Paolino and Pyramid Group buy Providence Place
A partnership led by Joseph R. Paolino Jr. and Pyramid Management Group officially completed its acquisition of the Providence Place mall out of receivership. The 133 million dollar deal follows the previous owner defaulting on a mortgage loan.
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A consortium led by local developer Joseph R. Paolino Jr. and Pyramid Management Group acquired the Providence Place mall for $133M in late evening on Aug. 19. The purchase brings the 1.4 million-square-foot retail center out of receivership after a protracted legal default. The deal ends months of uncertainty for Rhode Island’s largest shopping complex following years of retail decline.
