Skip to content

American Dream Mall Owner Seeks Payment Extension on $1.7 Billion Loan

  • JPMorgan led group of lenders for 2017 construction financing
  • New Jersey mall recently used reserves to pay municipal bond
Water park at the American Dream mall in East Rutherford, New Jersey in 2019.
Water park at the American Dream mall in East Rutherford, New Jersey in 2019.Photographer: Kena Betancur/AFP via Getty Images
Updated on

The owner of the American Dream super-mall in New Jersey is seeking a four-year extension to repay $1.7 billion in construction financing after project holdups and pandemic lockdowns kept shoppers away, according to people with knowledge of the talks.

Triple Five Group, American Dream’s owner, is asking a group of lenders led by JPMorgan Chase & Co. for more time to repay loans made in 2017, said the people, who asked not to be identified because the talks are private. The 2017 debt included a $1.2 billion senior loan and a $475 million mezzanine loan that was supposed to be repaid last year.