Retail

American Dream owners defaulted, lenders getting stake in other malls: Report

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American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. Then came the coronoavirus pandemic.

Timothy A. Clary | AFP | Getty Images

Lenders that back the American Dream megamall in New Jersey are nearing taking a 49% stake in two other malls that are owned by the developers, Triple Five Group, according to a report in the Financial Times.

Triple Five used the other retail properties as collateral for its $1.2 billion construction loan at American Dream, which still is not fully open after years of on-and-off construction and multiple owners.

The loan that was defaulted on is held by J.P. Morgan,…



Source cnbc.com

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