Pyramid Management Group reaches agreement with Walden Galleria

BUFFALO, N.Y. (WIVB) -- Syracuse-based Pyramid Management Group is maintaining its role as property manager of the Walden Galleria after reaching an agreement with the mall, the company said.

The agreement comes after Pyramid Management Group defaulted on a multi-million-dollar loan. They owed more than $230 million in April 2022 before receiving an extension two months later.

Lender representatives said the company risked the loss of rights related to managing the property, among other penalties.

Now that an agreement has been reached, the Pyramid Management Group says they will be working to secure new financing.

"We have been actively engaged in discussions with several prospective lenders and are confident in placing new, long-term debt," the company said in a statement. "We look forward to continuing our role as a major economic contributor to the region and a trusted partner in the community for years to come."