Reported by Chuck Taylor / Herald Writer
On June 18, a trustee for Royal Bank of Canada announced it would foreclose on a $98 million loan to Steadfast Commercial Properties of Newport Beach, Calif., which owns most of Everett Mall. Steadfast has until July 9 to pay $8 million in back interest and fees to avoid a sale of its property on July 20. While Steadfast owns the majority of acreage at the mall, it is only one of four property owners — and taxpayers — with a stake in the shopping center’s future. The other three are not subject to the foreclosure. The accompanying image shows who owns what at Everett Mall according to the Snohomish County assessor.