New York’s biggest mall buys more time to pay back mortgage debt

Pyramid CEO Stephen Congel, son of the company’s late founder Robert Congel, commented: “It’s like turning an aircraft carrier around at sea: it takes some time and space. They realized time was important, and they gave it to us.”

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According to Syracuse.com, Pyramid sent its lenders an early notice through Wells Fargo that it would not be able to pay off or refinance the mortgage loans by the deadline. The expired loans have a coupon rate of 3.81%.

Congel did not disclose the financial terms of the deal but said that the lenders and municipalities are “so willing to work with Pyramid” as they “realize the importance of the operator behind these properties.”

However, one industry estimate values the mall at just $140 million, which is far less than its $430 million mortgage debt and about $285 million in other debt on the mall.