---
schema_version: "secwatch.filing_event.v1"
accession: "0000885508-23-000005"
form_type: "8-K"
ticker: "STRS"
cik: "0000885508"
company_name: "STRATUS PROPERTIES INC"
filed_at: "2023-02-14T23:59:59+00:00"
generated_at: "2026-06-19T15:02:45.021834+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Stratus Properties secures $26.1M loan for Holden Hills residential project, construction begins

## Summary
- Secured $26.1M construction loan from Comerica Bank for Phase I of Holden Hills, a 495-acre, 475-home project in Barton Creek community.
- Loan matures Feb 2026, interest at 1-month BSBY + 3.0% (floor 0.5%), interest-only payments, secured by Phase I and II land.
- Stratus guaranteed loan and completion; must maintain Net Asset Value ≥$125M and Debt-to-Gross-Asset ≤50%.
- Joint venture with unrelated third-party contributed 50% of equity; construction has begun, home sales expected late 2024.
- MUD reimbursements estimated up to $6.4M for off-site improvements and $8.0M for on-site; applied to principal.

## SEC filing metadata
- accession: 0000885508-23-000005
- form_type: 8-K
- ticker: STRS
- cik: 0000885508
- company_name: STRATUS PROPERTIES INC
- filed_at: 2023-02-14T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/strs-20230208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885508-23-000005
- JSON: https://secwatch.observer/filing/0000885508-23-000005.json
- Plain text: https://secwatch.observer/filing/0000885508-23-000005.txt

## Key facts
- Debt Financings
  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
  source text: 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,
  evidence_url: https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm
- Material Agreements
  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
  source text: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.