EVERETT, WA-The Everett Mall owner has defaulted on a$98-million mortgage on the shopping center in Snohomish County.Instead of foreclosing, the loan's servicer is expecting to makearrangements for a loan modification with the owner Irvine,California-based Steadfast Companies.
Steadfast refinanced its debt on the 677,000-square-foot centerin 2007 by obtaining a $98-million loan from Royal Bank of Canada.The servicer reported that the owner stopped making payments inNovember. Steadfast is in negotiations with servicer regarding therestructuring of loan. For the full story, go to Seattle Times .
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