— The 10-year CMBS loan allows Pyramid to reinvest in the complex, ensuring its health, vibrancy and continued success in the Capital District —
SYRACUSE, NY — Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in North America, has secured a commercial mortgage-backed securities (CMBS) debt package from Argentic, a private real estate lender based in New York City, for the refinance of its Crossgates Commons complex in Albany, New York. The 10-year CMBS loan allows Pyramid to reinvest in Crossgates Commons, ensuring its health, vibrancy and continued success in the Capital District.
“I am incredibly proud of the Pyramid and Argentic teams for working together in the midst of challenging market dynamics to secure this CMBS refinance,” said Stephen J. Congel, Chief Executive Officer, Pyramid Management Group. “Getting a deal done certainly speaks volumes to Pyramid’s persistence, determination, and resilience as a developer, and our commitment to reinvesting in our centers to ensure their long-term growth and continued success.”
Centrally located and convenient for those living and working in the greater Capital Region, as well as for travelers passing through on Interstate 90 and Interstate 87, Crossgates Commons is a one-stop retail complex home to the largest Walmart in the United States. Its proximity to SUNY Albany, SUNY Polytechnic, top area employers and affluent housing developments make Crossgates Commons a prime location for retail and dining.
Crossgates Commons recently welcomed several new and dynamic brands to the complex, including Skechers and Albany Ninja Lab. Set to open soon is Kitchen 216, a modern soul food restaurant and Urban Air Adventure Park, an indoor trampoline and amusement venue.
About Pyramid Management Group, LLC
Pyramid Management Group, owner of Destiny USA, 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 14 properties located throughout New York and Massachusetts. For over 50 years, Pyramid has build 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.