Pyramid Management Group, owner of Destiny USA, is on the brink of losing its third mall within a year, syracuse.com reports. Wells Fargo has begun foreclosure on the Walden Galleria near Buffalo after Pyramid failed to repay a $220 million mortgage.
The Syracuse-based company previously lost Hampshire Mall in Massachusetts and Palisades Center in West Nyack. Its flagship property, Destiny USA, is also at risk after defaulting on a $300 million loan. Talks are underway for a short-term extension.
Pyramid, once a dominant mall developer, now struggles with debt, tenant loss, and shifting retail trends, owning just eight malls and one shopping center.
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