Everett Mall could go to auction

Updated:

The deed to the Everett Mall could be up for auction soon if the current owner can’t come up with $8 million by July 9, KIRO 7 news partner The Daily Herald in Everett reported Monday.

From the Herald:

In March, Steadfast Commercial Properties defaulted on a $98 million loan for the Everett Mall, which the California-based real estate investment management company bought in 2007. Officials for Steadfast said in mid-March that the company was working with their lender to restructure the loan for Everett Mall.

Steadfast put several million dollars into remodeling and expanding the mall about a year before the recession hit in 2008. But the Herald notes:

Steadfast isn't the only mall owner to be affected by the economic downturn. General Growth Properties, an owner of Alderwood mall, filed for bankruptcy protection in 2009. General Growth had 200 mall properties at the time. General Growth's financial woes haven't hurt Alderwood, which since 2009 has added stores like Forever 21 and American Girl. A new Lego store opens at Alderwood this weekend.