Providence Place Mall Selling to Pyramid Management Group, Paolino Properties, DW Partners

Rhode Island Superior Court Approves Sale of Providence Place Following Receiver’s Recommendation

The Rhode Island Superior Court (Providence County) approved the sale of Providence Place to a partnership including Pyramid Management Group, Paolino Properties, and DW Partners, following the recommendation of court-appointed Receiver Mark Russo.

The approved transaction marks a significant milestone in the ongoing effort to stabilize and position Providence Place for long-term success. The selected partnership was identified as the highest and best proposal after a comprehensive marketing process that generated strong interest from multiple qualified bidders.

“After a rigorous and competitive process, we recommended a partnership that demonstrated the financial strength, operational expertise, and long-term commitment necessary to ensure a successful future for Providence Place,” said Mark Russo, Court-Appointed Receiver. “The Court’s approval of this transaction represents an important step forward for the property and for downtown Providence. We are working to position the mall for renewed investment, stability, and long-term growth.”

Providence Place remains a critical economic and visitor asset in downtown Providence. Through the Receivership period, the property has undergone significant stabilization efforts, including improvements to security, management and operations, and infrastructure. The approved sale represents the transition from stabilization to long-term ownership with the capacity to execute a forward-looking vision for the mall through modern day consumer habits.

The buyer partnership brings together a powerful combination of national-scale retail operating expertise and deep local investment leadership.

Pyramid Management Group is one of the largest privately held shopping center developers in the Northeast, with a portfolio spanning approximately 12 million square feet across nine major retail and entertainment destinations. Its properties collectively attract more than 70 million visitors annually and generate over $2 billion in annual sales, reflecting a proven ability to drive traffic, tenant performance, and long-term asset value . The company is widely recognized for transforming traditional malls into dynamic, mixed-use destinations that integrate retail, dining, and entertainment to create sustained consumer demand. They have extensive holdings in New York, with the Holyoke all being the closest to Rhode Island.

Paolino Properties brings a complementary, Providence-based perspective, with decades of experience investing in and managing a diverse portfolio of commercial, residential, hospitality, and mixed-use assets throughout the region. As one of the city’s most established real estate firms, Paolino’s involvement provides strong local alignment and a demonstrated commitment to the long-term success of downtown Providence.

DW Partners is an employee-owned alternative asset manager that invests in bonds and loans collateralized by real estate. The firm was founded in 2009 by David Warren, a 40-year veteran of the real estate debt markets, and has produced more than $4B of cumulative gross profits for its institutional and high net worth investors. They are based in NYC.

The ownership group combines institutional capital, operational scale, and local market knowledge, positioning Providence Place for success in today’s evolving retail and mixed-use environment.

Under the terms of the transaction, the parties will proceed with finalizing a purchase and sale agreement and completing customary due diligence and closing conditions. The transaction is expected to close later this year.

Through this sale process, Providence Place will continue normal operations without interruption. The Receiver will continue working closely with tenants, stakeholders, and the incoming ownership group to ensure a smooth and successful transition.

“The process was designed to achieve the best possible outcome for all stakeholders,” said Russo. “With the Court’s approval, we are now moving forward with a clear path toward a successful transition and a strong future for Providence Place.”

Additional details regarding the buyer’s plans and vision for the property are expected to be shared by the ownership group.

About the Receivership
Providence Place Mall has been operating under court-appointed receivership as part of an effort to stabilize operations, maintain tenant confidence, and position the property for a successful transition to long-term ownership.

Other Buyers – Paolino announced that there was a Texas based buyer willing to pay $20 million more, but local ownership was key to the current proposal being accepted.

In 2026 the Providence Preservation Society put the Providence Place Mall on the Most Endangered Properties list.