December 16, 2021
This past week marked two significant milestones for Austin-based firm Urbanspace Real Estate + Interiors’ 56-story condo tower, The Modern Austin Residences, located at 610 Davis St, Austin, TX. The Modern has closed on construction financing and has a site development permit in hand, the two final milestones needed for this development to proceed.
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The Modern Austin Residences, a 56 story tower has closed its financing with Peregren Capital Group
Kevin Burns, founder of local real estate and design firm Urbanspace, will develop the project with $300+ million of financing from Peregren Capital Group. Although this deal marks Peregren’s first construction financing in Austin, co-founder and Managing Partner Tucker Hughes financed multiple condo deals in Austin prior to launching Peregren with co-founder Tripp Taylor. Two of these high-profile projects include The Seaholm Residences and The Independent, each of which were sold by Urbanspace as the exclusive sales and marketing team. Hughes commented, “Kevin and the Urbanspace team know the Austin condo market better than anyone, and after working with them on Seaholm and The Independent, I was excited for the opportunity to partner with them in a bigger way on The Modern. The design, lifestyle, location, and views coupled with the experienced team that Urbanspace has assembled make it a dream build for every future resident that will call The Modern home.”
Sales for the tower will begin at the end of the first quarter of 2022. Comprised of floor plans ranging from 1 to 4 bedrooms, with prices from the high $400s to $5M+, The Modern Austin has already surpassed 2,000 inquiries for its 346 market-rate units since announcing the project to the market earlier this year.