Lenders are seizing minority stakes in Minnesota’s Mall of America and another massive shopping center that were used as collateral for debt on the long-troubled American Dream project in New Jersey.

Developer Triple Five Worldwide had pledged 49 percent of its equity stakes in Mall of America and the West Edmonton Mall in Canada as collateral for the $5 billion shopping and entertainment center located west of Manhattan in East Rutherford.

As cash flow problems hit American Dream, the stakes in the other two mall are being seized by lenders, according to a representative for Triple Five. That comes after an executive at the company said earlier this month that investors were likely to take that step.

JPMorgan Chase & Co. is the administrator for the senior lenders on American Dream, according to project filings. Other lenders include Goldman Sachs Group Inc. and CIM Group, according to people with knowledge of the matter.

The lenders declined to comment. The Financial Times reported earlier Friday that lenders were set to take the stake in Mall of America.

Triple Five is owned by Canada’s Ghermezian family. A representative for Triple Five said the move by lenders would not affect operations at the retail properties. All three malls have reopened with capacity restrictions after closing for months because of the pandemic.

By John Gittelsohn