The financing makes up a key part of the $1.75 billion needed by developer Triple Five to complete the mall, known as American Dream. Triple Five took over the project in late 2010 after the original mall, known as Xanadu, fell prey to the financial downturn. Xanadu was initially scheduled to open in 2007. The partly completed mall sits off the New Jersey Turnpike across a highway from MetLife Stadium.
The financing is not the only hurdle still facing the project. The New York Giants and New York Jets have sued the developer, claiming Triple Five didn't get their permission to expand the footprint for the mall,Alex Anzalone Jersey, which now is planned to feature a Hollywood-themed amusement park and waterpark and, they claim will have a nightmarish effect on traffic on football game days.