Arizona Tribune - Pyramid Management Group Secures Extensions on $400 Million of Debt; Reports Strong Performance Across Portfolio

SYRACUSE, NEW YORK / ACCESS Newswire / January 16, 2025 / Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in the Northeast, has successfully worked with its lenders to secure three-year extensions on the loans on Holyoke Mall in Holyoke, MA and Sangertown Square in New Hartford, NY. A one-year extension has also been secured for Poughkeepsie Galleria in Poughkeepsie, NY. These extensions will allow Pyramid to continue to reinvest in the properties and ensure their continued health, vibrancy and dominance in their expansive trade areas.

"I am incredibly proud of the Pyramid team for working constructively with our lenders in the midst of challenging market dynamics to produce this great outcome," said Stephen J. Congel, Chief Executive Officer, Pyramid Management Group. "Securing these extensions highlights Pyramid's persistence, determination, and resilience as a developer, as well as our unwavering commitment to reinvesting in our centers. We have a robust pipeline of impactful deals coming in 2025 featuring innovative and exciting uses. These developments energize us for the year ahead, as they promise to enhance the guest experience and solidify our centers as leading mixed-use destinations in their respective markets."

Pyramid has just concluded an outstanding year, with 2024 marking one of the strongest years for leasing production since 2015. Significant leasing activity on big boxes has Pyramid poised to announce over 400,000 square feet of new deals in Q1 2025. Portfolio-wide traffic increased by nearly 4% compared to 2023, with an impressive 12% surge during the holiday season.

The Pyramid team is also actively working to finalize new loans on an additional $300 million of debt, expected to close in the first half of the year. These would be the first new loans put in place since Covid, another testament to the strength and resiliency of the portfolio.

Pyramid Shopping Centers stand out as the leading destinations for shopping, dining, and entertainment, thanks to their exceptional tenant mix and prime visibility and accessibility. Looking to the future, Pyramid is set to evolve further with the introduction of more unique retail, residential, and medical, as well as exploring new growth opportunities for the portfolio.

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About Pyramid Management Group, LLC

Pyramid Management Group is one of the largest, most innovative, privately held real estate developers in the Northeast. Headquartered in Syracuse, New York, Pyramid's portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality presence dominate the northeast with 9 properties located throughout New York and Massachusetts including Destiny USA (Syracuse, NY), Crossgates (Albany, NY) and Walden Galleria (Buffalo, NY). For over 50 years, Pyramid has built its reputation on being first, fast, ahead of the curve and always what's next, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof. For more information, visit www.pyramidmg.com.

SOURCE: Pyramid Management Group

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G.P.Martin--AT