Urbanspace refinances loan as sales close for downtown Austin condo tower The Modern

January 16, 2026

Urbanspace announced a refinancing of the construction loan for The Modern, the latest condominium tower rising in downtown Austin. The move follows robust sales activity, with buyers closing on more than half of the building's units.

The developer says the refinancing replaces the earlier construction financing and supports the building as it moves into its next phase. Refinancing typically lowers project risk and can signal lender confidence in a development's financial stability.

Sales momentum at The Modern has been strong enough to drive closings for a majority of units, the developer reported. Those closings turn contracts into completed sales, delivering revenue and reducing the stock of available units.

Kevin Burns, CEO of Urbanspace, told staff and partners he believes The Modern will be the last condo tower delivered in Austin during the 2020s. He framed that projection against current market dynamics for downtown condo development.

Developers often time refinancing to coincide with steady pre-sales and closings, using permanent financing to replace short-term construction loans. In this case, Urbanspace moved ahead with that step after achieving the sales milestones necessary to attract longer-term capital.

The Modern's progress adds new residential inventory to Austin's downtown core at a moment when the city's housing market continues to evolve. Closeouts of units and the loan transition will affect how quickly remaining residences reach the market and how the project is positioned for future owners.

Urbanspace is handling final deliveries and buyer handovers as the tower completes its construction-to-occupancy transition. The company's statements emphasize both the financial steps taken and its outlook that new high-rise condo deliveries may slow for the rest of the decade.