FINANCEDMixed-use
Concord Summit Capital Arranges $28 Million Construction Loan For Friendswood Mixed-Use Development
408 South Friendswood Drive
$28,000,000
$171/SF
Building Size
163,176 SF
Asset Type
Mixed-use
Closing
Jun 30, 2026
AI
The property involved in this transaction is a mixed-use asset located at 408 South Friendswood Drive in Friendswood, Texas. It encompasses a building space of 163,176 square feet and has secured a construction loan amounting to $28,000,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $28,000,000
- Address: 408 South Friendswood Drive
- Market: Friendswood
- Asset Size: 163,176 BSF
- Loan Type: Construction
- Developer: Tannos Development Group
- Brokers: Ben Applebaum & Daniel Eidson - Concord Summit Capital
Ben Applebaum and Daniel Eidson are representing Concord Summit Capital in this transaction. They play a crucial role in facilitating the financial aspects of the construction loan, ensuring the successful funding for Tannos Development Group's project.
Players
Friendswood Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93