Loans backed by Pyramid Management Group’s Crossgates Mall in Albany, New York were transferred to special servicing last week due to “imminent monetary default” ahead of their May maturities.
The two loans, with $157 million outstanding, were sent to special servicer Trimont Real Estate Advisors on Feb. 8, according to data compiled by Bloomberg. A third loan with $88.4 million outstanding hasn’t been transfered, the data show.
Trimont is reviewing files on New York’s third-largest mall in preparation for discussions with Pyramid, according to loan commentary. Pyramid didn’t immediately respond to a request for comment.
The closely held regional ...
