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American Dream Mall Drains Reserves to Pay Muni Bonds

  • Complex draws $9.3 million from reserve fund to service debt
  • Struggling super mall was 77% leased as of Jan. 1: filing
Updated on

American Dream, the $5 billion super mall in New Jersey’s Meadowlands, drained a reserve fund to make a bond payment as it struggles to attract shoppers and tenants with the pandemic set to begin its third year.

The 3.5-million-square-foot shopping and entertainment complex, which features an indoor ski slope, amusement park and water park, nearly emptied a reserve account to make a $9.3 million payment due Tuesday on about $290 million of debt supported by sales tax receipts, according to a securities filing. About $820 is left in the reserve fund, the filing said. It’s not clear whether American Dream will make its next payment on the securities, due Aug. 1.