Stratus Block obtains $150 million 10-year term loan for refinancing

By Wendy Van Sickle

Columbus, Ohio, Jan. 11 – Stratus Block 21, LLC entered into an agreement with Goldman Sachs Mortgage Co. for a $150 million 10-year term loan on Jan. 5, according on an 8-K filed with the Securities and Exchange Commission.

The loan accrues interest at 5.58% per annum and matures on Jan. 6, 2026.

About $129.9 million of the proceeds were used to fully repay and terminate the company’s term loan dated Sept. 30, 2013 with Bank of America, NA, as administrative agent. Additional proceeds of the new term loan were used to repay the company’s $20 million credit facility with Comerica.

The refinancing related to Stratus’ W Austin Hotel & Residences and Austin City Limits Live at the Moody Theater mixed-use development in downtown Austin, Texas.

Stratus Block 21 is a wholly owned subsidiary of Stratus Properties Inc., a real estate developer based in Austin.

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