Stratus Properties Inc. Completes Refinancing of Lantana Place - Retail
Stratus Properties (NASDAQ: STRS) has successfully completed a $29.8 million refinancing for its Lantana Place retail property in Austin, Texas. The new loan, maturing February 1, 2029, replaces the existing construction loan and features a lower interest rate with interest-only payments for the first year.
The refinancing of the 99,377-square-foot retail property has resulted in approximately $3.0 million in distributions to Stratus. The company maintains full ownership of Lantana Place, which is part of a larger mixed-use development project located south of Barton Creek.
Stratus' portfolio includes approximately 1,600 acres of commercial and residential projects under development or undeveloped land. The company generates revenue through property sales, leasing of retail, mixed-use and multi-family properties, and development and asset management fees.
Stratus Properties (NASDAQ: STRS) ha completato con successo un rifinanziamento da 29,8 milioni di dollari per il suo immobile commerciale Lantana Place ad Austin, Texas. Il nuovo prestito, in scadenza il 1 febbraio 2029, sostituisce il prestito di costruzione esistente e presenta un tasso di interesse più basso con pagamenti di interessi solo per il primo anno.
Il rifinanziamento della proprietà commerciale di 99.377 piedi quadrati ha comportato distribuzioni di circa 3,0 milioni di dollari a Stratus. L'azienda mantiene la piena proprietà di Lantana Place, che fa parte di un più ampio progetto di sviluppo a uso misto situato a sud di Barton Creek.
Il portafoglio di Stratus include circa 1.600 acri di progetti commerciali e residenziali in fase di sviluppo o terreni non sviluppati. L'azienda genera entrate attraverso la vendita di proprietà, l'affitto di immobili commerciali, a uso misto e plurifamiliari, e le commissioni di sviluppo e gestione degli asset.
Stratus Properties (NASDAQ: STRS) ha completado con éxito un refinanciamiento de $29.8 millones para su propiedad comercial Lantana Place en Austin, Texas. El nuevo préstamo, que vence el 1 de febrero de 2029, reemplaza el préstamo de construcción existente y presenta una tasa de interés más baja con pagos de intereses únicamente durante el primer año.
El refinanciamiento de la propiedad comercial de 99,377 pies cuadrados ha dado como resultado aproximadamente $3.0 millones en distribuciones a Stratus. La compañía mantiene la plena propiedad de Lantana Place, que forma parte de un proyecto de desarrollo de uso mixto más amplio ubicado al sur de Barton Creek.
El portafolio de Stratus incluye aproximadamente 1,600 acres de proyectos comerciales y residenciales en desarrollo o terrenos no desarrollados. La empresa genera ingresos a través de la venta de propiedades, arrendamientos de propiedades comerciales, de uso mixto y multifamiliares, y tarifas de desarrollo y gestión de activos.
Stratus Properties (NASDAQ: STRS)는 텍사스 오스틴에 있는 Lantana Place 소매 부동산에 대해 2980만 달러의 성공적인 재융자를 완료했습니다. 새로운 대출은 2029년 2월 1일 만기이며 기존 건축 대출을 대체하고 첫 해에는 이자만 지불하는 낮은 이자율을 제공합니다.
99,377 평방피트의 소매 부동산 재융자를 통해 Stratus에 약 300만 달러의 배분이 이루어졌습니다. 이 회사는 Barton Creek 남쪽에 위치한 더 큰 복합 용도 개발 프로젝트의 일환으로 Lantana Place의 완전한 소유권을 유지하고 있습니다.
Stratus의 포트폴리오에는 개발 중이거나 개발되지 않은 토지의 상업 및 주거 프로젝트가 약 1,600 에이커 포함되어 있습니다. 이 회사는 부동산 판매, 소매 및 복합 용도 및 다가구 부동산의 임대, 개발 및 자산 관리 수수료를 통해 수익을 창출합니다.
Stratus Properties (NASDAQ: STRS) a réussi à finaliser un refinancement de 29,8 millions de dollars pour sa propriété commerciale Lantana Place à Austin, Texas. Le nouveau prêt, arrivant à échéance le 1er février 2029, remplace le prêt de construction existant et propose un taux d'intérêt plus bas avec des paiements d'intérêts uniquement pour la première année.
Le refinancement de la propriété commerciale de 99 377 pieds carrés a entraîné environ 3,0 millions de dollars de distributions pour Stratus. L'entreprise conserve la pleine propriété de Lantana Place, qui fait partie d'un plus grand projet de développement à usage mixte situé au sud de Barton Creek.
