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Stratus Properties boosts revolver to $60M

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Stratus Properties boosts revolver to $60M

Austin, Texas-based real estate company Stratus Properties Inc. signed a loan agreement with Comerica Bank that raises the aggregate borrowing base of its revolving credit facility to $60.0 million from $52.5 million.

The deal also extends the facility's maturity to June 29, 2020, from Nov. 30.

Borrowings under the revolver are secured by Stratus assets, excluding those that are encumbered by other loan financing, according to a release.

The company intends to use the funds for working capital needs, including land acquisitions.