SYRACUSE, N.Y. (WSYR-TV) — Destiny USA is being threated “enforcement action” for its inability to pay back $430 million in debt it owes for the construction of the mall and its expansion.
Credit rating agency KBRA reports that the mall’s owners were unable to pay a $38.9 million down payment that would have bought the company one more year to pay its debt in a pending forbearance agreement.
Destiny USA owners, Pyramid Management Group, owe $300 million for the initial construction of Carousel Center and $130 million for the Destiny USA expansion.
The mall got an extension of its 2019 deadline to 2024, a deadline it missed again.
KBRA reports Destiny USA’s liquidation value is $65 million, a fraction of the $710 million it was worth in 2014, according to Trepp .
Pyramid Management Group has had similar challenges at its other malls in the Northeast, including fighting a foreclosure of Palisades Center near New York City. It’s lost Champlain Center in Plattsburgh, Hampshire Mall in Massachusetts and Aviation near Lake George.