The Ghermezian family’s Triple Five Group has secured a four-year extension on the $1.385 billion mortgage for Mall of America, according to a source familiar with the negotiations. The loan, which matured in September, covers the 5.6 million-square-foot shopping center in Minneapolis.
The extension includes a three-year term and an option for one additional year. As part of the agreement, the owners were required to provide significant new equity and additional collateral enhancements.
This marks the second time Triple Five Group has reworked this debt as it continues efforts to stabilize Mall of America. In 2020, after missing payments during the pandemic, the loan was converted to interest-only payments.
Mall of America was appraised at $1.75 billion in September 2025, reflecting an increase from $1.68 billion in December 2024 but remaining below its $2.3 billion appraisal at loan origination in 2014.
Ironhound Management’s Keven Thompson led negotiations on behalf of Triple Five Group for this latest modification. Representatives for both Triple Five and the special servicer did not respond to requests for comment.
Mall of America is one of three major malls owned by the Ghermezians; their portfolio also includes West Edmonton Mall in Alberta and American Dream Mall in New Jersey. These properties are cross-collateralized under the same loan structure, and financial challenges have persisted across all three assets.
In 2022, Triple Five obtained a four-year extension on American Dream’s $1.7 billion construction loan, which is set to mature next year. The company has also faced delays with its proposed American Dream Miami project, estimated at $5 billion.
