EVERETT, WA-The initial $39.5-million funding of the three-tranche loan was used by Steadfast Commercial Properties to acquire the 677,123-sf mall in June. The remainder is being used to renovate the existing mall and add a big-box village center. The cost of the endeavor will be close to $100 million before it's done.

SAN JOSE, CA-In a transaction that values the 700,000-sf office and retail complex here at $105 million, the Divco-managed Page Mill Properties Fund and the Rreef-managed CalSmart Fund take out a majority equity interest held by Harvard Private Capital.

NEW YORK-Smith Barney downgrades 12 REITs in a report that says they are overvalued, sparking a sell-off late last week that continued on Monday, pulling down share prices even further.

MONT-TREMBLANT, QUEBEC-The private developer is developing the third and largest phase of its residential development at the top of Mont-Plaisant that will be operated under the banner of the Wyndham hotel chain. The resort is located one-and-a-half hours from Montreal.

PORTLAND-Broadreach Capital takes out Unico's former 50-50 partner JP Morgan as well as one of the lenders to gain a 75% stake in a deal that values Oregon's largest office building at $185 million, or 7% more than it was worth in 2000.

SEASIDE, CA-The city's planning commission votes to recommend approval of a hotel, timeshare and single-family residential development between the city's Bayonet and Black Horse golf courses.

SEATTLE-Horizon House is planning a three-phase, 100-unit addition to its 358-unit continuing care retirement community here. Early 2007 is the estimated date of project completion.

SALEM, OR-The state's seasonally adjusted unemployment rate rose from 6.8% to 7.4% in August, in part due to a below-average performance in trade, transportation and utilities. It is the first time since March that Oregon's unemployment has been over 7%.