Le portefeuille de Stratus comprend environ 1 600 acres de projets commerciaux et résidentiels en cours de développement ou de terrains non développés. L'entreprise génère des revenus par le biais de la vente de propriétés, de la location de biens commerciaux, à usage mixte et multifamiliaux, ainsi que par des frais de développement et de gestion d'actifs.
Stratus Properties (NASDAQ: STRS) hat erfolgreich eine Refinanzierung in Höhe von 29,8 Millionen US-Dollar für seine Einzelhandelsimmobilie Lantana Place in Austin, Texas, abgeschlossen. Das neue Darlehen, das am 1. Februar 2029 fällig wird, ersetzt das bestehende Bau-Darlehen und bietet einen niedrigeren Zinssatz mit Zinszahlungen nur im ersten Jahr.
Die Refinanzierung der 99.377 Quadratfuß großen Einzelhandelsimmobilie führte zu etwa 3,0 Millionen US-Dollar an Ausschüttungen an Stratus. Das Unternehmen behält die volle Eigentümerschaft an Lantana Place, das Teil eines größeren gemischt genutzten Entwicklungsprojekts im Süden von Barton Creek ist.
Das Portfolio von Stratus umfasst etwa 1.600 Acres an kommerziellen und Wohnprojekten in Entwicklung oder unentwickeltem Land. Das Unternehmen erwirtschaftet Einnahmen durch den Verkauf von Immobilien, die Vermietung von Handels- und gemischt genutzten sowie Mehrfamilienimmobilien und durch Entwicklungs- und Vermögensverwaltungsgebühren.
- Secured $29.8 million refinancing with lower interest rate
- Generated $3.0 million in distributions from refinancing
- Interest-only payments for first year reducing short-term cash obligations
- Extended debt maturity to 2029 improving financial flexibility
- None.
Insights
The successful
This refinancing is particularly noteworthy for three reasons:
- The extended maturity to 2029 provides significant runway and reduces refinancing risk during a period of market uncertainty
- The improved interest rate terms reflect both the property's stable performance and lenders' continued appetite for well-positioned retail assets in strong markets
- The interest-only period enhances cash flow optimization, allowing for strategic redeployment of capital
The transaction aligns with Stratus' broader strategy of maintaining ownership of cash-flowing assets in the rapidly growing Austin market while waiting for optimal disposition timing. Austin's robust demographic trends and economic growth continue to support retail property fundamentals, making this a prudent approach to value maximization.
The company's focus on retail and mixed-use properties, notably excluding office exposure, positions them favorably in the current commercial real estate environment where retail has shown relative resilience compared to office assets. Their substantial land bank of 1,600 acres provides significant optionality for future development, representing a valuable strategic asset in Austin's expanding market.
The new loan matures February 1, 2029, has a lower interest rate than the refinanced loan, is interest only for the first year and resulted in distributions to Stratus of approximately
William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, stated, “We are pleased to have completed this refinancing which, like our recent Kingwood Place refinancing, reflects our approach of taking advantage of lower interest rates and extending our debt maturities during this market cycle. We believe that retaining this cash-flowing property while real estate market conditions improve will benefit Stratus and its shareholders.”
About Stratus
Stratus Properties Inc. is engaged primarily in the entitlement, development, management, leasing and sale of multi-family and single-family residential and commercial real estate properties in the
CAUTIONARY STATEMENT
This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as plans, projections or expectations related to Stratus’ investment strategy for Lantana Place and expectations regarding the
Stratus cautions readers that forward-looking statements are not guarantees of future performance, and its actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause Stratus’ actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, Stratus’ ability to implement its business strategy successfully, including its ability to develop, construct and sell or lease properties on terms its Board considers acceptable, increases in operating and construction costs, the availability and terms of financing for development projects and other corporate purposes, Stratus’ ability to enter into and maintain joint ventures, partnerships, or other strategic relationships, including risks associated with such joint ventures, real estate market conditions in the
Investors are cautioned that many of the assumptions upon which Stratus’ forward-looking statements are based are likely to change after the date the forward-looking statements are made. Further, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, business plans, actual experience or other changes.
A copy of this release is available on Stratus’ website, stratusproperties.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127061268/en/
Financial and Media Contact:
William H. Armstrong III
(512) 478-5788
Source: Stratus Properties Inc.
FAQ
What are the terms of STRS's new Lantana Place refinancing?
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