Stratus Expands Credit Facility with Comerica

AUSTIN-Stratus Properties Inc., based in Austin, has expanded its credit facility to $25 million in a new agreement with Comerica Bank-Texas. The agreement also covers a $5-million loan for development costs.

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.