Wilmington Trust Has Filed to Foreclose on Palisades Center's $418.5 Million Loan

by Rockland Daily Staff

West Nyack's Palisades Center is heading towards a sale due to Pyramid Management Group's unpaid $418.5 million loan. 

Pyramid Management Group owns fifteen malls in  New York and New England, including the Palisades Center, the nation's twelfth-largest mall in the U.S.

Wilmington Trust filed in New York Supreme Court, New York County, to foreclose the mall after Pyramid Management Group defaulted on a $418.5 million loan. 

The Palisades Center has experienced a steady loss of anchor tenants, many due to Covid-related business shutdowns.

After Pyramid's loan went into default, despite an October 2022 forbearance agreement, Wilmington Trust decided it was done awarding the mall's owners extra time and is now attempting to take possession of the Palisades Center, asking that the assets be sold to satisfy the obligations under the notes.

Photo Credit: Flickr