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Pyramid Management Group Secures $81M Loan For The Galleria At Crystal Run Reinvestment
FINANCED
$81,000,000
New York
See Similar DealsRetail1,100,000 SF
Financed 07/21/2025
FINANCED
Pyramid Management Group Secures $81M Loan For The Galleria At Crystal Run Reinvestment
1 Galleria Drive
See Similar DealsRetail1,100,000 SF
Financed 07/21/2025
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$73
Total Square Footage:1,100,000 SF
Transaction Type:Loan
The Galleria at Crystal Run, located at 1 Galleria Drive in Middletown, is a retail asset with a total square footage of 1,100,000. The property has secured significant financing amounting to $81,000,000, which will be utilized for reinvestments such as a remodel of Dick’s Sporting Goods and an expansion of Gold’s Gym.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $81,000,000
- Lender: GreenBarn, InterVest, Skylight & OakNorth Bank
- Landlord: Stephen Congel - Pyramid Management Group
The financing was arranged by the landlord, Stephen Congel, representing Pyramid Management Group, who is overseeing the reinvestment initiatives aimed at enhancing the retail experience at the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$81,000,000.00
Monthly NOI$540,000.00
Monthly Debt Service$511,975.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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