Syracuse-based Pyramid Management Group, the owner of Destiny USA, has secured new financing for Crossgates Mall near Albany.
The five-year, $193 million new loan will allow Pyramid to continue to invest in the property, the company said in a news release.
“Crossgates Mall continues to demonstrate exceptional strength and resilience, maintaining 90% occupancy and generating $636 in sales per square foot,” Pyramid CEO Stephen Congel said in the news release. “Our continued focus on strategic innovation and enhancing the overall guest experience has enabled us to successfully secure new, long-term financing for this property.”
Congel also said Pyramid expects to announce more retail, dining and entertainment tenants at Crossgates in the coming months.
Crossgates, located outside Albany in Guilderland, has tenants including Macy’s, JCPenney, Dick’s Sporting Goods, Regal Cinemas, Primark, REI Co-Op and Best Buy.
Pyramid also recently secured new financing for Crossgates Commons, a shopping center located next to the mall, which has tenants including Walmart, The Home Depot, Michael’s, Urban Air, TJ Maxx, Planet Fitness and Panera Bread.
Pyramid owns a number of other malls in the Northeast, in addition to Crossgates and Destiny. It has been dealing with financing problems at several properties.
The company recently reached a deal with a lender that allowed it to stave off foreclosure on its Walden Galleria mall near Buffalo. Pyramid said it now has until the end of 2025 to close on new financing for that property.
Pyramid lost its Hampshire Mall in Hadley, Massachusetts and its Palisades Center in West Nyack, New York in 2024 after lenders foreclosed on the properties.
The company missed a deadline to refinance or pay off a $300 million loan on Destiny in June 2024, putting that mall at risk of foreclosure. Despite the default, holders of the debt have not yet initiated a takeover of the mall.