Downtown Friendswood’s marquee mixed-use project just cleared its biggest financial hurdle. Tannos Development Group has secured mid-construction financing to carry The Albritton - a four-story building pairing 111 apartments with ground-floor retail and boutique office space - through to completion, which is slated for 2028. The infusion keeps the longtime Friendswood developer on track as the site moves into its final construction phases.
Loan team and lender
According to a release via Concord Summit Capital, the Miami-based advisory firm arranged the mid-construction loan for Tannos Development Group, with Daniel J. Eidson and Ben Applebaum sourcing the debt for the sponsor. The financing is described as a non-recourse facility structured to cover the remainder of construction. Commercial Observer reported that New York lender S3 Capital is providing the capital that will fund ongoing construction draws.
Project size and amenities
The Albritton, at 408 South Friendswood Drive, is listed on the developer’s site as a roughly 163,176-square-foot mixed-use building with 111 Class A apartments, about 11,000 square feet of ground-floor retail and roughly 9,000 square feet of office space. The project page shows a two-level parking garage and resort-style amenities, including an elevated pool, fitness center, fire pits and multiple landscaped greens. Local reporting adds that the residential portion encompasses about 111,000 rentable square feet and that delivery is expected in 2028.
Where it fits in Friendswood's plans
The financing arrives as Friendswood continues to unwind zoning and development rules that had effectively capped new rental and mixed-use projects for years, a policy shift lenders cited as a key reason for backing the deal. Commercial Observer noted that The Albritton became the first purpose-built rental complex to secure construction entitlements after those amendments. The project also lines up with larger efforts - including the $750 million Friendswood City Center master plan that aims to reshape the suburb’s downtown and retail core - according to reporting by the Houston Business Journal.
Terms, timeline and what comes next
As reported by The Real Deal, the financing carries a roughly 70 percent loan-to-value ratio and is sized to cover the balance of construction costs. With site work underway and Tannos listing the project as under construction, the developer is targeting a 2028 completion. Industry observers say the new capital should help steady the timeline at a moment when mid-size projects often face pressure from higher rates and tighter credit.
Developer comments and next steps
“The Albritton is a much-anticipated development that will anchor downtown Friendswood for decades to come,” Eidson said in the Concord Summit release. Tannos has been active in the southeast Houston suburbs for years and is also advancing Magnolia Town Center, a larger mixed-use plan that would add hundreds of units along with retail and medical or office space, according to the Houston Chronicle. For locals watching the skyline slowly change, the next big milestones at The Albritton will be leasing progress and ground-floor tenant announcements as the project moves closer to opening.
