CHEEKTOWAGA, N.Y. (WKBW) — Pyramid Management Group, which owns the Walden Galleria, released a statement on Thursday and said it has reached an agreement with its loan provider to avoid foreclosure.
Back in May, Pyramid missed a payment on its $220 million loan from Wells Fargo, which sparked questions about its financial future. In June, Wells Fargo filed a complaint in the State Supreme Court to initiate foreclosure proceedings.
Both sides have worked out a new agreement, giving the group more time to pay back its debt. The group also said it is close to securing new funding to help make good on the loan.
Walden Galleria's owner says it has reached a deal with its loan provider to avoid foreclosure
You can read the full statement below:
Pyramid is pleased to announce that we have reached an agreement with our current lender, that will provide us with time to close on the new financing for the center, with a closing by the end of the year.
"I am extremely proud of the Pyramid team for successfully negotiating a resolution with our current lender and putting in place new financing for Walden Galleria,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “Our focus will now turn to closing on the new financing before year end. The successful result of this process will ensure the continued strength and growth of Walden Galleria as Western New York’s premier shopping, dining, and entertainment destination. We remain committed to the shopping center and the community we serve, and we are very excited about the future for both.”
