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AUSTIN, Texas, January 27, 2025--(BUSINESS WIRE)--Stratus Properties Inc. (NASDAQ: STRS) ("Stratus" or the "Company") today announced the closing of a $29.8 million loan to refinance the construction loan for the retail property at Lantana Place, a 99,377-square-foot retail property within Stratus’ mixed-use development project located south of Barton Creek in Austin. Stratus wholly owns Lantana Place.
The new loan matures February 1, 2029, has a lower interest rate than the refinanced loan, is interest only for the first year and resulted in distributions to Stratus of approximately $3.0 million.
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, "We are pleased to have completed this refinancing which, like our recent Kingwood Place refinancing, reflects our approach of taking advantage of lower interest rates and extending our debt maturities during this market cycle. We believe that retaining this cash-flowing property while real estate market conditions improve will benefit Stratus and its shareholders."
About Stratus
Stratus Properties Inc. is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the Austin, Texas area and other select markets in Texas. In addition to our developed properties, we have a development portfolio that consists of approximately 1,600 acres of commercial and residential projects under development or undeveloped land held for future use. Our commercial real estate portfolio consists of stabilized retail properties or future retail and mixed-use development projects with no commercial office space. We generate revenues from the sale of our developed and undeveloped properties, the lease of our retail, mixed-use and multi-family properties and development and asset management fees received from our properties.
CAUTIONARY STATEMENT
This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as plans, projections or expectations related to Stratus’ investment strategy for Lantana Place and expectations regarding the Austin and Texas real estate markets. The words "anticipate," "may," "can," "plan," "believe," "potential," "estimate," "expect," "project," "target," "intend," "likely," "will," "should," "to be" and any similar expressions and/or statements are intended to identify those assertions as forward-looking statements.