Stratus Properties forms JV for Holden Hills project; receives $30M cash, retains 50% stake

STRATUS PROPERTIES INC

Class A LP contributes land valued at $70M; Class B LP (Bartoni, LLC) contributes $40M cash, $30M distributed to Class A LP.
Stratus holds 50% equity interest in the Partnership; potential returns may increase above relative equity upon negotiated hurdles.
Partnership pursuing $26.1M construction loan guaranteed by Stratus for Phase I development.
Holden Hills Project: 495 acres in Austin, TX, planned for 475 residences across two phases (Phase I: 337 luxury sites + 12 estate lots).
Comerica borrowing base reduced from $60M to $52.4M after releasing Holden Hills property from collateral pool.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

STRATUS PROPERTIES INC amended amended and restated limited partnership agreement with Bartoni, LLC (effective 2023-01-31).

Action: amendment
Agreement: collaboration
Counterparty: Bartoni, LLC
Effective: 2023-01-31

Exact text from the filing

and Bartoni, LLC, an unrelated equity investor, as the sole Class B limited partner (Class B Limited Partner) entered into an amended and restated limited partnership agreement (Partnership Agreement) of Holden Hills, L.P.

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STRATUS PROPERTIES INC filing history →

Source: SEC EDGAR

accession 0000885508-23-000002

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