American Dream Sued By Creditors Demanding $389 Million

BERGEN COUNTY, NJ — American Dream (the mall, not the patriotic ideal) owes its creditors nearly $400 million, those creditors contend.

Developers of the $5 billion Bergen County mall were named in a $389 million-lawsuit filed in New York City Supreme court last week, court records show.

The California-based group SOL-MM III LLC says Ameream LLC hasn't been paying interest on the $300 million loan that helped finance construction of a portion of the East Rutherford complex in 2019, court records show.

American Dream did not immediately respond to Patch's request for comment.

SOL-MM III LLC represents a group of firms — Western Asset, Commonfund and Nonghyup Bank — it argues were pushed out of a refinancing deal on a $1.7 billion loan, according to reports from Bloomberg Law and The Bond Buyer.

American Dream is owned by Triple Five — a Canadian developer who opened the mall in October 2019.

This isn't the first time the mall has been sued.

In fall 2022, a former employee sued for reinstatement after she said she was fired for reporting a "toxic" work environment.

Other negative attention has surrounded the mall in the past few months, most recently for housing a tenant that allegedly refused to accept cash, and for failing to make an $8.7 million interest payment due to "insufficient funds."