Banks Reportedly Seize Equity Stake In Mall Of America

Lenders are taking equity stakes in Mall of America after its owner defaulted on the multibillion-dollar American Dream development, according to reports in the Financial Times, Bloomberg, and other media. Triple Five Group put up a potential 49% stake in Mall of America, and another mall in Canada, as collateral on debt used to finance the American Dream project in New Jersey, according to public documents. Triple Five handed over Mall of America stakes to lenders, including J.P. Morgan and Goldman Sachs, after American Dream ran into cash flow problems, a spokesperson confirmed to Bloomberg. Read more at Retail Dive.

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