Middletown, N.Y. — Pyramid Management Group has obtained $81 million in financing for The Galleria at Crystal Run, a 1.1 million-square-foot regional shopping center located in Middletown, roughly 42 miles north of New York City. Macy’s, JCPenney and Target anchor the property, which offers more than 100 retail shops, six entertainment venues and 10 onsite restaurants including AMC Theaters, Urban Air Adventure Park, Round1 Bowling & Arcade, 110 Grill and Fuji Japanese Steakhouse.
The four-year loan will allow Pyramid to continue reinvesting in the property, including plans for a complete store remodel of Dick’s Sporting Goods and the 28,200-square-foot expansion of Gold’s Gym, which will soon feature the Parisi Speed School and SWING Middletown, an indoor sports and social club. A joint venture between GreenBarn Investment Group, InterVest Capital Partners, Skylight Management and OakNorth Bank provided financing while Axonic Capital, the existing junior mezzanine lender, expanded its stake in a new, lower-basis mezzanine loan for the property.
Pyramid Management Group has owned and operated The Galleria at Crystal Run since its opening in 1992.