Horizon Group loses ownership of three shopping centers
ROSEMONT -- Horizon Group Properties Inc. said it has completed a deed-in-lieu of foreclosure transaction with its lender involving The Outlet Shoppes at Burlington (Washington), The Outlet Shoppes at Fremont (Indiana) and The Outlet Shoppes at Oshkosh (Wisconsin).
The three properties were collateral for a single loan. Horizon Group received a covenant not to sue from its lender as part of the transaction, it said.
The company will report a gain of approximately $14 million in connection with the transaction.
Based in Rosemont, Horizon Group is an owner and developer of outlet shopping centers in the U.S., and developer of a master planned community in suburban Chicago.