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Originally published Thursday, March 7, 2013 at 4:38 PM

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Two local malls get financial infusion

Los Angeles-based Canyon-Johnson said its infusion enables owner Steadfast Companies of Irvine, Calif., to reposition Everett Mall and The Commons in Federal Way.

Seattle Times business reporter

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Canyon-Johnson Urban Funds, a series of joint ventures that includes former professional basketball player Earvin “Magic” Johnson, said it has invested preferred equity to recapitalize Everett Mall and The Commons in Federal Way.

Financial details were not disclosed.

Los Angeles-based Canyon-Johnson said in a statement that its infusion enables owner Steadfast Companies of Irvine, Calif., to reposition both malls.

Steadfast plans to bring new tenants to more than 100,000 square feet at Everett Mall and 65,000 square feet at The Commons.

Everett Mall, hit hard by the recession, defaulted on a $98 million mortgage last year, but the loan’s servicer indicated it would work with Steadfast on a modification.

The mall, anchored by Regal Theater, Sears, Macy’s, LA Fitness and Old Navy, is adding Burlington Coat Factory. The Commons has Century Theaters, Target, Macy’s and Sears.

Amy Martinez: 206-464-2923 or amartinez@seattletimes.com

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