Business
Stratus Properties Inc. Secures Financing for and Begins Construction of Holden Hills, a Residential Project in the Barton Creek Community
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it has secured financing for, and
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that it has secured financing for, and commenced construction of, Holden Hills, a new development comprised of 475 custom residences on 495 acres within the established Barton Creek community in southwest Austin. Stratus considers Holden Hills, which is the last remaining single-family project in the Barton Creek community, to be a crown jewel of its 30-plus years of residential development. For more information about Holden Hills, visit www.HoldenHills.com.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230214005769/en/Holden Hills (Photo: Business Wire)\nStratus has entered into a joint venture with an unrelated third-party investor that contributed 50% of the equity to develop Holden Hills.\n\nIn addition, Holden Hills, L.P., the Texas limited partnership formed by Stratus and the equity investor, has entered into a construction loan agreement with Comerica Bank, which agreed to provide a three-year construction loan, guaranteed by Stratus to finance Phase I of the development. The partnership has secured all key construction permits for Phase I and construction has commenced. The partnership plans to complete the financing of Phase II of the two-phase development program with additional bank debt.\n\nWilliam H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, said, “We have a long history of navigating the Austin market and creating value in our properties across a range of economic environments. Holden Hills is a unique and beautiful property, and our focus on sustainability and wellness has been thoughtfully planned to capitalize on growing trends in consumer demand.”\n\nMr. Armstrong continued, “The Holden Hills project is expected to extend our long track record of creating value, and positions Stratus to continue returning capital to shareholders, building on our recent $40 million special cash dividend and $10 million share repurchase program. We will continue to leverage our team’s knowledge, experience and relationships in the markets where we operate to pursue prudent growth opportunities.”\n\nLocated within the established Barton Creek Community, Holden Hills is designed to promote sustainability, energy cons...