326-Unit Apartment Community Headed Near The Texas Medical Center
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Medistar Corp. has secured an $8.4M mezzanine loan from Pearlmark to develop Medistar Grand, a 326-unit multifamily project near the Texas Medical Center. Bank OZK also provided a senior construction loan.
“We view this project as an opportunity to invest in a high-quality multifamily development close to the Houston Medical Center with a strong local sponsor,” Pearlmark Managing Director Bill Swackhamer said in a release.
JLL represented the borrower in securing both the senior and mezzanine financing.
Medistar has been active in the Texas Medical Center as of late. In January, the healthcare development company released plans for Innovation Tower, a 48-story, 1.6M SF mixed-use development. Construction is scheduled to start in the third quarter.
Medistar also developed the 353-room InterContinental Hotel, which was the first full-service luxury hotel constructed in the area in several decades. The hotel features the signature InterContinental Club Lounge, 37 suites, a restaurant and bar, an outdoor pool and a fitness center, 12K SF of meeting space, seven meeting and boardrooms and an 8K SF grand ballroom.