Monzer Hourani, head of Medistar. Photo credit: Ralph Bivins, Realty News Report.
HOUSTON – (Realty News Report) – Medistar Corp., a Houston development firm led by Monzer Hourani, is developing a 326-unit apartment project called Medistar Grand.
The project is located on six acres near the intersection of Grand Blvd. and Corder Street, just southeast of the Texas Medical Center.
Pearlmark, a Chicago investment firm, provided $8.4 million in mezzanine financing. Construction financing is by Bank OZK (formerly Bank of the Ozarks.)
“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,” said Bill Swackhamer, Managing Director of Pearlmark.
Medistar recently completed a high-rise residential tower and an InterContinental hotel on Main Street near the Medical Center. The firm has developed medical-oriented properties and other real estate across Texas.
