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.