Approvals for a planned New Jersey shopping mall and entertainment complex have brought the sale of roughly $740 million in high-yield bonds closer.
Over the course of the fall and winter, developers of the American Dream complex have collected approvals from the New Jersey Economic Development Authority, the New Jersey Local Finance Board, East Rutherford, and the Bergen County Improvement Authority, according to Alan Marcus, president of the developer's public relations firm, the Marcus Group.
As of October the developer, Triple Five, was expecting to sell about $740 million in tax-exempt bonds. Agreements limit the total to a maximum of $800 million.
On Friday Marcus said the size of the bond had not yet been determined. The timing and nature of the financing will be clear in two to three months, he said.
Triple Five plans to finish development of the site in East Rutherford, about five miles west of New York City. It had been started by another developer as the Xanadu project, which stalled out during the recession.
