CHEEKTOWAGA, N.Y. — The owner of the Walden Galleria is seeking a five-year extension of its mammoth loan on the mall, with less than three months before the debt comes due.
Pyramid Walden Co. LP owes $237.2 million on a loan that matures on May 1, according to financial filings. The outstanding balance was about $239.5 million when Business First first reported on the state of the loan in mid-October, meaning Pyramid has paid down about $2.3 million in the intervening five months. The company is current on the loan.
The loan, which was originated in 2012 by JPMorgan Chase & Co., is held in a portfolio of similar property mortgages that have been sold off in shares — or commercial mortgage-backed securities (CMBS) — to investors, according to recent filings to bond investors. You can read the full story on Buffalo Business First's website.
