X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-With help from an affiliate of major shareholder Howard M. Amster, Horizon Group Properties Inc. has restructured a loan on a shopping center in Tulare, CA, while settling up on mortgages on outlet centers in Daleville, IN, and Somerset, PA. All three loans, totaling $13.2 million, had been in default.

The REIT is in talks to sell the centers in Daleville, IN and Somerset, PA but the Tulare, CA center is a keeper. The new $1.98-million, six-year loan on the property carries an 8.46% interest rate amortized over 25 years, but the deal also includes immediate forgiveness of $798,000 in penalties and interest, as well as another $448,000 if the REIT is current on payments through September.

“Tulare continues to produce increasing sales and retailer interest,” says chairman, president and chief executive officer Gary J. Skoien. “We are currently expanding this center with Nike as the anchor tenant. Acquiring the loans on Daleville and Somerset also allows us to explore other opportunities for these two centers.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.