement park and water park, used the reserves to make a $9.3 million Aug. 2 payment on about $290 million of debt, according to a securities filing. American Dream has about $9.3 million left in the fund, enough to make its next debt payment on Feb. 1.