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Concord Summit Capital secures $28M bridge loan for The Albritton
The Albritton, a mixed-use development in Friendswood, Texas, is set to include 111 Class A apartments, 11,000 square feet of retail, and office space, with completion expected in 2028.
ConnectCRE reports that Concord Summit Capital arranged $28 million in mid-construction financing for The Albritton, a 163,176-square-foot mixed-use project located between Houston and Galveston in Friendswood, Texas.
The financing was structured on a non-recourse basis at a 70% loan-to-cost ratio. Tannos Development Group is the project developer, and Concord’s Daniel J. Eidson and Ben Applebaum sourced the debt for the sponsor.
The Albritton is planned to include 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 project is expected to be completed in 2028.