Stratus Properties Inc. Announces Construction Financing for The Saint George, a Multi-Family Project in North-Central Austin
21 Julio 2022 - 4:00PM
Business Wire
Construction Set to Commence Later this
Month
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 project is
located within minutes of the University of Texas, downtown
employers, Apple Inc.’s new North Austin campus, the Q2
Stadium-home to Austin’s major league soccer team Austin FC-and The
Domain, an upscale retail, office and residential center with more
than 100 stores and restaurants. Construction is expected to
commence later this month.
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The Saint George (Photo: Business
Wire)
William H. Armstrong III, Chairman of the Board and Chief
Executive Officer of Stratus, stated, “We are pleased to announce
that we have obtained construction financing for The Saint George,
another Stratus multi-family project, located in the rapidly
growing Burnet corridor in north-central Austin. The Saint George
will be a high-quality addition to our portfolio, ultimately adding
value to our leasing operations. After project stabilization, we
look forward to considering monetization opportunities for this
property.”
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. Stratus provided a
completion guaranty and twenty-five percent repayment guaranty,
which will be eliminated once the project meets specified
conditions. The remaining estimated project costs are being funded
by equity contributed to the limited partnership by Stratus (10%)
and an unrelated equity investor (90%). Stratus will also earn
development fees and management fees on the project.
Stratus currently expects to achieve substantial completion of
The Saint George by mid-2024. Amenities will include a rooftop
deck, fitness center, resort pool, bike room and community
workspaces. Stratus has entered into a voluntary restrictive
covenant to offer 10 percent of total units as affordable units.
The project will be built consistent with Stratus’ sustainability,
wellness and conservation goals.
About Stratus Properties Inc.
Stratus is a diversified real estate company engaged primarily
in the acquisition, entitlement, development, management, leasing
and sale of multi-family and single-family residential real estate
properties and commercial properties in the Austin, Texas area and
other select markets in Texas.
Forward-Looking Statements
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. The words “anticipates,” “may,”
“can,” “could,” “plans,” “believes,” “potential,” “possible,”
“estimates,” “expects,” “projects,” “targets,” “intends,” “likely,”
“will,” “should,” “to be” and any similar expressions are intended
to identify those assertions as forward-looking statements. Stratus
cautions readers that forward-looking statements are not guarantees
of future performance, and its actual results may differ materially
from those anticipated, expected, projected or assumed in the
forward-looking statements. Important factors that can cause
Stratus’ actual results to differ materially from those anticipated
in the forward-looking statements include, but are not limited to,
Stratus’ ability to execute profitably on its development plan for
The Saint George, Stratus’ ability to continue to effectively
develop and execute its strategies, including its ability to
develop, finance, construct, lease and sell properties on its
anticipated schedule and at prices its Board of Directors considers
acceptable, the results of Stratus’ strategic planning process,
changes in the demand for real estate in the select markets in
Texas where Stratus operates, changes in economic, market and
business conditions including recent inflation and supply chain
constraints, and other factors described in more detail under the
heading “Risk Factors” in Stratus’ Annual Report on Form 10-K for
the year ended December 31, 2021, and Quarterly Report on Form 10-Q
for the quarter ended March 31, 2022, each filed with the U.S.
Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which
Stratus’ forward-looking statements are based are likely to change
after the date the forward-looking statements are made. Further,
Stratus may make changes to its business plans that could affect
its results. Stratus cautions investors that it undertakes no
obligation to update any forward-looking statements, which speak
only as of the date made, notwithstanding any changes in its
assumptions, business plans, actual experience, or other
changes.
____________________________
A copy of this release is available on Stratus’
website, stratusproperties.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220721005946/en/
Financial and Media Contact: William H. Armstrong III
(512) 478-5788
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