TxCDC Helps Texas Music Theater Turn Up the Volume

While Austin may have a reputation as the “Live Music Capitol of the World,” thanks to some creative businessmen and good financing San Marcos’ Texas Music Theater may give Austin a run for its money. Three entrepreneurs with experience in music, entertainment and redevelopment have opened Texas Music Theater, which is the premier venue serving the Interstate Highway 35 corridor and Texas Hill Country.

Located on the square in downtown San Marcos and a convenient drive from both Austin and San Antonio, the theater was built in 1941 and opened as the Plaza Theater. The building was remodeled in 1958 as a movie theater with two screens and renamed Holiday Theater. Now devoted to music and musicians, Texas Music Theater features all-new state-of-the-art digital sound, lighting and acoustics and has a mission to provide the highest-quality experiences for music makers as well as the thousands of audience members who will hear them. Texas bands of all kinds, local and regional artists, and national touring acts will provide quality shows on any given night of the week and always on Thursday, Friday and Saturday.

TxCDC played a big part in making this deal sing. In duet with Pioneer Bank Vice President Brian May,TxCDC’s  Senior Vice President Oscar Martinez put together a financing package that allowed owners Allen Shy, Gray Gregson and Scott Gregson to acquire the land, building and personal property in the building, all of which were eligible for 504 financing. Not only will the new owners enjoy great long-term savings with this arrangement, the refinancing provides a substantial benefit in that the original note was a balloon note with a maturity date due in less than four years. Now they have 20 years of permanent financing.

Texas Music Museum plans on making music and entertaining a lot longer than that!

Lender Profile:
Brian May, Vice President
Pioneer Bank of Texas
(512) 894-0262 brian@pioneerbanktexas.com