Developer of American Dream mega mall strikes deal to avoid foreclosure
Triple Five, the company developing the American Dream mega mall in East Rutherford, has cut a deal with lenders in order to avoid foreclosure.
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The developer fell behind on its $1.9 billion mortgage during the coronavirus pandemic, missing three $7 million payments.
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The mega mall has been closed since March 14, the same week it was scheduled to unveil a wave of new retail and dining offerings.
Only one retail store was open before it closed, in addition to the theme park, ski slope, skating rink and mini golf course.
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Indoor malls in New Jersey were allowed to reopen July 6, but American Dream has not announced any reopening plans.