Triple Five, the developer of American Dream and the owner of the Mall of America, is now up-to-date on mortgage payments for the Minnesota mall.
The Canadian-based developer fell behind on its $1.4 billion mortgage during the coronavirus shutdown. It missed three $7 million payments on the Mall of America between April and June.
Triple Five then struck an agreement with lenders in August to avoid foreclosure that included reporting requirements and monthly remittance of net cash. The account was brought current as of December, the Star Tribune reported
“Facing these unprecedented economic times, we immediately began to work with our lending partners to address the cash flow issues created by this loss of revenue,” Mall of America said in a statement. “We are pleased to have been able to resolve the outstanding issues to the satisfaction of all parties involved which included a modification of the loan terms.”
The Mall of America was used as collateral when Triple Five secured $2.8 billion in financing for American Dream, intertwining the two properties.
Triple Five used a 49 percent stake in the Mall of America and 49 percent of its other big mall, the West Edmonton Mall, according to loan documents, to get money in 2017 for its reboot of the New Jersey development that brought with it an indoor theme park and waterpark, among other changes to the long-stalled development formerly known as Xanadu.
Triple Five took over the former Xanadu project after two developers before it went belly-up. It has incurred several missed deadlines from construction and permitting delays and opened partially in October 2019. In its first three months, it saw about 800,000 visitors.