The Wall Street Journal reported Triple Five Group, the owner of New Jersey’s American Dream Mall, still under construction, has pledged Minnesota’s Mall of America as collateral to its lender group, which includes JPMorgan.
According to the Journal, Triple Five has pledged 49% interest in Mall of America and West Edmonton Mall in Canada as collateral to secure a $1.67 billion construction loan for the East Rutherford, NJ project, which is scheduled to open on October 25.
The Dream Mall, originally dubbed Xanadu, has been in development since 2003 added the Journal.
