Stratus closes $33M non-recourse refinancing of Kingwood Place; maturity Dec 2027

STRATUS PROPERTIES INC

Loan of $33M at 1-month SOFR+1.80% (floor 3%), matures Dec 1, 2027; interest-only monthly.
Proceeds: ~$29M repaid existing Comerica loan, ~$800k transaction costs, ~$3.2M for expenses/distributions.
Stratus expects ~$2M in payments and distributions from the remaining proceeds.
Interest rate cap purchased at 6% strike with $33M notional through Dec 1, 2026; subsequent cap required.
Loan is non-recourse except customary carveout guaranty; no financial covenants.

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