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American Dream Bondholders Move to Challenge Mall’s Tax Appeals

  • Payments on $800 million of muni debt linked to assessed value
  • Nuveen is biggest holder of American Dream’s muni bonds
A view outside of part of the American Dream mega mall and entertainment complex in East Rutherford, N.J.
A view outside of part of the American Dream mega mall and entertainment complex in East Rutherford, N.J.

Photographer: Timothy A. Clary/AFP/Getty Images

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American Dream, the super mall in New Jersey’s Meadowlands, has appealed its tax assessment from the borough of East Rutherford for the last four years.

Mutual funds that hold the vast majority of the $800 million of municipal bonds that were issued for the mall and that are backed by property-tax-like payments are pushing back.