Pyramid Management Secures Financing to Retain Ownership of Walden Galleria Mall in Buffalo

The new five-year loan replaces the property's existing debt and was arranged with lenders including Cross Ocean Partners and Second Horizon Capital.

Published on Mar. 2, 2026

Got story updates? Submit your updates here. ›

Pyramid Management Group, the Syracuse-based owner of the 1.6 million-square-foot Walden Galleria Mall in Buffalo, New York, has secured new financing to maintain ownership of the property. The new five-year loan replaces the mall's previous debt and was arranged with lenders including global asset manager Cross Ocean Partners and impact investment firm Second Horizon Capital.

Why it matters

The Walden Galleria Mall is a major retail and economic hub in the Buffalo area, and its continued operation under Pyramid's ownership is important for the local community. The refinancing deal allows Pyramid to avoid foreclosure and retain control of the property after facing default on a previous $220 million loan.

The details

In 2025, Pyramid defaulted on a roughly $220 million loan for the Walden Galleria Mall, prompting Wells Fargo Bank to file a mortgage foreclosure complaint. Pyramid was able to reach an agreement to keep ownership of the mall and secure new financing before the foreclosure process was completed. The new five-year loan was arranged with the help of financial advisor UBS.

  • In 2025, Pyramid defaulted on a $220 million loan for the Walden Galleria Mall.
  • In May 2025, Wells Fargo Bank filed a mortgage foreclosure complaint against Pyramid.
  • Pyramid reached an agreement to keep ownership of the mall and secured new financing by the end of 2025.
  • The new five-year loan closed on February 20, 2026.

The players

Pyramid Management Group

A Syracuse, New York-based real estate company that owns and operates the Walden Galleria Mall in Buffalo.

Walden Galleria Mall

A 1.6 million-square-foot shopping center located in the Buffalo suburb of Cheektowaga, New York.

Wells Fargo Bank

The lender that filed a mortgage foreclosure complaint against Pyramid Management Group in 2025 after the company defaulted on a $220 million loan for the Walden Galleria Mall.

Cross Ocean Partners

A global asset management firm that provided financing to Pyramid Management Group for the Walden Galleria Mall.

Second Horizon Capital

An impact investment firm that provided financing to Pyramid Management Group for the Walden Galleria Mall.

Got photos? Submit your photos here. ›

What’s next

Pyramid Management Group will continue to own and operate the Walden Galleria Mall under the terms of the new five-year loan agreement.

The takeaway

This refinancing deal allows Pyramid Management Group to retain control of a major retail and economic hub in the Buffalo area, avoiding foreclosure and ensuring the Walden Galleria Mall can continue serving the local community.