[[{“value”:”
Concord Summit Capital has arranged $28 million in mid-construction financing for The Albritton, a new mixed-use development underway at 408 S. Friendswood Drive in Friendswood, Texas. The project sits between Houston and Galveston and is being developed by Tannos Development Group. The non-recourse loan was structured at a 70% loan-to-cost ratio to support ongoing construction activity.
The Albritton is planned as a 163,176-square-foot asset combining residential, retail, office, and structured parking. The program calls for 111 Class A apartments built above approximately 11,000 square feet of ground-floor retail space and 9,000 square feet of office space. A 72,000-square-foot parking garage is integrated into the project, serving residents and commercial users on site.
Residential and common-area amenities at The Albritton are expected to include an elevated pool and gym, fire pits, a concierge desk, and secure entry features. The project’s interior common areas are planned with marble finishes, while the exterior is described as featuring a natural three-inch limestone facade with classical detailing.
Concord Summit Capital’s Daniel J. Eidson and Ben Applebaum sourced the mid-construction financing on behalf of the project sponsor, Tannos. The arranged capital is intended to carry the mixed-use development through the remaining build-out period. The project is expected to be completed in 2028, bringing new Class A apartments and street-level commercial space to the Friendswood corridor between Houston and Galveston.
The transaction underscores continuing capital availability for mixed-use developments that combine residential units with neighborhood-serving retail and office components. The Albritton’s amenity package and structured parking are positioned to support both residents and commercial tenants once construction is finished.
The post Concord Summit Capital Arranges $28M Bridge Loan for Friendswood Mixed-Use Albritton Project appeared first on CRE Market Beat.
“}]]
