secwatch.observer — SEC 8-K summary
======================================

Issuer:     STRATUS PROPERTIES INC (STRS)
CIK:        0000885508
Form:       8-K
Filed at:   2023-02-14T23:59:59+00:00
Accession:  0000885508-23-000005
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/0000885508-23-000005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885508/000088550823000005/strs-20230208.htm
  HTML page:      https://secwatch.observer/filing/0000885508-23-000005

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer