American Dream secures a four-year extension on its financing

The giant New Jersey retail and entertainment center that encountered capitalization challenges throughout its decade-long redevelopment has gotten a restart.

Triple Five announced that its American Dream mega-center has secured a four-year extension on its financing from a group led by JPMorgan, allowing it to continue trend-setting retail center activations such as presenting Live Nation! events and hosting a professional hockey team.

“We are pleased that our lenders, led by JP Morgan, share in our vision and recognize Triple Five and American Dream’s successful and impactful contribution to the global retail and entertainment landscape,” said American Dream CEO Don Ghermezian. “Our flagship retail stores, celebrity events, and one-of-a-kind attractions will further solidify our position as revolutionaries in the industry.”

Ghermezian’s plan to make his theme-park-cum-retail-coliseum a media center was realized on Labor Day, when YouTube superstar MrBeast drew more than 100,000 people from across the United States to the opening of his MrBeast Burger restaurant.

The crowd was 32% larger than the previous daily high set at American Dream, according to a scan performed by traffic-data tracker Placer.ai.

Just this past August, Triple Five missed a $290 million debt payment to U.S. Bank Trust Co.