San Antonio, February 8, 2010 – San Antonio-based real estate developer SPV Ventures, LLC, announced today that it has closed its $2.5 Million construction loan with Schertz Bank & Trust in Schertz, Texas. The proceeds of the loan will allow SPV to immediately commence construction on the first phase of its planned approximately 56,000 square foot medical/professional office complex known as Schertz Parkway Professional Plaza located at 5000 Schertz Parkway and IH-35. This first phase, comprised of 18,000 SF in two adjacent buildings, will house medical offices, including the recently announced Schertz location of Northeast OB/GYN Associates of San Antonio. SPV is currently in negotiations with 4 other tenants for an additional total of 8,000 to 16,000 SF total, which will, at a minimum, fill the first phase and necessitate commencement of design and approval of Phase 2.
Jesse Hellums, President o f SPV Ventures and a resident of Schertz, said “We are extremely pleased to be part of this team of local participants, which of course includes Schertz Bank & Trust and the City, and to launch a project which will serve the residents of the Schertz/Cibolo/Selma area. This demonstrates that a local bank, local City managers, local business tenants, and a local developer can work together to create a much-needed project for citizens, even in these sometimes difficult business climates; localism in no longer limited to farmers’ markets.”
According to Mr. Hellums, The City of Schertz Economic Development Corp. was integral to SPV Ventures’ efforts to secure this construction financing with Schertz Bank & Trust for Phase 1, as well as SPV’s efforts to sign the lease with Northeast OB/GYN. Schertz EDC has participated in the financing package as well. Steve White, President of Schertz EDC, said “The closing of this construction loan is another indication of our commitment at The City of Schertz to provide quality services to our residents. Furthermore, this financing shows how a team of local businesses can partner together and create a project well suited, and needed, by the citizens in this area.”
Roy Richard, Chairman of Schertz Bank & Trust, added further, “Schertz Bank & Trust has been serving customers in the Schertz/Cibolo/Selma area since 1913, and we remain committed to working with local businesses and the City to serve the financial needs of Guadalupe County well into the future. Schertz Parkway Professional Plaza, once completed, will be a welcome addition to our area, and we are excited to be a part of it.”
SPV Ventures, LLC, is a privately owned limited liability company based in San Antonio and has its main offices at 16161 College Oak, S. 100, San Antonio, 78249. Contact Carey G. Birmingham, managing director, for more information at 210-262-8490 or coinvestments@satx.rr.com.
