The retail and entertainment complex has just $820 left in its reserves. Its been struggling since the pandemic.
The mega mall’s account has fallen to a less than $1,000 balance.
Despite being asked to specifically address the bond payment and the finances, the spokesperson did not address those questions. As of January 1, American Dream is 77% leased or self operated. If you add in leases that are under negotiation, it is 82% leased, according to a publicly available leasing status report. The developer of the nearly 3.5 million square foot complex has almost 600,000 square feet left to find tenants for.
The purpose of the debt service reserve, he said, is money, usually borrowed as part of bond proceeds, for this purpose. “The idea is, it’s meant to buy them time maybe to get over a temporary glitch. Or if it’s not temporary, to give the bond holder some opportunity to create some sort of solution.”
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