EVERETT, Washington — 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:
<span>In March, Steadfast Commercial Properties </span><a href="http://www.heraldnet.com/article/20120316/BIZ/703169792/0/SEARCH">defaulted on a $98 million loan</a><span> 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.</span>
<span><span>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 </span><a href="http://www.heraldnet.com/article/20090417/BIZ/704179910/0/SEARCH">in 2009</a><span>. 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.</span><br/></span>