NORTON SHORES, MICH. — The Horizon Group Properties Inc. has refinanced the loan secured by outlet shopping centers located in Burlington, Wash.; Fremont, Ind. and Oshkosh, Wis., all of which are owned by an affiliated entity. Starwood Mortgage Capital LLC provided the $56.7 million loan. The Starwood loan includes 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 received $3 million of loan proceeds after transaction costs and the defeasance of the prior loan. Norton Shores, Mich.-based The Horizon Group Properties is an owner and developer of factory outlet shopping centers in the United States and Asia.
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