Steadfast Commercial Properties had a deadline of July 16 to come up with $8 million in interest and late fees, according to a foreclosure notice that ran in The Herald on June 18 and again on Monday.
Although the deadline has passed, the company has no new information to share, said Jennifer Schmidt, a spokeswoman for California-based Steadfast. She reiterated Steadfast's June 18 statement that the company has developed a long-term redevelopment plan for Everett Mall and is working with lender Royal Bank of Canada.
Steadfast, which owns about two-thirds of the mall, refinanced a $98 million loan in 2007, having purchased the mall for $50.2 million in 2004. The company spent millions of dollars renovating and expanding Everett Mall.
In 2007, Steadfast sold new buildings on the west side of the mall parking lot to SJ Realty Investments for nearly $22 million. Mano Realty Investments later bought the other section of what is known as the Village, which houses TJ Maxx and PetSmart. Seattle's C.D. Stimson Co. owns 12 acres, including the Macy's building and Goodyear tire store.
In March, Steadfast defaulted on its loan. The company said then it was working with the lender to restructure the loan.
Schmidt said the foreclosure notice is part of the standard process. The foreclosure notice warned that the deed to Steadfast's portion of the mall could be auctioned off Friday on the Snohomish County courthouse steps. Schmidt declined to comment. A more likely scenario would be for another buyer to step in.
Michelle Dunlop: 425-339-3454; email@example.com.
Our new comment system is not supported in IE 7. Please upgrade your browser here.