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Stratus Properties gets construction financing for Kingwood Place

Dec. 12, 2018 1:40 PM ETStratus Properties Inc. (STRS) StockBy: Liz Kiesche, SA News Editor
  • 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)

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