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Pyramid lender extends loans on Destiny USA

By Eric Reinhardt (ereinhardt@cnybj.com)

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Pyramid Management Group, the owner of Syracuse’s Destiny USA, on Thursday said its lender has extended the loans on Destiny USA for five years. (Photo credit: zoeyadvertising.com)

SYRACUSE, N.Y. — Pyramid Management Group, which owns Destiny USA in Syracuse, on Thursday said its lender has extended the terms of the loans on the mall and entertainment complex for five additional years.

Destiny USA owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline, Bloomberg reported in a Thursday article on its website.

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,” Pyramid contended in an announcement on its website.

The Destiny USA loan extension follows Pyramid’s recently secured loan extension on its Walden Galleria property in suburban Buffalo and a refinancing of its loan on its Crossgates Commons complex in Albany.

Pyramid says Destiny USA has 2.4 million total square feet, with more than 5,000 people employed by Pyramid Management and its tenants.

In 2017, Pyramid constructed a 209-room Embassy Suites hotel at Destiny USA to further attract out of town visitors.

Destiny USA has recently welcomed several new brands, including Bullfinch Brewpub, Hobby Lobby, Hugo Boss, Offline by Aerie, Lovesac, Ardene, Anthropologie, Supreme Jewelers, Express Jewelers, Sip Sip Hooray, Earthbound Trading Company, Aloha Crab, Rachels Mediterranean Grill, and Sake Japan. The shopping center will also soon be opening new tenants, including Rue 21, Get Air Trampoline Park, and Lovisa, Pyramid said.