— The restructure and extension of Poughkeepsie Galleria’s loan allows Pyramid to reinvest in the shopping center, ensuring its health, vibrancy, and dominant positioning for decades to come —

SYRACUSE, NY — Pyramid Management Group, one of the largest, most innovative, privately-held shopping center developers in North America, has successfully worked with its lender to restructure and extend the loan on Poughkeepsie Galleria, Dutchess County’s largest, most dominant shopping destination. The extension of Poughkeepsie Galleria’s loan allows Pyramid to continue to reinvest in the shopping center, ensuring its health, vibrancy, and dominant positioning for decades to come.

“The resilience and strength of Poughkeepsie Galleria, along with Pyramid’s continued efforts to reimagine, redefine and enhance the guest experience, enabled us to successfully restructure and extend the loan,” said Stephen J. Congel, Chief Executive Officer, Pyramid Management Group. “We look forward to continuing that success over the coming years and remain committed to ensuring the health, vibrancy and longevity of the center for decades to come.”

Poughkeepsie Galleria is Dutchess County’s largest, most dominant shopping destination for over 35 years. Anchored by Macy’s, Target, Best Buy and Dick’s Sporting Goods, Poughkeepsie Galleria offers over 100 retail shops including restaurants like 110 Grill, entertainment destinations Regal Cinemas and RPM Raceway.

“Now more than ever following challenging pandemic times, lenders and municipalities are realizing the importance of the operator behind these properties,” added Congel. “That’s precisely why the lenders are willing to work with Pyramid and why we continue to be successful in these collaborative efforts.”

Poughkeepsie Galleria is a major employment driver in the area and an economic catalyst for the region. The property totals 1.2 million square feet, with more than 2,500 people employed by Pyramid Management and its tenants.

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