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Horizon Refinances Corporate Office Building

NORTON SHORES, MI-Horizon Group gets favorable rate on the refinancing of a corporate office building here. Verizon is the largest tenant in the building.

By Dan Heaton | Updated on September 02, 2003

NORTON SHORES, MI-Horizon Group Properties Inc. has completed the refinancing of its corporate office building in Norton Shores, MI, with a loan from UBS Real Estate Investments Inc.

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.

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