Bloomberg Law
April 13, 2022, 12:37 AM

CMBS Loan on Syracuse Mall Destiny USA in Special Servicing

Erin Hudson

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 ...

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