Triple Five, the developer of American Dream and owner of the Mall of America, is now up to date on mortgage payments for the Minnesota mall.
The Canadian developer fell behind on its $1.4 billion mortgage during the coronavirus shutdown. It missed Three Payments of $7 million on the Mall of America between April and June.
Triple Five then hit a deal with lenders in August to avoid a foreclosure that included reporting requirements and the monthly installment of net money. The account was updated in December, the Star Tribune reported.
“In the face of this unprecedented economic time, we immediately began working with our lending partners to resolve the cash flow issues created by this loss of revenue,” Mall of America said in a statement. “We are pleased that we were able to resolve the outstanding issues to the satisfaction of all parties involved, which included an amendment to the terms of the loan.”
The Mall of America was used as collateral when Triple Five secured $2.8 billion in funding for American Dream, intertwining the two properties.
Triple Five used a 49% stake in the Mall of America and 49% of its other major mall, the Edmonton West Mall, according to loan documentsto secure cash in 2017 for its reboot of the New Jersey development that brought with it an indoor theme park and water park, among other changes to the stalled development formerly known as Xanadu.
triple five resumed the old Xanadu project after two developers before it went bankrupt. It has incurred several missed construction delays and permit delays and partially open in October 2019. In its first three monthsit saw around 800,000 visitors.
American dream reopened in October 2020 after its own pandemic shutdown of more than six months.
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Allison Pries can be reached at [email protected].