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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.
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