NORTON SHORES, Mich., March 27, 2015 /PRNewswire/ -- Horizon Group Properties, Inc. (OTC: HGPI) today announced that it has refinanced the loan secured by outlet shopping centers located in Burlington, Washington; Fremont, Indiana and Oshkosh, Wisconsin all of which are owned by an affiliated entity. The $56.675 million loan was provided by Starwood Mortgage Capital LLC ("Starwood").
The Starwood loan bears interest at 4.509%, has a 10-year term and is non-recourse, subject to standard non-recourse carve-outs. The proceeds from the Starwood loan were used to defease the prior loan, which matures in February 2016. HGPI's received $3.0 million of loan proceeds after transaction costs and the defeasance of the prior loan.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is a leading owner and developer of factory outlet shopping centers in the United States and Asia and is the developer of a master-planned community in suburban Chicago. For more information, please visit www.horizongroup.com.
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SOURCE Horizon Group Properties, Inc.
