CMBS Loan on Syracuse Mall Destiny USA in Special Servicing

A portion of the debt on Pyramid Management Group’s Syracuse mega-mall Destiny USA has been transferred to special servicing due to imminent payment default ahead of its June maturity, according to loan documents.

• Destiny’s $300 million securitized Phase I mortgage loan was transferred to special servicer Wells Fargo on April 1
  • The loan was previously transferred to special servicing in April 2020 before an agreement to defer payments and extend maturity was reached
  • Pyramid requested a loan forbearance and Wells Fargo has hired counsel. Discussions between the parties are underway, according to loan commentary
  • The sixth-largest mall in ...