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IPFS News Link • Business/ Commerce

American Dream Megamall Has Just $820 In Its Reserve Account After...

• https://www.zerohedge.com, by Tyler Durden

New Jersey's massive "American Dream" megamall looks as though it's officially mega-broke. 

It has just $820 (numbers not in thousands) in its reserve fund and it's now "unclear" whether or not the mall's owners will be able to make their next interest payment on about $290 million of debt, according to CNBC. The mall just made an interest payment of $9.3 million but has another interest payment slated for August of this year. 

The mall is planning on opening more than 100 new retail, entertain and restaurant shops this year, a spokesperson for the mall said. The complex is about 3 million square feet and sits on about 90 acres. It charges about $115 for day passes to its water park and about $80 for day passes to its indoor ski slope (every mall needs one).

But bond servicer Trimont Real Estate Advisors said this week that the mall wasn't offering mandatory updates on project expenses and performance, the report says. They wrote in a January 18 letter to the mall: "While everyone appreciates the difficulties posed by the pandemic, and the likelihood that grant revenue received now may not be sufficient to fully pay the bonds, that does not relieve the developer from responsibility to comply with its obligations under the various agreements."


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