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Pyramid Management Group Refinances Albany's Crossgates Mall With $206.8M Loan From UBS And Doug Tiesi

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FINANCED
$206,800,000

New York

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Retail
Financed 11/24/2025
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Property Image
FINANCED

Pyramid Management Group Refinances Albany's Crossgates Mall With $206.8M Loan From UBS And Doug Tiesi

1 Crossgates Mall Road & 161 Washington Avenue Extension

See Similar Deals
Retail
Financed 11/24/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Transaction Type:Loan

The transaction involves a refinancing loan secured for Albany's Crossgates Mall and Crossgates Commons, located at 1 Crossgates Mall Road & 161 Washington Avenue Extension. The total loan amount is $206,800,000, aimed at retiring an existing mortgage originally valued at $241.96M that was purchased by Morgan Stanley and Cannae Advisors in 2023.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $206,800,000
  • Lender: UBS & Doug Tiesi - Argentic Real Estate Finance
  • Landlord: Stephen Congel - Pyramid Management Group
  • Loan Type: Refinance

This transaction highlights the involvement of key stakeholders, notably Doug Tiesi, who plays a crucial role as the representative of Argentic Real Estate Finance in the lending process. Stephen Congel represents Pyramid Management Group as the landlord of the asset involved in this refinancing deal.

Players

UBS
UBS
LENDER
AF
Argentic Real Estate Finance
LENDER
Stephen Congel
Pyramid Management Group
Stephen Congel
2 deals$287.8M volume
LANDLORD
Pyramid Management Group
Pyramid Management Group
LANDLORD

Details

FINANCED
IMAGE: Stephen Congel & Doug Tiesi DATE: 11/24/2025 ADDRESS: 1 Crossgates Mall Road & 161 Washington Avenue Extension MARKET: Albany ASSET TYPE: Retail LENDER: UBS & Doug Tiesi - Argentic Real Estate Finance LANDLORD: Stephen Congel - Pyramid Management Group LOAN AMOUNT: $206,800,000 LOAN TYPE: Refinance NOTE: Pyramid Management Group refinanced Albany’s Crossgates Mall and Crossgates Commons with $206.8M in new debt, retiring a $241.96M mortgage purchased by Morgan Stanley and Cannae Advisors in 2023.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$206,800,000.00

Monthly NOI$1,378,666.67
Monthly Debt Service$1,307,116.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00