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Largest New York Mall Faces Refinancing Challenge; Destiny USA Is Owned By The Pyramid Cos.
Destiny USA, a 2.4 million-square-foot regional mall in Syracuse, New York is facing a final payoff date for $430 million in CMBS loans in three months. If its owner, an affiliate of Syracuse-based The Pyramid Cos., which also owns The Palisades Center in West Nyack, decides to refinance what is the largest mall in New York state and the sixth-largest in the United States, it could face challenges, according to a new loan surveillance from Kroll Bond Rating Agency.
Kroll’s analysis concluded that the shopping center produced $14.6 million in net cash flow in its 2021 fiscal year and Kroll estimated it had a value of $139.2 million based on liquidation of each phase of the property. Kroll currently estimates its net cash flow amount was 4.2 percent lower than a year ago and was 62.6 percent lower than when the loan was issued in 2014.
Given the “challenges facing mid-tier regional malls in general, the likelihood of the borrower refinancing the loan by its maturity date is unfavorable,” Kroll analysts noted. “In addition, there isn’t a deep market of potential buyers should the sponsors attempt to sell the property.”
Kroll anticipates the loans will be transferred to the special servicer, Wells Fargo.
Rockland Community Foundation’s Assets Under Management Double
The Rockland Community Foundation’s (RCF) assets under management now exceed $7 million, nearly double the figure reported in March 2021, according to the foundation. The growth is a result of the addition of several new component funds. In addition, the number of funds stewarded under the Foundation has grown to 100, an additional 20 compared to same time last year.
“Around the country, Community Foundations are an integral part of a thriving philanthropic environment and healthy and caring communities” said Ariel Aufgang, AIA – Board President of the RCF. “RCF is a vital link that connects generous donors to the causes that matter to them in their own backyards.”
Most recently, the Rockland Community Foundation opened a The Fund for East Ramapo’s Public-School Children, established by Latham & Watkins. This fund’s mission is to partner with the East Ramapo community to identify areas of greatest need for its public-school students and support education and enrichment opportunities.
In addition to stewarding over 100 charitable component funds (ranging from scholarships and donor advised funds to project funds and fiscal sponsorship) the RCF has several granting programs that benefit many of the county’s nonprofits. The Innovative Teaching Grant, which has been supported in large part by Verizon is entering its 15th year, awards roughly $10,000 to Rockland teachers in grades k-12. The Foundation also offers an annual Food Pantry Grant (in partnership with Shoprite/Inserra) which grants over $7,000 to area food pantries. During the initial stages of the COVID-19 Pandemic, RCF was also able to grant over $14,000 to area nonprofits as part of its Community Crisis Fund. Community Foundations continue to be one of the fastest growing sectors of philanthropy in the United States.
“We continue to evolve the way we do business to make it easier than ever for our fundholders to donate to organizations that need it most” stated Julie Sadowski, Executive Director of the Rockland Community Foundation.
Be a part of the first New York State Bike Census
Want to help shape the future of cycling and document where, why and how New Yorkers are riding bikes? Weigh in. With this kind of information, New York will shape public policy to foster safer streets, and more equitable transportation options across the state.
In a partnership between the New York State Energy Research and Development Authority (NYSERDA), and Urban Cycling Solutions (UCS), the Cycling Census represents New York’s first statewide dataset on bicycle integration with mass transit. The purpose of this short survey is to collect insights from cyclists and transit customers statewide to better understand opportunities and barriers for active first/last mile transportation.
To participate, visit www.urbancyclingsolutions.com or call 718-635-2648.
Each participant will be entered to win one of three $150 Planet Bike gift cards. The census will remain open until April 22, 2022.