Tannos Development Lands Construction Loan For The Albritton

Tannos Development Groups’ Friendswood mixed-use project is one step closer to coming to fruition.

The Friendswood-based developer secured $28 million in mid-construction financing for The Albritton, a mixed-use development being built at 408 South Friendswood Drive, according to a release from Miami-based Concord Summit Capital, which arranged the deal.

Concord Summit’s Daniel J. Eidson and Ben Applebaum sourced the financing. The debt, which has a 70 percent loan-to-value ratio, is supposed to carry the project “through the remainder of construction,” Eidson said in the release. S3 Capital provided the financing, Commercial Observer reported.

The Albritton will feature 111 multifamily units, 11,000 square feet of ground-floor retail and 9,000 square feet of office space. It’s supposed to be completed in 2028.

Friendswood is 25 miles southeast of Downtown Houston. It’s about halfway between Houston and Galveston. It straddles Galveston and Harris counties and has about 42,000 residents.

Also in Friendswood, Tannos teamed up with Friendswood-based Wolfgramm Capital to build Friendswood City Center, a $750 million mixed-use district on 106 acres at FM 528 and Blackhawk Boulevard. The Houston Business Journal reported that the project started construction in the spring of 2024.

In addition, Tannos is developing a $1 billion project in Magnolia in partnership with Maritia, which is based in Arizona, the Houston Business Journal reported in May 2025. The 200-acre project, Magnolia Town Center, will feature a luxury hotel, 250,000 square feet of retail, 200,000 square feet of medical and office space, plus 350 multifamily units, a senior living facility and single-family homes. As part of the project, Tannos is donating 32 acres to the city for walking trails and two lakes.

Tannos, which was founded by Louis Tannos, mostly develops real estate in Friendswood. It’s built retail, office, multifamily and mixed-use projects.