SYRACUSE, NY — Pyramid Management Group, owner of Destiny USA in Syracuse, said Thursday its lender has extended the terms of the loans on the mall and entertainment complex for another five years.
Destiny USA owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline, Bloomberg reported in a Thursday post on its website.
Destiny USA’s loan extension allows Pyramid to continue to reinvest in the mall, “ensuring its health, vibrancy and dominant positioning in central New York City,” Pyramid said in an announcement on its website.
The Destiny USA loan extension follows Pyramid’s recently secured loan extension on its Walden Galleria property in suburban Buffalo and the refinancing of its loan on its Crossgates Commons resort in Albany.
Pyramid says Destiny USA has a total area of 2.4 million square feet, with more than 5,000 people employed by Pyramid Management and its tenants.
In 2017, Pyramid built a 209-room Embassy Suites hotel in Destiny USA to further attract out-of-town visitors.
Destiny USA recently welcomed several new brands, including Bullfinch Brewpub, Hobby Lobby, Hugo Boss, Offline by Aerie, Lovesac, Ardene, Anthropologie, Supreme Jewelers, Express Jewelers, Sip Sip Hooray, Earthbound Trading Company, Aloha Crab, Rachels Mediterranean Grill, and sake from Japan. The mall will also soon open to new tenants, including Rue 21, Get Air Trampoline Park and Lovisa, Pyramid said.