The opening of the long-delayed Xanadu retail and entertainment complex in New Jersey’s Meadowlands has been pushed back again due to a default on a construction loan, a project spokesman said Friday.
“We are contemplating a new opening date beyond August 2009 and we have asked our contractors to refocus their work in line with that goal,” Meadowlands Xanadu Development spokesman Tim White said in a statement. White said there is no work stoppage at the site.
White said the delay is due to a default by lender Xanadu Mezz Holdings LLC, a company described as a non-bankrupt affiliate of Lehman Brothers. Xanadu Mezz “has refused to fund its share of our construction loans,” according to the statement.