Investors Move to Foreclose on Pyramid’s Palisades Center Mall

Investors are looking to foreclose on one of the country’s largest malls after changing shopping trends and the pandemic left it struggling to pay down its debt.

A trustee representing bondholders is seeking to take control of the 2.2 million-square-foot Palisades Center mall in West Nyack, New York, after its owner, Pyramid Management Group Inc. failed to repay debt due in October, court papers show. The company’s $418.5 million mortgage loan was packaged into bonds and sold to investors in 2016.

The loans were transferred to the special servicing unit of Wells Fargo in October for imminent maturity default, ...