Urbanspace Lands Refi at 56-Story Austin Tower

Sales are moving briskly at The Modern Austin Residences, and the developer of the newly completed downtown tower has locked in fresh financing.

Austin-based Urbanspace Development has now sold more than half the market-rate condos at the 56-story mixed-use tower at 610 Davis Street in the Rainey Street Historic District, the Austin Business Journal reported. Urbanspace CEO Kevin Burns told the outlet that the strong pace helped the firm secure a recapitalization of its construction loan now that the building is complete, giving Urbanspace more breathing room as it finishes selling out the project.

Burns said sales momentum has accelerated since Thanksgiving, a notable bright spot in an otherwise sluggish condo market across Austin. Urbanspace already closed on more than half the tower’s market-rate units, which range from roughly 600 square feet to 6,000 square feet, with one to five bedrooms. The 319-unit building also includes 20 affordable workforce housing condos. The market-rate units range in price from the $400,000s to upwards of $5 million, and the penthouses begin at $9.2 million according to the company’s website.

The refinancing was structured through a joint venture between Peregren Capital Group and Koch Real Estate Investments, with senior financing provided by Axos Bank, according to a release. A JLL Capital Markets team led by Senior Managing Director Doug Opalka represented Urbanspace in the deal.

Opalka said that the refinancing shows strength and confidence in Austin’s luxury residential market, pointing to the project’s location and design as key drivers.

The Modern’s performance stands out amid a broader slowdown in condo development and sales citywide. Burns said the tower may be the last new downtown Austin condo project completed this decade, as rising costs, tighter financing and softer demand push many proposed projects to the sidelines or keep them stuck in early planning stages.

That caution is already showing up elsewhere in Urbanspace’s orbit. Construction on Northland Living’s Luminary condo tower downtown, for which Urbanspace is handling marketing and sales, was originally slated to begin in late 2026 but has been paused until market conditions improve, according to the publication. Endeavor Real Estate Group is also taking a wait-and-see approach with a planned condo project at West Sixth Street and North Lamar Boulevard.

Market data underscores the chill. Austin-based Team Price Real Estate reported that December condo inventory hit a record 4,240 units, while sale prices have been trending downward.

— Eric Weilbacher