New Jersey’s American Dream Megamall crippled by construction delays and stalled store openingsThe money is out.

The more than 3 million-square-foot retail and entertainment complex nearly emptied a reserve account to make a $9.3 million payment that was due Tuesday, on about $290 million of debt supported by sales tax receipts, according to a securities filing.

According to the filing, there is still $820 in the reserve funds. It is not clear if developers will be in a position to pay their next payment due Aug. 1. 

CNBC did not receive a response from Triple Five Group regarding the request to comment.

Also included in the filing was a Trimont Real Estate Advisors letter, which stated American Dream is not required to provide updates on expenses or performance as per bond documents.

Trimont stated in a Jan. 18 letter that “while everyone understands the problems posed by pandemic and that it is possible that the grant revenue received at the moment may not be enough to fully cover the bonds”, but that this does not exempt the developer of its responsibility to adhere to the agreements.

American Dream faced new obstacles after the Covid-19 healthcare crisis. which has been decades in the making. On March 16, 2020 — just three days ahead of the grand opening of dozens of retail stores — the megamall shut down due to pandemic-related restrictions. Although there were delays, some parts of the property have been reopened and officially opened. One wing of luxury shops was opened in the fall with only a handful stores, including Saks Fifth Avenue.

Separate public disclosures reveal that American Dream sold approximately $220 millions in its first three quarters in 2021. This is far from the $22 billion projected by developers for American Dream’s first year.

American Dream was approximately 77% leased at the time of writing, and there were leases for another 5 percent.

Triple Five previously defaulted on its $1.4 billion Mall of America mortgageIt missed months of rent payments. Tenants weren’t paying their rent on time, and it was having difficulty paying its bills. It reached an agreement with lenders in order to prevent foreclosure. the loan was made current Dec 2020

Last year was the last. Triple Five lost 49% of its stakeCanadian Dream construction lenders.

This December Toys R Us opened a flagship store at the propertyThe vote was seen as a token of American Dream confidence.

Bloomberg first reported on the filing.