EAST RUTHERFORD, N.J., May 19, 2017 /PRNewswire/ -- Triple Five Group of Companies, owners and operators of Mall of America and West Edmonton Mall, the two largest entertainment, leisure and shopping destination properties in North America, announced today that it has closed on its $1.67 Billion private construction financing for the American Dream project. The new multi-million square foot entertainment, dining and shopping destination will "establish the new standard, and redefine the retail and entertainment experience in the US and across the world," said Don Ghermezian, President & CEO, American Dream. Under construction in northern New Jersey, minutes from New York City, American Dream is slated to open in March 2019.
"We are pleased to have worked with J.P. Morgan and Goldman Sachs on the financing for this transformational project. 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," Mr. Ghermezian added.
The construction financing was led by J.P. Morgan and the tax-exempt bond offering is being led by Goldman Sachs.
About American Dream
American Dream will redefine the entertainment, leisure and shopping experience. Open 365 days per year, American Dream will be home to the DreamWorks Water Park and Nickelodeon Universe Theme Park - North America's largest fully-enclosed parks, the Big Snow Indoor Ski & Snowboard Park, a 1,350 seat live-performance Cirque Du Soleil theater, an Observation Wheel, luxury movie theatres by Cinemex, Sea Life Aquarium, Legoland Discovery Center, Kidzania, an 18-hole miniature golf course and an NHL-size ice rink. The project will also feature world-class retailers Saks Fifth Avenue and Hermès, along with an extraordinary assortment of renowned restaurants and specialty shops.
American Dream is located in Bergen County, New Jersey, at the most travelled intersection in North America, bounded by three major highways – I-95, Route 3, Route 120 - that service over 110 Million vehicles annually. American Dream's immediate trade area includes approximately 21 million local residents and over 60 million annual domestic and international tourists. Conveniently located in the heart of the New York Metropolitan area, the project is serviced by three of the busiest airports in the US – Newark, LaGuardia and JFK International – and is connected by passenger rail service to Penn Station New York.
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SOURCE American Dream