Relevant Document:Press Release
Pyramid Management Group, owner of the Destiny USA shopping center in Syracuse, N.Y., announced on Thursday, June 23, that it has “successfully worked with its lender” on a five-year extension of the shopping center’s
$430 million in commercial mortgage-backed security, or CMBS, loans. The CMBS loans were set to mature on June 6.
Earlier this week, UMB Bank, bond trustee for Destiny USA’s payment-in-lieu-of-taxes, or PILOT, bonds,
stated that it had yet to receive any information indicating that the June 6 maturity date for the CMBS loan has been extended.
The press release says that the extension of Destiny USA’s loans “allows Pyramid to continue to reinvest in the shopping center, ensuring its health, vibrancy and dominant positioning in Central New York.” Stephen J. Congel, Pyramid’s CEO, stresses that “[n]ow more than ever, lenders and municipalities are realizing the importance of the operator behind these properties,” adding, “[t]hat’s precisely why the lenders are so willing to work with Pyramid and why we continue to be successful in these collaborative efforts.”
The press release points out that the Destiny USA loan extension “continues the positive momentum and trajectory for Pyramid,” which also recently secured
a loan extension on its Walden Galleria property in Buffalo, N.Y., and
a refinancing of its Crossgates Commons complex in Albany, N.Y.