Syracuse, N.Y. - Destiny USA, one of the largest malls in the nation may not make its next mortgage payment.
A Wall Street Journal article says, the Syracuse shopping mall’s mortgage was recently taken over by a company that deals with defaults or renegotiations of loan terms. That company said its very likely the mall will default on their mortgage in June.
Pyramid has two mortgages on the 2.4 million-square-foot mall to the tune of $430 million dollars.
A Pyramid representative told the Journal it is in discussions for an extension on its mortgage.