The $2.25 million mortgage loan has a term of 10 years, requires monthly principal payments based on a 30-year amortization schedule and bears interest at a fixed rate of 6.89%. The net proceeds from this loan were used to repay the existing loan with National City Bank. The 31,140 sf office building is at 5000 Hakes Dr. in Norton Shores, which is near Muskegon in west Michigan. Verizon Information Services Inc. is the largest tenant in the building, occupying 10,640 sf. In addition to Horizon Group Properties, other tenants include Morgan Stanley, Mercy Continuing Care and the Transportation Security Administration.
"We have a great tenant roster and a great building," said Chairman, President and CEO Gary J. Skoien. "We were able to lock in a favorable interest rate for a 10-year period resulting in a significant reduction in the debt service compared to the prior loan."
Based in Chicago, Horizon Group Properties Inc. has nine factory outlet centers in seven states totaling about 1.8 million sf.
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