The Ghermezians have bought themselves another four years on their $1.4 billion Mall of America loan.
The family’s Triple Five Group negotiated an extension on the $1.385 billion loan that matured in September, a source familiar with the negotiations told The Real Deal.
The Ghermezians worked proactively with their special servicer to negotiate this latest extension, which required the owners of the 5.6 million-square-foot complex to kick in significant new equity and other collateral enhancements, the source said.
The extension has a three-year term with an option for another year.
This is the second time the owners have reworked the loan as they continue to try and stabilize the property.
In 2020, the family converted the loan to interest-only after missing payments during the pandemic.
The Minneapolis mall was appraised at $1.75 billion in September. That is up from $1.68 billion in December 2024, but significantly below the $2.3 billion the property was appraised at when its loan was issued in 2014.
Representatives for the Ghermezians and the loan’s special servicer did not immediately respond to requests for comment. An Ironhound Management team led by Keven Thompson negotiated the modification.
The Mall of America, the largest shopping mall in the U.S., is one of three mega centers owned by the Ghermezians.
The other two are the 5.3 million-square-foot West Edmonton Mall in Alberta, Canada, and the 3 million-square-foot American Dream Mall in New Jersey. Those two malls are cross-collateralized on the same loan, and the Ghemerzians have struggled with the debt.
The family in 2022 got a four-year extension on the American Dream’s $1.7 billion construction loan, which will come due next year.
The developers have also struggled to get a proposed $5 billion American Dream Miami project off the ground.
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