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Corus closes W Hotel loan.

Corus Bankshares, Inc. banking subsidiary, Corus Bank, closed a $165,000,000 loan to CJUF II Stratus Block 21, LLC, an affiliate of Stratus Properties Inc. and Canyon-Johnson Urban Fund II LP, to finance the construction of the W Hotel and Residences, a 37-story condominium and hotel project located at 308 W. Second Street in Austin, Texas.

The project will consist of 198 residential condominium units, 252 hotel guest rooms, 60,000 s/f of retail and office space, and a live performance venue.

This project is the Bank's first with Stratus Properties and second with the Canyon-Johnson Urban Fund. "We are eager to work with Stratus Properties on such a large-scale project which will not only bring new residences and a W-flagged hotel to the city, but also a new music venue to continue the tradition which has made Austin the live music capital of the world," said Brian Brodear, Corus Bank SVP.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:May 14, 2008
Words:154
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