Published July 2001

Everett Mall ownership changes hands

Herald Business Journal Staff

The Equitable Life Assurance Society of the United States has taken over ownership of the Everett Mall.

The New York-based lender took title to the mall last month in a deal that erases more than $55 million in debt owed it by the mall’s former owners, New Jersey-based Titanic Associates, Hindenburg Associates and Normandy Associates.

“It was an agreement between the old owners and the lender to transfer the title,” mall General Manager Linda Johannes said.

In October, the management of Everett Mall had been put in the hands of a court-ordered receiver, with the ownership group in default on a $55 million mortgage and $6 million in taxes, interest and other payments.

Since that time, the mall has been working with Equitable, who is “not looking at making any on-site changes,” Johannes said. “They’re very pleased with the on-site management.”

The new owner is studying opportunities that exist for the mall, she said.

“They’ve been wonderful for us to deal with,” she said, “so we’re very excited.”

Back to the top/July 2001 Main Menu