The $5-million loan and the $25-million revolving credit line each have an initial term of 28 months, maturing April 16, 2004. Currently, Stratus has $11.6 million outstanding under the revolving line of credit, leaving $13.4 million available. There is no balance outstanding under the $5-million development loan availability.
William Armstrong, chairman and CEO of Stratus, said the new credit facility gives the company greater flexibility "to take advantage of our unique properties as the economy beings to move in a positive direction."
Stratus develops residential, multifamily and commercial properties. It is active in Southwest Austin, where it is nearing completion of the 75,000-sf 7500 Rialto building.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
