News:
Brokerage
Posted: August 12, 2025
Pyramid Management secures new $81 million loan, for Galleria at Crystal Run
Middletown, NY Pyramid Management Group has secured a new four-year, $81 million loan on Galleria at Crystal Run. The financing consisted of a joint venture between GreenBarn Investment Group, an affiliate of Rithm Capital Corp., and InterVest capital partners, alongside Skylight Management and OakNorth Bank. Axonic Capital, the existing junior mezzanine lender, extended its position in a new, lower-basis mezzanine loan. This new loan will allow Pyramid to continue to reinvest in the property and ensure its success in Orange County and the Hudson Valley.
“Galleria at Crystal Run has consistently demonstrated strong performance and resilience,” said Stephen Congel, chief executive officer of Pyramid Management Group. “Through our ongoing commitment to innovation and enhancing the guest experience, we have successfully secured new financing for the shopping center. We look forward to building on this momentum in the years to come and remain firmly dedicated to sustaining the vitality, vibrancy, and market dominance of the Galleria at Crystal Run. Expect to see many great additions to this property in the very near future including new retail, food & beverage, and entertainment venues.”
Galleria at Crystal Run, located in one of New York State’s fastest growing counties, has some exciting projects underway. Dick’s Sporting Goods recently signed a 10-year extension and is undergoing a full store remodel. Gold’s Gym is expanding by over 28,200 s/f to a total of 83,000 s/f and will include three world-class facilities – Gold’s Gym, Parisi Speed School and SWING indoor sports and social hub.
Anchored by Macy’s, JCPenney, and Target, Galleria at Crystal Run offers over 100 retail shops, 6 entertainment venues and 10 onsite eateries such as AMC Theaters, Urban Air Adventure Park, Round 1 Bowling and Amusement, 110 Grill, and Fuji Japanese Steakhouse.
Galleria at Crystal Run is an employment driver in the region, with nearly 1,700 people employed by Pyramid and its tenants.
Tags:
Brokerage
MORE FROM Brokerage
Century Cricket Centre to open first U.S. location near Bryant Park in 14,000 s/f lease
Manhattan, NY Century Cricket Centre, an Australian-backed indoor cricket and sports-tech concept, will open its first U.S. location in a 14,000 s/f at 25 W. 39th St. near Bryant Park following a 15-year lease arranged by Lee
Quick Hits
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
.gif)
September Promotion
