Goldman Sachs and JP Morgan have completed the planned sale of $1.1 Billion in tax-exempt bonds for the American Dream project in Meadowlands, New Jersey, USA. Proceeds from the bond sale, along with the previously closed $1.67 Billion Construction Loan, also provided by JP Morgan and Goldman Sachs, now completes the full financing for the project.
“We are delighted that JP Morgan and Goldman Sachs have completed the full financing for American Dream. The response by the investment community to the bond offering and private financing have been exceptional, both oversubscribed, confirming strong investor confidence in our vision for American Dream. We would like to thank the New Jersey Sports and Exposition Authority, the New Jersey Economic Development Authority and Borough of East Rutherford for their assistance in the bond sale,” said Don Ghermezian, President, Triple Five.
“The now completed financing allows Triple Five to proceed with full construction of this unprecedented project which will create tens of thousands of jobs, bring millions of tourists and billions of dollars in economic growth annually to Bergen County and the State of New Jersey. We look forward to unveiling American Dream to the world in March 2019,” Ghermezian added.
Open 365 days per year, American Dream will be home to the DreamWorks Water Park and Nickelodeon Universe Theme Park – North America’s largest fully-enclosed parks, the Big Snow Indoor Ski & Snowboard Park, a 1,350 seat live-performance Cirque Du Soleil theater, an Observation Wheel, luxury movie theatres by Cinemex, Sea Life Aquarium, Legoland Discovery Center, Kidzania, an 18-hole miniature golf course and an NHL-size ice rink. The project will also feature world-class retailers Saks Fifth Avenue and Hermès, along with an extraordinary assortment of renowned restaurants and specialty shops.
American Dream is located in Bergen County, New Jersey, at the most travelled intersection in North America, bounded by three major highways – I-95, Route 3, Route 120 – that service over 110 Million vehicles annually. American Dream’s immediate trade area includes approximately 21 million local residents and over 60 million annual domestic and international tourists. Conveniently located in the heart of the New York Metropolitan area, the project is serviced by three of the busiest airports in the US – Newark, LaGuardia and JFK International – and is connected by passenger rail service to Penn Station New York.