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New Jersey Mega-Project Gets Financing

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It took a bit longer than expected (as has everything having to do with the 3-million-sq.-ft. American Dream project in the New Jersey Meadowlands), but the Triple Five Group, the project's new owner, has secured a tentative $700 million loan from Deutsche Bank AG to finish the development.

Last year, Triple Five already secured approximately $400 million in funds from the State of New Jersey. The Wall Street Journal reports that it will now concentrate on finding equity investors.

Triple Five's next step for financing the project is to find equity investors, a step for which it has enlisted Macquarie Group Ltd. as adviser. And it is seeking as much as $500 million in bond financing backed by future sales tax and property tax revenue, for which it is being advised by Goldman Sachs Group Inc.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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