Austin Business Journal reports, "Sales momentum is strong at the recently delivered The Modern Austin Residences, and Austin-based condo developer Urbanspace Development has secured a recapitalized construction loan for the new tower.
Urbanspace, which also handles condo sales across Austin, has sold over half of the market-rate condos at The Modern mixed-use tower, said CEO Kevin Burns. Moreover, it's likely that it will be the last condo project to be delivered in Austin this decade, said Burns, as many projects are put on hold due to market conditions or are in the early planning stages.
Urbanspace also recently secured financing to recapitalize its construction loan for the 56-story building, which is in the Rainey Street Historic District, according to an announcement.
The building has 319 luxury condos ranging in size from 600 square feet to 6,000 square feet, including 20 affordable workforce housing options. Urbanspace has closed sales on more than half of the market-rate condos, with sales momentum picking up since Thanksgiving, Burns said. Burns has personally lived at The Modern since last summer.
With The Modern already built, Urbanspace secured financing to recapitalize its construction loan through a joint venture between Peregren Capital Group and Koch Real Estate Investments, in coordination with senior note-on-note financing from Axos Bank.
A JLL Capital Markets team led by Senior Managing Director Doug Opalka represented Urbanspace in the deal.
"This successful refinancing demonstrates the continued strength and investor confidence in Austin's luxury residential market," Opalka said in a statement. "The Modern Austin Residences' prime location in the Rainey Street District and exceptional design position it as a premier residential destination in one of the nation's most dynamic urban markets."
Though The Modern is seeing strong sales, it's been an otherwise slower time for the wider Austin condo market. Austin-based Team Price Real Estate, which lists more than 1,000 for-sale condos in the Austin area on its website, reported that December’s condo inventory of 4,240 units was a record high, and that condo sale prices have also been in decline.
Northland Living’s Luminary condo tower project downtown, which Urbanspace is also handling marketing and sales efforts for, was supposed to start construction in late 2026 but has been put on hold until market conditions stabilize. Endeavor Real Estate Group is also keeping a close eye on market conditions as it plans a condo project at the corner of West Sixth Street and North Lamar Boulevard."
Source: Austin Business Journal
Written by: Cody Baird
Published: January 14, 2026
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