Reply to thread

Message

[QUOTE="KellySyracuse, post: 3714078, member: 1644"]
Yep, I agree with that especially with COVID and the decimation of Destiny and the surrounding hotels that were pushing for a new viaduct. There is a damning story about Destiny on Syracuse.com today, their outstanding loan situation and value on the property is in bad, bad shape. You have to be a subscriber to read it

[URL unfurl="true"]https://www.syracuse.com/business/2021/02/destiny-usa-malls-future-looks-uncertain-due-to-pandemic-e-commerce-stores-leaving-and-loans-due.html[/URL]

"...The mall once had more than 250 places to shop, dine and play, but it now has just 205 open tenants, according to a [URL='https://www.destinyusa.com/directory/']directory[/URL]on its website.

In the older, original portion of the mall, the occupancy once stood at 90%. But by September, it had fallen to 59%, according to a report last month by the [URL='https://www.krollbondratings.com/documents/press-release/32825/kbra-places-ratings-of-six-certificates-across-jpmcc-2014-dsty-on-watch-downgrade']Kroll Bond Rating Agency[/URL].

In the newer, expanded section of the mall, the occupancy rate once stood at 78%, but by September had fallen to 70%.

Things have gotten so bad that a lender recently agreed to allow the mall’s owner, Pyramid Management Group, to skip monthly payments on $430 million in mortgage loans from April 6, 2020 through Nov. 6, 2020 and agreed to extend the loans through June 6, 2022, according to the Kroll agency. The loans had been coming due on Oct. 6 of this year."
[/QUOTE]

Verification

What is a Syracuse fan's favorite color?