Concord Summit Capital has arranged a $28 million, non-recourse bridge loan to provide mid-construction financing for The Albritton, a mixed-use development underway in Friendswood, Texas. The project is positioned between Houston and Galveston and is being developed by Tannos Development Group. The financing was structured at a 70% loan-to-cost ratio, supporting continued construction activity on the site.
The Albritton is located at 408 S. Friendswood Drive and is planned to encompass a total of 163,176 square feet. The program includes 111 Class A apartments above ground-floor commercial space, along with dedicated office and parking components. The residential portion is designed to sit over 11,000 square feet of street-level retail and 9,000 square feet of office space, creating a vertically integrated mixed-use environment within the suburban community.
Parking is being addressed through a 72,000-square-foot garage integrated into the development. Residents and commercial users will have access to a slate of on-site amenities, including an elevated pool and gym, fire pits, and a concierge desk. The project also incorporates secure entry and marble-finished common areas, with the overall design framed by a natural three-inch limestone facade featuring classical architectural detailing.
Concord Summit Capital sourced and structured the bridge financing on behalf of the project sponsor. The capital markets assignment was led by Concord professionals Daniel J. Eidson and Ben Applebaum, who arranged the non-recourse loan to match the project's construction profile and cost basis. The mid-construction financing is intended to carry the development toward stabilization as the various use components are delivered.
The Albritton is expected to reach completion in 2028, adding new residential, retail, and office inventory to the Friendswood corridor between Houston and Galveston. With its combination of apartments, commercial space, structured parking, and amenity package, the project is positioned as a notable mixed-use addition to the local market once construction is finished.
