December 13, 2018
Stratus Properties Inc. obtained a $32.9-million construction loan to assist with the development of Kingwood Place, a retail center in Kingwood. Kingwood is a 14,000-acre master-planned community in northeast Houston.
The development, which will break ground shortly, is being anchored by a 103,000-square-foot H-E-B grocery store, and will include 41,000 square feet of retail space, six retail pads and a 10-acre parcel that is planned for 300 apartment units.
The four-year loan was obtained from Comerica Bank, and will help finance nearly 70% of the $48 million project. The remainder is being funded by borrower equity, contributed by Stratus and other investors.
The Austin-based developer acquired approximately 54 acres at Interstate 69/Highway 59 and Northpark Drive in August 2018 from Chevron. The H-E-B is scheduled to open at the end of 2019.
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