Galleria at Crystal Run to receive new funding
Pyramid Management Group has secured new financing for one of its New York centers.
The developer, in partnership with GreenBarn Investment Group, an affiliate of Rithm Capital Corp, and InterVest capital partners, alongside Skylight Management and OakNorth Bank, has secured a new four-year, $81 million loan on the Galleria at Crystal Run shopping center in Middletown, N.Y. Axonic Capital, the existing junior mezzanine lender, has extended its position in a new, lower-basis mezzanine loan.
Pyramid says the new loan will allow the company to continue to “reinvest in the property and ensure its vitality, vibrancy and sustained success in Orange County and the Hudson Valley.”
Anchored by Macy’s JCPenney, and Target, Galleria at Crystal Run offers over 100 retail shops, along with six entertainment venues and 10 onsite eateries including AMC Theaters, Urban Air Adventure Park, Round 1 Bowling and Amusement, 110 Grill, and Fuji Japanese Steakhouse.
Galleria at Crystal Run has multiple redevelopment 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 sq. ft. to a total of 83,000 sq. ft. and will include three facilities: Gold’s Gym, Parisi Speed School, and Swing indoor sports and social hub.
“Galleria at Crystal Run has consistently demonstrated strong performance and resilience,” said Stephen J. Congel, CEO 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.”
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Pyramid Management Group operates nine properties located throughout New York and Massachusetts including Destiny USA (Syracuse, N.Y.), Crossgates (Albany, N.Y.), and Walden Galleria (Buffalo, N.Y.).
