Tannos Inks Bridge Loan for 163K-SF Friendswood Mixed-Use Project

Concord Summit Capital arranged $28 million in mid-construction financing for The Albritton, a 163,176-square-foot mixed-use project midway between Houston and Galveston, Texas. The debt was structured on a non-recourse basis at a 70% loan-to-cost ratio. Tannos Development Group is the developer.

The Albritton, located at 408 S. Friendswood Drive, Friendswood, consists of 111 Class A apartments, 11,000 square feet of ground-floor retail, 9,000 square feet of office space, and a 72,000-square-foot parking garage. The development features an elevated pool and gym, fire pits, a concierge desk, secure entry, and marble-finished common areas, all set behind a natural three-inch limestone façade with classical detailing. 

Concord’s Daniel J. Eidson and Ben Applebaum sourced the financing on behalf of the project sponsor of Tannos. The project is expected to be completed in 2028.  

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