secwatch.observer — SEC 8-K summary
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Issuer:     STRATUS PROPERTIES INC (STRS)
CIK:        0000885508
Form:       8-K
Filed at:   2024-11-26T23:59:59+00:00
Accession:  0000885508-24-000074
Event type: debt
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885508/000088550824000074/0000885508-24-000074-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885508/000088550824000074/strs-20241122.htm
  HTML page:      https://secwatch.observer/filing/0000885508-24-000074

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