Medistar Receives $136M in Construction Financing
- Jul 13, 2021
CIM Group has secured a $135.85 million construction loan on behalf of Medistar Corp. The package will facilitate the development of a 714-bed student housing complex serving primarily the students of Texas A&M Health Science Center Houston, and an adjacent parking garage.
The 5-acre mixed-use project will be located at the Texas Medical Center in Houston—the largest medical city in the world. Medistar will work together with the Texas A&M University system during the most significant private-public collaboration undertaken outside of College Station, Texas.
Providing housing for medical, nursing and engineering students enrolled at Texas A&M Innovation Plaza and other institutes in the Texas Medical Center, the 19-story development will comprise 483 residences. In addition, the building located at 1020 Holcombe Blvd. will feature 3,400 square feet of retail space on the ground floor.
A parking garage with 2,638 spaces will be built next to the student housing complex and will feature 15,200 square feet of ground-floor retail space, a central plaza and community amenities for visitors. Texas A&M’s recently built Discovery Tower and the upcoming Horizon Tower are both situated near the parking garage.
The two towers
The recently completed Discovery Tower will provide space for academic and research activities in engineering medicine within Texas A&M’s ‘EnMed’ program.
A partnership between Medistar and Healthcare Trust of America Inc. broke ground on Horizon Tower on June 1st. The building, which is slated for completion at the beginning of 2023, will encompass 485,000 square feet of medical offices and research labs dedicated to life sciences.
According to a Yardi Matrix survey conducted in May, the average rent in Houston rose more than 1 percent year-over-year, placing the metro among the top 22 markets with positive momentum.