New financing agreement with Walden Galleria reached

BUFFALO, N.Y. (WIVB) — The property owner of the Walden Galleria has reached a new financing agreement for the property, Pyramid Management Group announced Thursday.

The Syracuse-based group previously defaulted on a multi-million dollar loan related to the Galleria in May. In August, Pyramid Management Group came to an agreement with the mall to maintain its status as property manager while working to secure a new financing agreement.

Pyramid owed more than $220 million in April 2022 before receiving an extension later that year.

“I am extremely proud of the Pyramid team for successfully negotiating a resolution with our current lender and putting in place new financing for Walden Galleria,” said Stephen J. Congel, chief executive officer of Pyramid Management Group, in a statement. “Our focus will now turn to closing on the new financing before year end. The successful result of this process will ensure the continued strength and growth of Walden Galleria as Western New York’s premier shopping, dining, and entertainment destination. We remain committed to the shopping center and the community we serve, and we are very excited about the future for both.”

The Walden Galleria opened in 1989 and is Western New York’s largest remaining mall.