Assets
Retail · East Rutherford, NJ

American Dream Mall

1 American Dream Way, East Rutherford, NJ · Built 1980 · 3 floors
Partial
Current value
$2.80B
▲ 7.7% 1-yr (modeled)
Cap rate
7.10%
▲ 210 bps vs 5.00% submarket
NOI · derived
$198.8M
Value $/SF
$933
$2.25B$2.40B$2.56B$2.71B$2.86B201920202021202220232024Modeled trajectory — no observed history
sourcedmodeled0 of 6 sourced

Ownership & debt

Ownership graph

Asset → owner → parent → beneficial owner · every edge sourced

Ownership transparency

Recorded chain
Recorded owners
Triple Five Group (via Ameream, LLC)
Fee simple
Ultimate beneficial owner — as recorded
Triple Five Group
Beneficial interest
Ghermezian family (Triple Five Group, privately held, Edmonton, Canada)
Beneficial interest
Methodology

Debt

JPMorgan Chase-led syndicate (incl. Goldman Sachs, Starwood, CIM Group, iStar)
Construction loan ($1.2B senior + $475M mezzanine), originated 2017
$1.67B
Public Finance Authority (Wisconsin) municipal bonds — PILOT-backed
Tax-exempt PILOT municipal bonds (2017)
$800.0M
Public Finance Authority (Wisconsin) grant-revenue municipal bonds (backed by 75% of mall sales-tax receipts / NJ grant agreement)
Grant-revenue municipal bonds; missed interest payments since 2022
$287.0M
LTV
98.46%
Debt yield
7.21%
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs
Current cash-on-cash
462.33%

Tenants & leasing

Saks Fifth Avenue (luxury wing 'The Avenue', closing April 2026)Nickelodeon Universe theme parkDreamWorks Water ParkHermèsTiffany & Co.
Per-tenant lease detail arrives with disclosed stacking plans.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
9.7%
Levered IRR
479.8%
Equity multiple
34.09×
Exit cap
7.35%
Exit value
$3.14B
Exit NOI
$230.5M
Levered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps474.3%477.2%480.1%483.1%486.0%
0 bps474.1%477.0%479.9%482.9%485.8%
+25 bps473.9%476.8%479.8%482.7%485.6%
+50 bps473.7%476.6%479.6%482.5%485.4%
+75 bps473.6%476.5%479.4%482.3%485.3%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Estimated — no sourced claim on file.
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — Triple Five Group (via Ameream, LLC): Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/American_Dream_(shopping_mall)
  7. Debt — JPMorgan Chase-led syndicate (incl. Goldman Sachs, Starwood, CIM Group, iStar): Single source — therealdeal.com · https://therealdeal.com/new-york/tristate/2022/02/09/american-dream-angles-for-1-7b-payment-extension/
  8. Debt — Public Finance Authority (Wisconsin) municipal bonds — PILOT-backed: Single source — bondbuyer.com · https://www.bondbuyer.com/news/american-dream-bondholders-will-get-overdue-payments-as-sales-tick-up
  9. Debt — Public Finance Authority (Wisconsin) grant-revenue municipal bonds (backed by 75% of mall sales-tax receipts / NJ grant agreement): Single source — therealdeal.com · https://therealdeal.com/new-york/tristate/2025/02/10/american-dream-owners-ghermezians-miss-payment/
  10. Tenant — Saks Fifth Avenue (luxury wing 'The Avenue', closing April 2026): Single source — bloustein.rutgers.edu · https://bloustein.rutgers.edu/saks-fifth-avenue-to-close-american-dream-store-heres-why/
  11. Tenant — Nickelodeon Universe theme park: Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/American_Dream_(shopping_mall)
  12. Tenant — DreamWorks Water Park: Single source — americandream.com · https://www.americandream.com/venue/dreamworks-water-park
  13. Tenant — Hermès: Single source — wwd.com · https://wwd.com/business-news/retail/american-dream-the-avenue-1234928023/
  14. Tenant — Tiffany & Co.: Single source — wwd.com · https://wwd.com/business-news/retail/american-dream-the-avenue-1234928023/

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.