05:40 PM EST, 11/26/2024 (MT Newswires) -- Stratus Properties ( STRS ) said late Tuesday it closed a $33 million nonrecourse loan due Dec. 1, 2027, to refinance the construction loan for the Kingwood Place retail project in Texas.

The company expects the loan to result in payments and distributions of about $2 million.

Stratus said it owns roughly 60% of the project through a limited partnership with third-party equity investors.