American Dream closes $1.67B construction financing

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SECAUCUS – The Triple Five Group of Cos. Has announced it has obtained the $1.67 billion private construction financing it needs to continue construction of the American Dream project in the Meadowlands, according to local media.
“We are pleased to have worked with JP Morgan and Goldman Sachs on the financing for this transformational project,” Don Ghermezian, CEO and president of American Dream, said. “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.”
The firm had previously scheduled completion for fall 2018. Triple Five said American Dream is now slated to open in March 2019.
Despite the stoppage of construction, American Dream continued its leasing efforts. Kidzania, DreamWorks Water Park, Nickelodeon Universe Theme Park, Cinemex and Legoland Discovery Center have already signed up to be a part of the 3 million-square-foot project.
Triple Five has also owns Mall of America in Minnesota and Edmonton Mall in Canada.