Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
STRATUS PROPERTIES INC incurred credit facility of aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (i with Comerica Bank at one-month Bloomberg Short-Term Bank Yield Index Rate with a floor of 0.5%, plus maturing February 8, 2026.
- Instrument
- credit facility
- Principal
- aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (i
- Counterparty
- Comerica Bank
- Rate
- one-month Bloomberg Short-Term Bank Yield Index Rate with a floor of 0.5%, plus
- Maturity
- February 8, 2026
- Event
- incurrence
Exact text from the filing
is incorporated into this Item 1.01 by reference. The Loan Documents provide for a senior secured construction loan (Loan) in the aggregate principal amount of the lesser of (i) $26.1 million, (ii) 23% of the total development costs for Phase I or (iii) the amount that would result in a maximum loan-to-value ratio of 28%. The Loan has a maturity date of February 8,
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
STRATUS PROPERTIES INC entered into Loan Agreement with Comerica Bank valued at $26.1 million (effective 2023-02-08).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Comerica Bank
- Value
- $26.1 million
- Effective
- 2023-02-08
Exact text from the filing
On February 8, 2023, Holden Hills, L.P., a Texas limited partnership and 50% owned subsidiary of Stratus Properties Inc. (Stratus), as borrower (Partnership), and Comerica Bank, as lender (Lender), entered into a construction loan agreement (Loan Agreement), installment note and other related loan and collateral documents, and Stratus and Lender entered into a guaranty (collectively, the Loan Documents), to finance the development of Phase I of the Holden Hills development project (Holden Hills Project).
View on SEC.gov