American Dream closes $1.67 billion construction financing

By

Obi Anyanwu

Published
May 29, 2017

American Dream, the Triple Five Group of Companies’ mall development, this month closed on its $1.67 billion private construction financing.
 

The Bergen County, NJ multi-million square foot entertainment, dining and shopping destination is slated to open in March 2019 and will house retailers and brands such as Saks Fifth Avenue and Hermès, as well as a DreamWorks Water Park, Nickelodeon Universe Theme Park, a Cirque Du Soleil theater, and NHL-size ice rink among others.
 
"We are pleased to have worked with J.P. Morgan and Goldman Sachs on the financing for this transformational project,” said Don Ghermezian, President & CEO, American Dream. “The construction loan paves the way for the completion of American Dream and allows us to aggressively move forward with the construction and opening of the project,"

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Ghermezian added that the American Dream mall will "establish the new standard, and redefine the retail and entertainment experience in the US and across the world."
 
Triple Five Group took over the New Jersey mall development on July 31, 2013, after a series of ownership changes that date back to 2002. Construction on the American Dream resumed in April.
 
The Canadian shopping mall owner and operator is also developing an American Dream mall in Miami, which is expected to open in 2020.