CHEEKTOWAGA, N.Y. — A Walden Galleria loan with a balance of about $225 million has been put on a watchlist as its maturity date looms.
Mall owner Pyramid Management Group originally secured the $270 million loan in April 2012, according to financial filings. As of this month, the borrower has paid off about $45 million on the loan that comes due Nov. 1.
The loan, originated by lender JPMorgan Chase & Co., is held in a portfolio of similar property mortgages that have been sold off in shares — or commercial mortgage-backed securities (CMBS) — to investors. It was put on a watchlist last month, according to recent filings to bond investors.