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.
