American Dream Owners Default on $1.2 Billion Construction Loan

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American Dream Meadowlands Design 2
American Dream, East Rutherford. Rendering credit: Triple Five.

The saga of New Jersey’s largest mall has added another tough chapter to its story as the company behind the project will soon be giving up partial control at other properties they own after falling behind on loan payments.


Triple Five, a Canadian company that owns several prominent retail destinations including Minnesota’s Mall of America, has defaulted on a $1.2 billion construction loan they undertook to build East Rutherford’s American Dream complex. The holders of the loan include several financial heavyweights like JP Morgan, Goldman Sachs, Starwood Capital, CIM Group, Soros Fund Management, Wafra, and iStar.

According to reporting from The Financial Times, the lenders are in the final stages of taking a 49% stake in two other malls owned by developer Triple Five that were used as collateral for American Dream. The lenders will be getting a stake in the Mall of America and Alberta’s West Edmonton Mall.

Under the deal, 49% of profits from those facilities would go to the American Dream lenders once the mall returns to profitability. Those terms will remain in place until such time that collateral is released, and the process is expected to be finalized sometime this month.

American Dream Meadowlands New Jersey Opening
Rendering credit: Triple Five

One of the largest entertainment complexes in the country, the 3.3-million-square-foot American Dream has not caught many breaks since first breaking ground in 2003. Once called “the ugliest damn building in New Jersey and maybe America” by former Governor Chris Christie, the facility endured years of delays, several ownership changes, and a major revamp from its initial panned façade.

The COVID-19 pandemic saw the mall shuttered for over six months, a time during which several construction companies filed over $41 million in liens against Triple Five over allegedly unpaid work at American Dream. The complex, which intended to feature over 450 stores, still has large portions that are vacant.

American Dream Meadowlands Interior Renderings Opening DateOn the flip side, the facility’s Big Snow indoor ski park restarted operations last September and the entire mall, which houses about 130 stores, reopened in October. Both a DreamWorks Waterpark and Nickelodeon Universe launched shortly thereafter and two new attractions, a Sea Life Aquarium and Legoland Discovery Center, are slated to make their debut on May 4.

Inside Big Snow American Dream New Jersey
Managing the snow. Photo courtesy of Big SNOW.

Triple Five also defaulted on its Mall of America mortgage amid COVID-19 but avoided foreclosure during the summer months and has since brought their account current.

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12 COMMENTS

  1. New Jersey state and private money pit in the Secaucus Meadowlands has been a ridiculous boondoggle since ground broke on the arenas nearby: more than 50 years now. Building an enclave unreachable by mass transit to compete with NYC as a draw was done cleverly to make sure that minorities could not readily access nor benefit from the development. It has been a racist project from the very beginning. As such, it deserves to fail and all that supported it deserve to write down their losses. This money should have gone to construction in Newark and Jersey City and Paterson where real and lasting good could have been created. The internet stores will seal the fate of the remaining mall-bound retail business plans.

  2. How can a building project be racist? I have been to Secaucus several times from NY and vice versa, and transportation is fairly easy. I am neither black nor white, and observe what is going on in America. You scream racism at the most ridiculous things. Even a virus is racist. Next you will say the trees are racist. I’m so sick of hearing about it. No one’s life should matter over another’s. And isn’t it just as racist to try to force everything to cater to the black community, instead of everyone?

  3. NJ is owned and destroyed by Democrats and their owners the Public Unions!
    Get out while you can!
    Property Taxes are 10% of GROSS HOUSEHOLD INCOME…that is before any other taxes!
    NJ is a Sanctuary States filled with Illegals driving down wages!
    Yep…keep voting democrat for complete RUIN! I enjoy see all the unpainted houses in the North, West and South so public employees can retire in their 50’s or on $80k Pensions for 40+ YEARS

  4. Peter this place is actually easily accessible. First of all, the 85 bus stops there. There’s several buses that go to the Meadowlands racetrack and the mall is right there. There is a bus from Port Authority Bus Terminal, no two buses. Plus nj transit trains stop there too. There’s a path between the mall and Metlife stadium. It has never been easier to get out there. Do some research.

  5. NJ IS DESTROYED BY DEMOCRAT???? ARE YOU STUPID OR YOU JUST AS A MORAN AS YOUR PREVIOUS PRESIDENT… THE MOST RACIST…THE MOST NARCISTIC PERSON EVER AND SICK MENTALLY PERSON ALIVE WITH MONEY… THE MAIN REASON YOU ALL LOVE THIS SICK GUY IS SIMPLE THAT YOU ARE ALL AS SICK AS HE IS, EVERYONE AROUND HIM ARE CRIMINALS (ALL WHITE MEN) EVERYONE TURN A BLIND EYE TO THAT AND MAKE EXCUSES FOR HIM WHICH MEAN THEY ARE THE SAME… LIARS ….LIARS AND CRIMINALS. THAT THE REPUBLICANS. THEY HAVE TO LIE AND MAKE VOTING HARDER TO TRY TO WIN ELECTIONS. YOU TALKING BOUT ILLEGALS CRIMINALS IN NJ… IM SURE YOU MOVING TO FLORIDA…IMMIGRANTS AND SLAVERY BUILD THIS COUNTRY. HEAR ME….IMMIGRANTS AND SLAVERY BUILD THIS COUNTRY FOR THE WHITE PEOPLE TODAY STILL HAVE THE WEALTH WHICH PASS ON BY THE SLAVE TRADE THEN YOU TURN AROUND AND SCORN IMMIGRANTS… WE ARE ALL IMMIGRANTS. GET EDUCATED AND STUDY HISTORY. MOST PEOPLE CRY RACIST BECAUSE ITS ALWAYS IN THE FINE PRINTS….I HAVE WORKED WITH RACIST PEOPLE AND PRETEND I DONT SEE AND HEAR WHAT THEY ARE DOING AND SAYING SO I CAN LEARN MORE OF THESE PEOPLE WHO THEY REALLY ARE

  6. @james don’t forget the republican chris christy the whale who was a complete flop who left office with lower approval rating than the orange clown.

    These Republitards love to scream foul when a democratic looks the wrong war, meanwhile they sat and made excuse as that orange lunatic almost took the country down. They’re a joke at this point which is why they got manhandled during the elections.

  7. James, you owe an apology to everybody named MORAN; it is the 56th most popular name in Ireland, and there are 92,780 people named MORAN in the United States.

    John A. L. Moran

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