CHEEKTOWAGA, N.Y. (WKBW) — Wells Fargo Bank has filed a complaint in the State Supreme Court to initiate foreclosure proceedings on the Walden Galleria in Cheektowaga.
Walden Galleria's owner, Pyramid Management, has defaulted on a $220 million loan that it received in 2012. The loan is connected to an expansion that includes Regal Cinemas, restaurant row and several retailers.
According to a report from Buffalo Business First, Pyramid Management missed a mortgage payment due on May 1. You can read more here or watch the video below.
The mall is the largest shopping center in Western New York and the leading economic engine in Cheektowaga, paying approximately $3 million in taxes. Despite its financial struggles, the mall has an occupancy rate of over 80%.
Pyramid's CEO recently told Business First that the borrower was in talks with lenders and is hopeful about reaching a deal.
Johnny Mueller joined Voices to discuss what's next for the Walden Galleria. You can watch the full conversation below.
