SYRACUSE, NY — Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in the Northeast, has successfully secured a new four-year, $81 million loan on Galleria at Crystal Run in Middletown, NY. The financing consisted of a joint venture between GreenBarn Investment Group, an affiliate of Rithm Capital Corp (NYSE: RITM; “Rithm”), and InterVest capital partners, alongside Skylight Management and OakNorth Bank. Axonic Capital, the existing junior mezzanine lender, extended its position in a new, lower-basis mezzanine loan. This new loan will allow Pyramid to continue to reinvest in the property and ensure its vitality, vibrancy and sustained success in Orange County and the Hudson Valley.
“Galleria at Crystal Run has consistently demonstrated strong performance and resilience,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “Through our ongoing commitment to innovation and enhancing the guest experience, we have successfully secured new financing for the shopping center. We look forward to building on this momentum in the years to come and remain firmly dedicated to sustaining the vitality, vibrancy, and market dominance of the Galleria at Crystal Run. Expect to see many great additions to this property in the very near future including new retail, food & beverage, and entertainment venues.”
Galleria at Crystal Run, located in one of New York State’s fastest growing counties, has some exciting projects underway. Dick’s Sporting Goods recently signed a 10-year extension and is undergoing a full store remodel. Gold’s Gym is expanding by over 28,200 square feet to a total of 83,000 square feet and will include three world-class facilities – Gold’s Gym, Parisi Speed School and SWING indoor sports and social hub.
Anchored by Macy’s JCPenney, and Target, Galleria at Crystal Run offers over 100 retail shops, 6 entertainment venues and 10 onsite eateries such as AMC Theaters, Urban Air Adventure Park, Round 1 Bowling and Amusement, 110 Grill, and Fuji Japanese Steakhouse.
Galleria at Crystal Run is a significant employment driver in the region, with nearly 1,700 people employed by Pyramid and its tenants.
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About Galleria at Crystal Run
Galleria at Crystal Run is the Hudson Valley’s premier shopping, dining and entertainment center and a community resource for all the tristate area. The center is anchored by Target, Macy’s, Dick’s Sporting Goods and JC Penney, while offering more than 100 retail shops. Galleria at Crystal Run offers 6 entertainment venues and 10 onsite eateries, including AMC Theatres, Billy Beez, The Mystery Room, Urban Air Adventure Park, Ride & Thrill, Round 1 Bowling & Amusement, 110 Grill, Fuji Japanese Steakhouse, and Peru Cuisine. The Galleria at Crystal Run is your destination to EAT. SHOP. PLAY. Additional information regarding Galleria at Crystal Run can be found by visiting, www.galleriacrystalrun.com.
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, and ahead of the curve, 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.
About GreenBarn
GreenBarn Investment Group, an affiliate of Rithm Capital (NYSE: RITM), is a vertically-integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans, and invest in CRE credit special situations.
About Skylight Real Estate Partners
Skylight Real Estate Partners is a privately held real estate investment firm with deep experience acquiring, developing and managing residential and commercial assets in the New York Metropolitan Area and other major East Coast markets. Since 1998, the founding partners have collectively invested over $5 billion of equity in assets totaling over $17 billion of gross asset value. This experience comprises over 9,000 residential units and 20 million square feet of office and retail assets.
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
For press inquiries, please email: press@oaknorth.com
About InterVest capital partners
InterVest capital partners is an alternative manager dedicated to specialty finance with over two decades’ experience and track record in structured finance, private credit and real estate. To date, InterVest raised $24.7 billion of investor capital. We have deep expertise in navigating complex structures across the capital stack and a broad range of sectors and asset types within the U.S. commercial and residential real estate markets—from stabilized properties to ground-up construction projects.
For further information, visit intervest.com.
