American Dream: Payback Time
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Increased foot traffic, among other factors, has allowed the ownership of the American Dream megamall in Northern New Jersey to begin paying back bondholders. It missed two years of interest payments on $287 million in municipal bonds issued for American Dream’s construction. Also for today: A nine-figure headquarters deal in Beverly Hills.
Enjoying these stories on all things CRE? Unlock unlimited access to our content with a subscription.
— Tom Acitelli, Deputy Editor
American Dream Mall Begins to Pay Back Years of Debt
New Jersey’s American Dream mall might finally be getting out of the swamps. After two years of missing interest payments for $287 million in municipal bonds issued for the megamall’s construction, American Dream will begin to pay bondholders back next week, Bloomberg first reported. U.S. Bank, the trustee on the debt, had skipped payments since August 2022 due to issues with the necessary documentation needed to allocate the funds and must pay back $46.4 million in past-due interest before paying down the principal, according to a filing last week. The bank is expected to return approximately $25.7 million to bondholders on Sept. 3, the filing said. The bonds were initially backed by grants from the New Jersey Economic Development Authority (NJEDA).
Recommended by LinkedIn
Fashion Nova Buys Beverly Hills Headquarters for $118M
Richard Saghian, the founder and CEO of Fashion Nova, has put down $118 million for the fast-fashion brand’s headquarters in Beverly Hills, Calif. Tishman Speyer sold the 175,000-square-foot office at 407 North Maple Drive for more than $674 per square foot. Fashion Nova will move in later this year. The building is set to hold more than 500 corporate employees. Fashion Nova announced the deal Wednesday. The office is four stories with three subterranean floors for parking. “The office will always be a part of society — we are just developing the next iteration of it,” Saghian said in a statement. “People want to collaborate and innovate with their peers and feel at home, not just show up for work. They want to be a part of a movement and culture.
Enjoying these stories on all things CRE? Unlock unlimited access to our content with a subscription. And for a daily version of this newsletter, sign up here.