American dream megamall's lenders reportedly will take stake in its owner's other properties following default

American Dream megamall and entertainment complex in East Rutherford, N.J., seen on Oct. 25, 2019. Timothy A. Clary | AFP | Getty Images Lenders that back the American Dream megamall in New

Jersey are nearing taking a 49% stake in two other malls that are owned by the developers, Triple Five Group, according to a report in the Financial Times. Triple Five used the other retail

properties as collateral for its $1.2 billion construction loan at American Dream, which still is not fully open after years of on-and-off construction and multiple owners. The loan that was

defaulted on is held by J.P. Morgan, Goldman Sachs, Starwood Capital, CIM Group, Soros Fund Management, Wafra and iStar, according to the report in the FT, which cited people familiar with

the matter. The restructuring is expected to close soon, it said, though the process could still be delayed. A representative from Triple Five declined to comment. Triple Five previously

during the Covid pandemic defaulted on its $1.4 billion Mall of America mortgage, missing months of payments. It was struggling to pay its bills when tenants including retailers and

restaurants weren't paying their rent on time. It recently reached a deal with lenders, however, to avoid foreclosure of the property and the loan was made current as of December. The

health crisis brought a whole new range of obstacles to the American Dream megamall, which has been decades in the making. On March 16, 2020 — just three days ahead of the grand opening of

dozens of retail stores at the mall — the 3-million-square-foot complex shut down because of pandemic-related restrictions. Some of the entertainment venues, including a massive indoor water

park, have since reopened, but at limited capacity. More openings are still slated at American Dream later this year, including its Sea Life Aquarium and Legoland Discovery Center. Read the

full report from the Financial Times.