Sangertown Square Lands in a Foreclosure Fight, Stays Open
Wells Fargo Starts Foreclosure Proceedings Against Sangertown Square
Sangertown Square is facing foreclosure proceedings, with Wells Fargo taking legal action against the New Hartford shopping center's owner, Pyramid Management Group.
Wells Fargo has initiated foreclosure proceedings on the mortgage tied to Sangertown Square. The lender is seeking repayment of the outstanding debt, putting the future ownership of the shopping center into question.
But for shoppers, employees, and the businesses inside Sangertown, there is no change right now.
Sangertown Says It's Business as Usual
Sangertown Square says the company is already talking with Wells Fargo and is working toward a resolution.
In a statement, Sangertown said:
"We are aware that Wells Fargo has initiated foreclosure proceedings on Sangertown Square. We are in active discussions with the lender and are working collaboratively toward a resolution. We are very confident that we will reach an acceptable resolution on this matter which will keep Pyramid as the owner of the shopping center."
The company also made it clear that the foreclosure proceedings aren't affecting the mall's daily operations.
"Sangertown Square remains open and fully operational. It is business as usual for our retailers, restaurants, and the community members who visit the center, and this process does not affect day-to-day operations at the property."
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Pyramid also says it remains committed to the long-term success of Sangertown Square.
Pyramid Also Owns Destiny USA
The news comes as Pyramid continues to deal with financial issues involving some of its properties, including Destiny USA.
The company has been dealing with debt issues at the Syracuse mall for several years.
READ MORE: Destiny USA Foreclosure Battles
Destiny USA's financial problems involved hundreds of millions of dollars in outstanding debt tied to loans on the Syracuse property. Those loans had already been extended after their original maturity dates, and Pyramid had been working with lenders on the debt.
What Happens Next?
For Sangertown Square, the foreclosure process doesn't mean the shopping center is closing. The stores and restaurants remain open, and Pyramid says there will be no impact on the day-to-day operation of the property.
For now, it's business as usual at Sangertown Square.
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Gallery Credit: Credit - Polly McAdams