The new loan on the 89%-occupied Lakeshore Marketplace has a 10-year term at a fixed rate of 7.647% amortized over 30 years. The proceeds were used to reduce the principal on the CDC loan to $33.5 million. The CDC loan remains on properties in Laughlin, NV; Medford, MN; Monroe, MI; and Warrenton, MO. That loan also was extended to July 2002 at a rate of 395 basis points over LIBOR.
"There has been a lack of liquidity in the capital markets for outlet centers," says Horizon Group Chairman, President and CEO Gary J. Skoien. "We believe that recently completed transactions together with pending transactions will significantly increase the amount of capital available for this product type. This extension gives us the flexibility and the additional time needed to implement disposition and financing strategies on the most favorable terms possible."
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