Pyramid secures new loan for Buffalo's Walden Galleria
Syracuse, N.Y.-based Pyramid Management Group has secured new financing for one of its largest shopping centers.
The real estate firm has secured a new five-year loan for Walden Galleria in Buffalo, N.Y. 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.
Pyramid says the new financing will allow the company to continue investing in the property, adding that it will be announcing additional retail, dining and entertainment offerings in the coming months. The company has refinanced over 4.6 million square feet of properties in the last year with over $500 million of new loans placed.
“Walden Galleria continues to demonstrate exceptional strength and resilience, maintaining high occupancy and generating very strong sales revenue,” said Pyramid CEO Stephen J. Congel. “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.”
Opened in 1989, Walden Galleria features over 200 retailers and 20 on-site eateries and entertainment destinations. Serving the Buffalo-Niagara region, the center attracts over 12 million visitors annually, according to Pyramid. Key tenants include Apple, Anthropologie, Lululemon, Primark, Urban Outfitters, The Cheesecake Factory, Dave & Buster’s, Urban Air Adventure Park and more.
[READ MORE: Pyramid secures $193 million for a refresh of Crossgates Mall]
“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.”
Pyramid’s portfolio includes nine properties located throughout New York and Massachusetts, with highlights including Destiny USA (Syracuse, N.Y.), Crossgates (Albany, N.Y.) and Walden Galleria (Buffalo, N.Y.).
