Stratus Properties Inc. Announces Construction Financing for The Saint George, a Multi-Family Project in North-Central Austin
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Thursday, July 21, 2022
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Stratus Properties Inc. (NASDAQ: STRS) (Stratus or the Company) today announced that it has completed construction financing for the development of The Saint George, a 316-unit luxury wrap-style multi-family project to be constructed in north-central Austin on Burnet Road.
Key Points:
- Stratus Properties Inc. (NASDAQ: STRS) (Stratus or the Company) today announced that it has completed construction financing for the development of The Saint George, a 316-unit luxury wrap-style multi-family project to be constructed in north-central Austin on Burnet Road.
- The Saint George will be a high-quality addition to our portfolio, ultimately adding value to our leasing operations.
- The project is owned by The Saint George Apartments, L.P., a Texas limited partnership and a Stratus subsidiary.
- The construction financing consists of a four-year construction loan from Comerica Bank to the limited partnership in the amount of $56.8 million, which is secured by the project.