Bankers are reportedly set to take a minority stake in the two largest malls in North America after their owner defaulted on its massive, 3.3 million-sq.-ft. retail and entertainment development in New Jersey.
J.P. Morgan Chase, Goldman Sachs and a group of real estate investors are set to take a 49% equity stake in Triple Five Group’s Mall of America and West Edmonton Mall, reported Women’s Wear Daily. (The Financial Timesreported the news earlier.) The developer had put up 49% stakes in the two huge malls as collateral to secure a $1.2 billion construction loan for American Dream, which is located in East Rutherford, N.J.
After long years of delay, changes in ownership and cash problems, American Dream opened several of its attractions, including the indoor Big Snow Ski and Snowboard Park, in December 2019, with some of the retail component expected to open in March 2020. But the COVID-19 pandemic put the brakes on its plans.