Wednesday, June 5, 2019

Destiny USA gets extension on mortgage

Syracuse.com
Pyramid Management Group and Wells Fargo Bank have reached an agreement to extend the maturity date of the Syracuse shopping mall’s mortgage.

The agreement, announced Monday by Pyramid CEO Steve Congel, comes three days before $430 million in mortgage loans on the big regional retail center were scheduled to expire.

Pyramid borrowed the money from J.P. Morgan Chase in June 2014. In April, the loans were sent to a special servicer, Wells Fargo Bank, after Pyramid notified the lender that it would not be able to refinance the debt by the maturity date, June 6. . . . more