Syracuse, N.Y. – When a homeowner defaults on their mortgage, it’s just a matter of time before the bank takes their home. But when a gigantic mall defaults on its mortgage, it’s sometimes a different story.
Syracuse’s Destiny USA, the biggest shopping mall in New York and one of the largest in the nation, defaulted on a $300 million mortgage last June, its latest financial statements revealed this week.
But does that mean the mall’s lender will step in and seize the huge shopping center from its owner, Syracuse-based Pyramid Cos.? And if it does, will shoppers notice any difference?…