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.

News 12 Staff

Aug 21, 2020, 11:36 AM

Updated 1,338 days ago

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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.
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.
Indoor malls in New Jersey were allowed to reopen July 6, but American Dream has not announced any reopening plans.


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