Schertz Parkway Professional Plaza Phase 2 Starting Soon
SCHERTZ – San Antonio-based SPV Ventures, LLC, announced Friday it has closed on its $3.8 million construction loan with Frost National Bank of San Antonio to immediately commence construction on the second phase of its planned approximately 56,000 square foot medical/professional office complex known as Schertz Parkway Professional Plaza at 5000 Schertz Parkway and IH-35.
The first phase, completed in October 2010 and comprised of 18,000 square feet in two
adjacent buildings, houses medical offices for Northeast OB/GYN Associates, Northeast Pediatric Associates and Northeast Endocrinology.
Construction on the second phase is scheduled to begin immediately and it will house tenants including Northeast Children’s Dentistry and the San Antonio Orthopaedic Group.
Barring any weather delays, SPV expects to complete construction in January 2012.
Jesse Hellums, President of SPV Ventures and a resident of Schertz, said: “We are extremely pleased to be part of this team of local participants, which includes Frost National Bank and the City of Schertz, and to launch a project which will serve the residents of the Schertz/Cibolo/Selma area. This demonstrates that a local bank, local city management, 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.”
According to Mr. Hellums, the City of Schertz Economic Development Corp. was integral to SPV Ventures’ efforts to secure this construction financing with Frost National Bank for Phase 2, as well as SPV’s efforts to sign leases with it new tenants.
Harry Whitney, President of Schertz EDC, said: “The closing of this construction loan is
another indication of both SPV’s and EDC’s commitment to 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.”
Brian Biggs, Vice President of Real Estate Lending at Frost Bank, added, “Frost has been serving customers in the Schertz/Cibolo/Selma area for many years, and we remain committed to working with local businesses and the City of Schertz to serve the financial needs of Guadalupe County well into the future. This phase of Schertz Parkway Professional Plaza, once completed, will be a welcome addition to the area, and we are pleased 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 firstname.lastname@example.org