- Stratus Properties (NASDAQ:STRS +2.1%) gets a construction loan for about $32.9M to finance almost 70% of the costs for building Kingwood Place, a $48M HEB-anchored mixed-use development project in Kingwood, TX.
- The remaining 30% of the project's cost is being funded by borrower equity, contributed by Stratus and private equity investors.
- The loan replace the land acquisition loan agreement dated Aug. 6, 2018. The new loan will mature Dec. 6, 2022, with the potential for two twelve-month extensions.
- Previously: Stratus Properties boosts revolving credit facility, extends maturity (July 5)