Updated Oct 8, 2026
Don Forsgren Of Intracorp Homes Secures $173 Million Construction Loan For Leland South Congress In Austin
2121 South Congress Avenue
$173,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 7, 2026
About this deal
AI
The property involved in this transaction is a development site located at 2121 South Congress Avenue in Austin, TX. The site encompasses 2.8 acres and has a building square footage of 635,000. Intracorp Homes is the landlord associated with this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $173,000,000
- Lender: BGO
- Landlord: Don Forsgren - Intracorp Homes
- Loan Type: Construction
This transaction involves Don Forsgren representing Intracorp Homes, which secured financing for the construction of Leland South Congress, a project that will feature 265 condos, nearly 22,000 square feet of ground-floor retail, and a 6,000-square-foot outdoor dining paseo, with completion expected in 2029.
On the Map
$173,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93