Pyramid Management Group Secures New Long-Term Financing for Walden Galleria in Buffalo, New York
— The financing positions Pyramid to continue its investment in the property, strengthening long-term vitality, vibrancy, and sustained market success —
SYRACUSE, NY — Pyramid Management Group is pleased to announce that they have secured a new five-year loan for Walden Galleria in Buffalo, New York. The new financing replaces the property’s existing debt and was put in place in partnership with lenders, including impact investment firm Second Horizon Capital and global asset manager Cross Ocean Partners.
“Walden Galleria continues to demonstrate exceptional strength and resilience, maintaining high occupancy and generating very strong sales revenue,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “Our continued focus on strategic innovation and enhancing the overall guest experience has enabled us to successfully secure new, long-term financing for this property. We are committed to building on this momentum in the years to come and remain focused on sustaining the competitiveness and market leadership of Walden Galleria. In the months ahead, we anticipate announcing additional retail, dining, and entertainment offerings that will further strengthen the property’s position in the region.”
For more than 35 years, Walden Galleria has been the dominant retail destination in Western New York. The center draws shoppers from a trade area extending more than 60 miles, including Canada, driven by its exceptional mix of national and international retailers, restaurants, and entertainment venues. Pyramid’s ongoing commitment to reinvestment will help to ensure that Walden Galleria remains the region’s premier retail destination for the foreseeable future. Anchored by Macy’s, JCPenney, Dick’s Sporting Goods, Regal Cinemas, Primark, and Best Buy, Walden Galleria offers over 200 retail brands including Apple, Lululemon, BOSS, Urban Outfitters, and over 20 on-site eateries and entertainment destinations, such as The Cheesecake Factory, Dave & Buster’s, and PF Chang’s.
“We are pleased to partner with the Pyramid Management Group team in supporting the long-term vitality of Walden Galleria,” said Howard Levine, Managing Partner and Co-Founder of Second Horizon Capital. “This transaction reflects our continued focus on investing in retail centers with meaningful long-term potential. Since opening in 1989, Walden Galleria has been a central part of the Buffalo community, and we look forward to working alongside Pyramid to help maintain the center as Buffalo’s most dynamic shopping destination for years to come.”
UBS served as the sole financial advisor to Pyramid on the transaction. This loan closing is a continuation of Pyramid’s success over the last year in accessing the commercial real estate capital marketplace. The company has refinanced over 4.6 million square feet of properties in the last year with over $500 million of new loans placed.
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About Walden Galleria
Walden Galleria is the Buffalo-Niagara region’s premier shopping, dining, and entertainment destination. With over 200 retailers and 20 on-site eateries and entertainment destinations, including Regal Cinemas Stadium 16 featuring 4DX and RPX theatres with full-reclining seats, Walden Galleria truly dominates the retail market. Walden Galleria attracts over 12 million visitors a year by offering an impressive and unique selection of retail, restaurants, and entertainment that cannot be found anywhere else in the market including Apple, Anthropologie, lululemon athletica, Free People, Primark, Urban Outfitters, ZARA, Texas de Brazil, The Cheesecake Factory, Dave & Buster’s, Urban Air Adventure Park, 5 Wits and many more! For more information, visit www.waldengalleria.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 Second Horizon Capital
Second Horizon Capital is an impact investment firm that partners with communities to transform and enhance large-scale commercial properties as vibrant destinations and local economic engines. The firm honors its role by investing in, supporting, and stewarding each community that it joins. Second Horizon Capital focuses on bringing community stakeholders, including municipalities, business owners, community groups, tenants, and end-users to the forefront in reinvigorating community hubs. By driving long-term value enhancement, seeking more equitable outcomes, and partnering with local stakeholders, Second Horizon Capital works to enhance its communities, as well as the properties themselves. Additional information on Second Horizon Capital can be found on the company’s website at www.secondhorizon.com.
About Cross Ocean Partners
Cross Ocean Partners Management LP (together with its affiliates, including Cross Ocean Adviser LLP) is a global asset manager with approximately $10.8 billion of assets under management and 80+ employees across its offices in Greenwich (CT), London and Dublin. Cross Ocean is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO. It invests globally in a broad range of asset classes including real estate. www.crossoceanpartners.com.
