Friday, March 12, 2021

The Malls Are Flat

Circling back to my obsessions (nature is healing), courtesy of reader am:

A Mall of America official disclosed last week that lenders are likely going to take a 49% equity stake in the Bloomington megamall after the pandemic hampered its operations elsewhere.


How it happened: MOA owner Triple Five Group took out a $1.67 billion construction loan to build the American Dream Mall in New Jersey.

  • As collateral, Triple Five put up a stake in MOA and the West Edmonton Mall in Canada.
Covid robbed me of the pure schadenfreude of watching The American Dream (the mall, not all of our dreams) fail 'naturally.'