Intracorp Secured $173 Million Loan for Austin Project

The developer obtained financing to build a 265-unit residential complex on South Congress Avenue.

Updated on Oct. 9, 2026 in Construction

Intracorp Secured $173 Million Loan for Austin Project

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Intracorp has secured a $173 million construction loan from BGO to fund the development of the Leland South Congress project in Austin. The seven-story building is set to feature 265 residential units along with significant retail and amenity space.

Why it matters

The financing marks a significant milestone for the project, which is designed to bolster residential and retail density on South Congress Avenue. By securing this capital, Intracorp is moving toward its 2029 completion goal while maintaining active presales for the new units.

The development will span seven stories and include 22,000 square feet of retail space, 6,000 square feet of outdoor dining, and 30,000 square feet of amenities. Currently, 45 percent of the residences have been presold.

The players

Intracorp

This is a real estate development firm that has operated an office in Austin since 2018.

BGO

This is the real estate investment and management firm that provided the construction loan.

Andres Construction

This firm is serving as the general contractor for the development project.

Kirksey

This is an architecture firm serving as the lead designer for the Leland South Congress development.

Douglas Elliman Development Marketing

This firm is managing the process of preselling the residential units at the building.

The details

Located at 2121 South Congress Avenue, the site serves as the latest development for the firm since it opened its Austin office in 2018. Andres Construction is serving as the general contractor, while Kirksey is leading the architectural design.

Intracorp opened an Austin office in 2018.
Initial permits for the project were filed in 2023.
The Leland South Congress building is expected to be finished in 2029.

Market Landscape

This project continues the trend of urban densification along the South Congress corridor by integrating mixed-use residential space into a high-demand area. It reinforces the firm's competitive position against other developers active in the rapidly growing Austin luxury condo market.

Potential homebuyers can currently participate in the presale process for units at the development, which accounts for nearly half of the inventory. Local residents and shoppers should expect significant construction activity at the site through the anticipated 2029 completion date.

The takeaway

The successful funding of this development highlights continued investor confidence in urban mixed-use projects in Austin despite broader economic fluctuations. Prospective buyers should research the specific unit layouts and amenities offered in the pre-sale market as these developments shape the city landscape.