Will O.C. investor lose mall to foreclosure?
June 19th, 2012, 11:27 am ? ? posted by Jon Lansner
An Orange County commercial real estate investor that owns a mall in the state of Washington ? Everett Mall, click on images above for larger views ? is negotiating with lenders to restructure financing for the debt-burdened retail center.
Steadfast Commercial Investments LLC ? a unit of Steadfast Cos. of Irvine ? bought the Everett Mall in Everett, Wash., in 2004. The mall was soon expanded to 676,00 square feet. Its tenants include Best Buy, Bed Bath & Beyond, Pet Smart and TJ Maxx, Old Navy, an LA Fitness and a 16-screen Regal Cinemas.
The Everett?Herald reported the mall defaulted on a $98 million loan in March. A foreclosure notice was posted, saying if the owners can?t come up with $8 million by July 9, an auction will take place.
In a statement, Lisa Whitney, a vice president with Steadfast Commercial Management, said:
?Everett Mall has not been immune to the proliferation of retailer downsizing, bankruptcies and the subsequent vacancies that have occurred industry wide over the past 36-plus months. The ownership of Everett Mall has developed and presented a long-term strategic redevelopment plan for the asset and is in active negotiations with its lender. The recent foreclosure notice posting is part of the standard process, however, we continue in discussions with our lender towards a positive resolution, and as both parties are currently working in good faith towards a positive resolution, we are unable to disclose the details of our discussions at this time. Day to day, it is business as usual at Everett Mall for both our customers and retailers, and we are confident that the implementation of the plan will successfully reposition the asset in a very challenging retail market.?
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