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PFA Closes $1.087 Billion Financing for American Dream @ Meadowlands in New Jersey

The Public Finance Authority (PFA) issued $1,087,000,000 of bonds, consisting of $800,000,000 of PILOT Revenue Bonds and $287,000,000 of Grant Revenue Bonds, to facilitate the construction of the American Dream @ Meadowlands (the “Project”) located in East Rutherford, New Jersey, and expected to open in April 2019.

The bond proceeds will be used by Ameream, LLC, a Triple Five Group subsidiary, to construct a mall consisting of approximately 2.9 million square feet of gross leasable area, including an entertainment complex, retail and other vending facilities and restaurant component along with an indoor amusement park and indoor water park component.  The New Jersey Economic Development Authority estimates the Project will create over 11,000 jobs and provide a net benefit of $730 million over two decades.   

PFA partnered with Goldman Sachs and J.P. Morgan as co-Underwriters and Orrick, Herrington & Sutcliffe as Bond Counsel to develop an innovative structure for the transaction.  The Project will promote significant economic and community development through the creation of thousands of temporary and permanent jobs as a result of the new construction process and ongoing management, operation and maintenance of the mall.  The financing will also assist the Borough of East Rutherford in financing approximately $20 million of other capital improvements throughout the community.