Brief
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 structure
Summary
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-foo
Source
- Connect CREconnectcre.com
