GUILDERLAND, N.Y. (NEWS10) — The owner of one of the Capital Region’s shopping centers has secured millions for reinvestments into its properties. Pyramid Management Group acquired two new five-year finance loans for Crossgates Mall and Crossgates Commons.
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Announced by the management group on Monday, Crossgated Mall received a $193 million loan package. The management company added that Crossgates Commons, which is home to the largest Walmart in the United States and countless other retailers, closed on a $13.8 million loan.
“Crossgates Mall continues to demonstrate exceptional strength and resilience, maintaining 90% occupancy and generating $636 in sales per square foot,” Pyramid Management Group Chief Executive Officer Stephen J. Congel said. “Our continued focus on strategic innovation and enhancing the overall guest experience has enabled us to successfully secure new, long-term financing for this property.”
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Retailers recently added to Crossgates Mall include REI Co-Op, Crunch Fitness, and Primark. Officials with the management group stated that several stores are expected to open in 2026, one being Ashley Furniture.
“We are committed to building on this momentum in the years to come and remain focused on sustaining the vitality, competitiveness, and market leadership of Crossgates Mall,” Congel said. “In the months ahead, we anticipate announcing additional retail, dining, and entertainment offerings that will further strengthen the property’s position in the region.”…