Destiny USA gets new financing, escapes $186M in old debt on Carousel Center

Syracuse, N.Y. -- Destiny USA developer Robert Congel has lined up new financing that should allow him to complete his 1.3-million-square-foot expansion of the Carousel Center and escape $186 million in existing debt on the Syracuse shopping mall.

J.P. Morgan Chase & Co. has agreed to lend the developer $110 million to complete the expansion and $310 million to refinance a Citigroup mortgage on the mall, William Ryan, chairman of the Syracuse Industrial Development Agency, said Monday.

Getting a new lender was crucial for Congel and his project. The loans from J.P. Morgan Chase will enable him to finish the expansion, which Congel calls Destiny USA. Congel’s previous lender, Citigroup, also agreed to forgive $186 million in debt Congel owed if the mall developer found a new bank to assume the mortgage on the existing mall.

Citigroup holds two mortgages on the mall — one for $310 million and another for $100 million — and has given Congel a $86 million construction loan for the addition.

The bank agreed in 2007 to lend the developer $155 million for the addition. But in 2009, with construction underway for two years, Citigroup stopped advancing money on the loan, citing what it said were cost overruns, construction delays and a lack of signed tenants for the addition.

Congel sued the bank, accusing it of breaching its loan agreement. After a nearly two-year court fight, the developer and the bank agreed to a settlement that let Congel and his partners out of personal guarantees related to the loan but did not require the bank to lend more than the $86 million it had already advanced on the $155 million loan.

The bank also gave the developer a big incentive to find a new lender. It agreed to forgive the $86 million construction loan and the $100 million mortgage on the mall if Congel refinanced the remaining $310 million mortgage with a new lender.

Destiny USA officials did not respond to requests for comment about the new loans.

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