Medistar Develops 326-Unit Apartment Community Near Texas Medical Center
HOUSTON — Medistar Corp., a Houston-based development company led by Monzer Hourani, is underway on a new multifamily project named Medistar Grand. The development will deliver 326 apartment units on a six-acre site situated near the intersection of Grand Boulevard and Corder Street, just southeast of the Texas Medical Center.
The location positions residents within easy reach of one of the nation’s largest medical complexes, making the project attractive to medical professionals, students and staff who seek convenient access to the Medical Center’s hospitals, clinics and research facilities. The site’s proximity to major thoroughfares and nearby amenities also supports demand for high-quality rental housing in this part of Houston.
Financial backing for the development includes an $8.4 million mezzanine loan from Pearlmark, a Chicago-based investment firm. Construction financing is provided by Bank OZK (formerly Bank of the Ozarks). Bill Swackhamer, Managing Director of Pearlmark, emphasized the firm’s confidence in the project: “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.”
Medistar has significant experience delivering projects in the area and across Texas. Recent completions include a high-rise residential tower and an InterContinental hotel on Main Street near the Medical Center. The company’s portfolio includes a mix of medical-oriented properties and other real estate developments, demonstrating a track record of executing complex projects that serve healthcare markets and surrounding communities.
Medistar Grand aims to meet growing rental demand near the Medical Center by offering modern apartment living with convenient access to work, education and healthcare services. As construction progresses, the development is expected to contribute new housing supply to the neighborhood while supporting the region’s broader growth in healthcare and research employment.
Project partners and local stakeholders will monitor leasing activity and timetable milestones as the community moves toward completion. With strong financial support and an experienced sponsor, Medistar Grand represents a notable addition to Houston’s multifamily pipeline near one of the city’s most important economic and medical districts.