EAST RUTHERFORD, NJ -The hulking, half-finished Meadowlands Xanadu project, where work stopped in 2009, has reportedly received a promised $700 million loan infusion that will permit Triple Five Group to move toward finishing the mega-mall and entertainment complex. Deutsche Bank AG has agreed to provide the loan, the Wall Street Journal reported.

Canada-based Triple Five got involved in the project in 2010, announcing it will rename the project American Dream Meadowlands. The company has been working with the New Jersey sports and exposition authority to get all necessary state, local and federal environmental approval in order before shovels go in the ground again. It is expected to take formal financial control of the project this month from a group of lenders who seized the property in 2009.

The new financing would provide a key piece of he estimated $1.7 billion cost of finishing the project amed at revitalizing the Meadowlands.