Stratus Properties Receives Construction Financing for Mixed-Use Development in Metro Houston
MAGNOLIA, TEXAS — Austin-based Stratus Properties (NASDAQ: STRS) has received construction financing for the initial phase of Magnolia Place, a mixed-use development located northwest of Houston. Veritex Community Bank provided the three-year, $14.8 million construction loan for Phase I. The first phase of development will revolve around the construction of two retail buildings totaling 19,000 square feet, five pad sites and various pieces of infrastructure. In addition, construction is underway on a 95,000-square-foot store for regional grocer H-E-B at the adjoining 18-acre site. At full buildout, Magnolia Place will consist of four retail buildings totaling 35,000 square feet, five retail pad sites, 194 single-family homes and 500 multifamily units.