Thorofare Capital, an affiliate of asset management platform Callodine Group, LLC, announced it provided a $23,000,000 fixed-rate loan to a DLP Capital affiliate for the refinancing of Dream Aspen Creek, a 2018-built, 240-unit, Class A apartment community in the Tulsa bedroom community of Broken Arrow, Oklahoma.
Dream Aspen Creek is 93.8% leased at closing, with a historically high occupancy level. The property consists of a 12.2-acre site with 17 residential buildings (10 three-story and seven two-story), one (one-story) office and clubhouse building, one (one-story) maintenance building, and one (one-story) pool equipment storage building.
Community amenities include a resort-style saltwater pool with a sundeck, fitness center, social terrace with pavilion fireplace, firepit and grilling station, dog run, gated parking lot access, package lockers and storage units, and valet trash service. On-site parking includes a total of 430 spaces (1.8 spaces/unit) with 30 attached garages, 80 carport spaces, and 320 surface parking spaces. Attached garages rent for $135 a month, carport spaces rent for $35 a month, and surface parking is free.
Thorofare’s David Perlman originated the loan with Jacob Yi and Jason Campbell leading the underwriting and executing the closing of the financing.
Perlman, Managing Director and Head of the New York office said, “Closing a stabilized Class A multifamily property in a strong submarket has been a perfect fit for our fixed rate capital. The Sponsor’s extensive multifamily experience, including in Oklahoma, added to the appeal for this financing. We look forward to building a deeper relationship with this sponsorship group.”
Don Wenner, Founder and CEO of DLP Capital, said, “This collaboration underscores our commitment to providing high-quality, attainable housing in growing markets like Broken Arrow. The stability of a fixed-rate loan aligns perfectly with our long-term strategy, enabling us to continue delivering exceptional value to our residents and investors. As we celebrate our 12th consecutive year on the Inc. 5000 list, this refinancing is another step in our ongoing sustained growth and impact journey.”
Thorofare Capital is a national, vertically integrated commercial real estate debt manager. The Los Angeles-based firm, with additional offices in New York City, Miami, Dallas, and Chapel Hill, focuses on originating, underwriting and asset managing $15 million to $100 million loans secured by various property types. Its affiliate, Thorofare, LLC, is a registered investment adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has originated more than $4.75 billion since the firm’s inception in 2010, across more than 13 property types throughout 33 states. Thorofare is an affiliate of Callodine Group, an asset management platform with approximately $20 billion in AUM across affiliated advisers.
DLP Capital is a private, diversified real estate investment firm. The firm’s core focus is on investing in, developing, and financing attainable housing for America’s workforce, including multifamily and single-family, manufactured housing, and outdoor hospitality. The firm’s portfolio is capitalized via a series of evergreen private real estate investment funds for accredited investors, each of which has provided superior year-over-year consistent returns since inception. With over $5.25 billion of assets under management (as of 12/31/2023), DLP Capital has been on the Inc. 5000 list of “Fastest Growing Private Companies in America” for 12 consecutive years.
