Receiver Exits Galleria Case as Pyramid Secures New Loan
The receiver for the Walden Galleria has been discharged, following the mall owner’s announcement of having secured new financing for the mall.
William F. Savino, who was appointed receiver for the property in 2025, has been discharged as of March 13, based on the latest filings with the state Supreme Court of Erie County.
Pyramid Management Group secured a new five-year loan for the Cheektowaga mall in February, which it needed to do in order to retain ownership of the Galleria. That financing was announced on the same day, as set in court filings, as the deadline for Pyramid to make the payment on its preexisting debt.
“In the months ahead, we anticipate announcing additional retail, dining and entertainment offerings that will further strengthen the property’s position in the region,” said Stephen J. Congel, Pyramid CEO, in the release.
Pyramid did not immediately respond to Business First’s request for comment on the receiver's discharge.
Savino got about $204,000 in commissions for being the receiver and another roughly $68,000 for attorney’s fees and costs of the receiver, according to the court filings.
The Galleria, the largest mall in Western New York, is a major local employer and taxpayer. It's also an economic driver for the region, attracting visitors from across and outside New York state. E-commerce and increased interest rates, among other factors, have put a strain on retail properties as a whole.
This closes a chapter of uncertainty for the Galleria that began after Pyramid defaulted in 2025 on the property’s loan, which then had a roughly $220 million balance. Wells Fargo Bank, National Association, filed a complaint in May 2025 with the state Supreme Court of Erie County that started the mortgage foreclosure process. In June, Savino of Woods Oviatt Gilman LLP was named as receiver for the mall.
As of February, Pyramid has paid off about $73.6 million of the $270 million loan secured in April 2012. The loan, originated by lender JPMorgan Chase & Co., is held in a portfolio of similar property mortgages that have been sold to investors in shares — or commercial mortgage-backed securities. The loan's most recent balance is about $196.4 million.
