Austin developments land $280 million to finance planned construction

Four high-profile properties in Austin have received nearly $280 million in construction financing. Madison Realty

Four high-profile properties in Austin have received nearly $280 million in construction financing.

Madison Realty Capital announced that it has provided a $278.5 million construction loan for the four properties to the developer, Reger Holdings, a real estate investment and development company based in West Seneca, N.Y.

Madison Realty Capital is a real estate private equity firm based in New York, with regional offices in major markets including Los Angeles and Dallas.

One of the four properties is a 28-story condominium in downtown Austin known as the Linden Residences, which is due to break ground soon at 313 W. 17th Street. The tower is will have 117 condominiums, along with ground-floor retail and 251 parking spaces. Reger said the units have been “substantially sold” but did not provide a number.

EastVillage is a mixed-use project planned for 425 acres in Austin's booming northeast technology corridor. The project, located off Parmer Lane, calls for office space, housing, hotels, restaurants and retail.

The Linden will replace the William Gammon Insurance building on Guadalupe Street, and is expected to take more than two years to complete.

The other properties are in the planned 425-acre mixed-use project known as EastVillage. Two are apartment complexes that will have a total of 734 units, and the other property consists of 317 acres where 1,264 additional housing units are planned.