Municipal bonds issued for the American Dream mega mall that are backed by New Jersey economic development grants are poised to miss their third-straight interest payment Tuesday, according to a person familiar with the matter.
The payment due Aug. 1 won’t be made, said the person, who requested anonymity because the information hasn’t been publicly disclosed. The delinquency isn’t a surprise. Nuveen LLC, the biggest holder of muni debt issued for the $5 billion complex in the Meadowlands, said in a July 13 note that New Jersey wasn’t expected to certify a key document necessary to appropriate the grants for the payment until some point this quarter.