AUSTIN, Texas, December 16, 2021–(BUSINESS WIRE)–Last week marked two major milestones for Austin-based Urbanspace Real Estate + Interiors’ 56-story condo tower, The Modern Austin Residences, located at 610 Davis St, Austin, TX . The Modern has closed construction financing and has a site development permit in hand, the final two steps required to proceed with this development.
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The Modern Austin Residences, a 56-story tower has closed its financing with Peregren Capital Group (Graphic: Binyan)
Kevin Burns, founder of local real estate and design firm Urbanspace, will develop the project with more than $300 million in funding from Peregren Capital Group. Although this deal marks Peregren’s first construction financing in Austin, co-founder and managing partner Tucker Hughes financed several condo deals in Austin before launching Peregren with co-founder Tripp Taylor. Two of these high-profile projects include The Seaholm Residences and The Independent, which were each sold by Urbanspace as their 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 thrilled to have the opportunity to associate with them more prominently on The Modern.The design, lifestyle, location and views coupled with the experienced team Urbanspace has assembled make this a dream build for every future resident who will call home modern.”
Sales of the tower will begin in late Q1 2022. Consisting of floor plans ranging from 1 to 4 bedrooms, with prices ranging from $400 to $5M+, The Modern Austin has already surpassed 2,000 inquiries for its 346-fare market since the project was announced to market earlier this year. Kevin Burns remarked, “Although Austin’s development process was long, our team had the synergy and experience to keep this project on pace while taking our past experiences and creating a building that, we know, will be best in class. We are creating a new standard for condo living in Austin and with the owner always in mind. As a condo dweller myself for 20 years, I wanted to ensuring the team pays attention to every detail, and I’m privileged to work with such great partners. Urbanspace has worked with thousands of condo owners over the past two decades, and they know it’s our passion, which sparked interest as well as the Austin market in general.The Modern’s other partners and consultants include: Nelsen Partners – Design Architect, Page – Architect of Record and Flintco – General Contractor.
The Modern’s grand opening will take place immediately after SXSW, allowing Container Bar and Bungalow, which currently occupy the venues, to operate until mid-March. Bridget Dunlap, owner of Container Bar, will open a new concept in the basement of Modern. Urbanspace will open its third hospitality concept, yet to be named, but similar to its first, Codependent Cocktails + Coffee, on the ground floor. Their second hospitality concept, Bacalar, which will open in the first quarter of 2023, will be located down the street on the ground floor of 44 East Ave, another project for which Urbanspace Real Estate handled sales and development. marketing.
As part of the agreement between The Modern Austin Residences and the City of Austin, the project will contribute more than $1 million to the city’s Affordable Housing Fund, provide 21 affordable housing units on-site, and contribute more than $500,000 $ to the Trail Foundation.
For more information on Modern Austin Residences, please visit ModernAustinResidences.com
Images of modern Austin residences are available HERE. (Rendering image credit to Binyan)
Urbanspace Real Estate + Interiors was created out of Kevin Burns’ passion for living the urban Austin lifestyle. Born from an entrepreneurial vision to develop an on-the-ground real estate company that could uniquely provide turnkey solutions to the needs of downtown and urban core residents, Urbanspace paved the way for downtown development. as the first real estate in the urban core. service provider since 2000. Urbanspace has grown into a turnkey living solution, offering residential and commercial real estate brokerage services, condo project marketing, development, interior design, furniture showroom with over 100 lines, premium moving services and hospitality concepts. Leveraging the breadth of local knowledge, years of experience, a keen sense of international design and a shared desire to live the urban lifestyle, Urbanspace has been driving the growth of real estate and design of Austin’s urban core for more than two decades. For more information about Urbanspace Real Estate + Interiors, visit urbanspacelifestyle.com.
Peregren Capital Group is an institution-backed mortgage investment firm that invests across the United States, focusing on the Western, Central and Southern regions. Peregren was formed in early 2020 by Tucker Hughes and Tripp Taylor, both formerly of Bank OZK and Axos Bank, with a focus on various home equity investments including whole loans, mezzanine loans and preferred stock investments . The firm typically focuses on complex, large-scale loan opportunities of at least $100 million, with a preference for much larger positions. Peregren invests or lends on all types of property, including apartments, condos, SFRs, offices, retail, industrial, hotels and land developments. The founders bring two decades of construction and bridging lending experience to the business, with particular expertise in complex development and repositioning operations. Peregren’s managing partner, Tucker Hughes, was previously Country Head of Commercial Real Estate at Axos Bank and prior to that was Managing Director and Head of CRE Lending for Western and Central Regions at Bank OZK ( formerly Bank of the Ozarks). Peregren has offices in Dallas, TX and Los Angeles, CA. Additional information about Peregren can be found at peregren.com.
With roots dating back to 1898, Page provides architectural, interiors, planning, consulting and engineering services in the United States and around the world. The company’s diverse international portfolio encompasses the healthcare, education, government, and science and technology sectors, as well as municipal, corporate and urban housing projects. Page has more than 650 employees in offices in Austin, Dallas, Denver, Dubai, Houston, Mexico City, Phoenix, San Francisco and Washington, DC Learn more about the company at pagethink.com.
Flintco was founded in 1908 and has seven full-service offices in Austin, Denver, Houston, Memphis, Oklahoma City, Springdale, AR and Tulsa. We offer pre-construction, construction management, design-build, project and program management with self-execution capability, including concrete, miscellaneous steel, and foundation excavations. Flintco applies Lean principles and practices to improve historically low labor productivity rates in construction. Adopting a corporate initiative called Flintco 4 LIFE – Live Incident Free Everyday – informs our approach to safety and our culture. For more information about Flintco, please visit www.flintco.com
About Nelsen Partners
For more than 30 years, the leaders of Nelsen Partners have worked together on projects in the United States and around the world, providing architectural, interiors, planning and urban design services for projects ranging from developments mixed-use and planned urban centers, retail. developments, office buildings, residential towers, hotels, performance halls and restaurants.
With over 50 million square feet of design and construction work completed worldwide, Nelsen Partners’ breadth of experience and passion for design enables us to continue creating sustainable architecture and legacy developments. for our customers.
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Media Contact: Lara Burns Boyda