Concord Summit Capital has arranged a $28 million bridge loan to provide mid-construction financing for The Albritton, a mixed-use development located at 408 S. Friendswood Drive in Friendswood, midway between Houston and Galveston, Texas. The non-recourse financing was structured at a 70% loan-to-cost ratio for project developer Tannos Development Group.
The Albritton is planned as a 163,176-square-foot mixed-use property combining residential, retail, office, and structured parking. The program includes 111 Class A apartments supported by approximately 11,000 square feet of ground-floor retail space and 9,000 square feet of office space. The plan also calls for a 72,000-square-foot parking garage to serve residents, office users, and retail customers at the site.
The residential component is designed with a range of lifestyle amenities. Planned common-area features include an elevated pool and gym, along with fire pits that provide outdoor gathering areas for residents. The building will also offer a concierge desk and secure entry, positioning the project as a higher-end multifamily offering within the Friendswood market.
The project's design emphasizes upgraded finishes and a distinct architectural character. Common areas are expected to feature marble finishes, while the exterior is described as a natural three-inch limestone facade with classical detailing. These elements are intended to differentiate the property within its competitive set and support the positioning of the apartments as Class A units.
According to Concord Summit Capital, the financing was sourced by Daniel J. Eidson and Ben Applebaum on behalf of the project sponsor affiliated with Tannos Development Group. The loan proceeds will support ongoing construction activity as the development advances toward completion.
The Albritton is expected to deliver in 2028, bringing new apartment, retail, and office space to Friendswood. The introduction of ground-floor retail and dedicated office space, along with structured parking, is designed to create a walkable mixed-use environment along S. Friendswood Drive while adding new Class A multifamily inventory to the broader corridor between Houston and Galveston.
