The $5-million loan and the $25-million revolving credit lineeach have an initial term of 28 months, maturing April 16, 2004.Currently, Stratus has $11.6 million outstanding under therevolving line of credit, leaving $13.4 million available. There isno balance outstanding under the $5-million development loanavailability.
William Armstrong, chairman and CEO of Stratus, said the newcredit facility gives the company greater flexibility "to takeadvantage of our unique properties as the economy beings to move ina positive direction."
Stratus develops residential, multifamily and commercialproperties. It is active in Southwest Austin, where it is nearingcompletion of the 75,000-sf 7500 Rialto building.
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