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Houston-based real estate developer Medistar Corp. is facing a lawsuit and potential foreclosure involving its developments and properties in or near the Texas Medical Center.

Medistar defaulted on $135.8M worth of construction financing for a student housing tower and parking garage at the Texas A&M Innovation Plaza at Texas Medical Center. Meanwhile, it has drawn the ire of an investment partner for trying to sell a 20-acre development site about 2 miles away, public documents show.

BCEGI, a subsidiary of Beijing Construction Engineering Group, sued Medistar, alleging that it tried to sell the 20.4-acre site at 7171 Grand Blvd. in Houston without its consent, The Real Deal reported. The groups purchased the land together in 2017 but fell out of sync after a deal with a homebuilder fell through this month.

https://www.bisnow.com/houston/news/commercial-real-estate/houston-developer-faces-lawsuit-potential-foreclosure-on-tmc-area-properties-125247

 

The property they tried to sell.

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Medistar is also the developer for the Flyway development whose timeline has been disappointing, to say the least. It's looking like a pattern with them.

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  • The title was changed to Medistar Corporation

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