Pyramid Administration Group goes by arduous instances with a lot of its portfolio, nevertheless it acquired a lifeline for its Crossgates properties in New York.
Pyramid landed greater than $200 million in financing for a pair of retail properties, the Occasions Union reported. The financing is cut up between $193 million for the Crossgates Mall in Guilderland and $13.8 million for the Crossgates Commons buying middle in Albany.
Each of the offers take the type of five-year finance loans. The developer stated in a launch asserting the deal that the financing “permits Pyramid to reinvest within the properties, making certain their vitality, vibrancy and sustained success out there.”
It’s not clear who the lender is for the properties and if it’s the identical lender for every of them. Every retail advanced, nevertheless, has endured challenges lately.
In August 2023, an unidentified lender purchased $243 million in mortgage debt backed by the Crossgates Mall at public sale. The debt was offered at a giant low cost and bondholders misplaced $100 million within the deal, in line with Trepp.
The debt had been downgraded in March of that yr, two months earlier than the Syracuse-based developer defaulted on three mortgages tied to the mall.
Anchors on the mall embrace Macy’s, JCPenney, Dick’s Sporting Items, Primark and Finest Purchase. REI and Crunch Health are among the many current additions and Ashley Furnishings is scheduled to open an outpost subsequent yr; the property is 90 p.c occupied, in line with Pyramid chief government officer Stephen Congel.
In the meantime, New York Metropolis-based actual property lender Argentic offered a 10-year mortgage to refinance the Crossgates Commons debt in 2022.
Within the final yr, Pyramid misplaced the Aviation Mall in Queensbury, New York, and the Hampshire Mall in Hadley, Massachusetts, to foreclosures. This fall, a mortgage tied to its Palisades Mall in Rockland County was settled with vital losses for securities holders.
Learn extra
Buyer snaps up $243M Crossgates Mall debt
Pyramid lands refi to keep shopping center afloat
Palisades Center mall wipes out bondholders
