Triple Five Group, the mall developer behind Mall of America has now reportedly missed its third mortgage payment, failing to pay in the region of $7 million for June’s payment.
Mall of America was used as collateral when Triple Five Group managed to secure $2.8 billion in financing for American Dream, the long-delayed entertainment and retail center in New Jersey, before the global pandemic hit and the dream unfortauntely went dark.
Many mall developers across America are struggling to pay rent, the main issue being that people aren’t returning quick enough to the malls or they aren’t returning at all and opting to make use of their favourite retailer’s e-commerce offering from the comfort of home, which obviously does not drive traffic to the mall and thus mortgage payments are missed.
