Destiny USA mall faces potential foreclosure for missing a $38.9m payment, ending its forbearance agreement.
Destiny USA, a large shopping mall in Syracuse, NY, faces potential foreclosure due to missing a $38.9 million payment, which led to termination of its forbearance agreement. The mall has over $430 million in outstanding mortgage loans and a liquidation value of $65 million, as reported by KBRA. The mall owner, Pyramid Management Group, has faced similar challenges at other Northeast malls.
August 16, 2024
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