Mega-mall developer reportedly misses third mortgage payment on Mall of America
Triple Five Group is navigating some tough times.
The Canadian mall developer failed to pay its roughly $7 million payment for June on a $1.4 billion mortgage on Mall of America, reported NJ.com, which cited a report by Bloomberg. The mall was used as collateral when Triple Five secured $2.8 billion in financing for American Dream, the long-delayed, 70-acre entertainment/retail center in East Rutheford, N.J., the report said.
American Dream opened a few attractions, including the Nickelodeon Universe theme park, an ice-skating rink and the first-ever U.S. indoor ski slope, before the pandemic struck and it had to go dark.
“American Dream is working with its tenants and operational partners to reopen safely and quickly,” a spokesperson for the mall said in the report.