Concord Summit Capital, a leading intermediary between sponsors and capital providers for commercial real estate debt and equity financing, 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.
The Albritton, located at 408 S. Friendswood Drive, Friendswood, TX 77546, 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 Summit Senior Managing Director Daniel J. Eidson, CFA, and Senior Analyst Ben Applebaum sourced the financing on behalf of the project sponsor, Tannos Development Group, LLC.
“The Albritton is a much-anticipated development that will anchor downtown Friendswood for decades to come,” said Eidson. “Getting here required rezoning the property for a unique designation within the Friendswood Independent School District that will never be repeated. This financing carries the project through the remainder of construction, and we’re proud to have arranged the capital that gets it across the finish line.”
“Dan and Ben are exceptionally effective, high-quality professionals, the kind of talent that makes CSC stand out in this market. I’m proud to have them at the firm,” said Concord Summit Chairman and Partner Kevin O’Grady.
The project is expected to be completed in 2028.
About Concord Summit Capital
Concord Summit Capital is a national commercial real estate capital markets advisory firm that serves as a trusted intermediary between sponsors and providers of debt and equity capital.
With over $38 billion in closed transactions and decades of combined experience, the firm’s team delivers the relationships, discipline, and strategic insight required to consistently execute at a high level in today’s difficult market.
Concord Summit partners with entrepreneurial sponsors to structure and execute financing solutions across the capital stack, delivering the precision, creativity, and responsiveness of a boutique platform with institutional-grade execution.
The firm’s team creates financing strategies to serve the client’s needs and specializes in navigating complex transactions, structuring flexible debt and equity solutions.
With offices in five key markets – Miami, New York, Dallas–Fort Worth, Denver, and Los Angeles – Concord Summit provides a national reach with localized expertise.
For more information, visit www.ConcordSummit.com.