Oklahoma Community Nets Refi

Thorofare Capital has provided a $23 million fixed-rate loan to DLP Capital to refinance Dream Aspen Creek, a 2018-built, 240-unit, Class A apartment community in the Tulsa bedroom community of Broken Arrow, Okla.

Thorofare’s David Perlman originated the loan with Jacob Yi and Jason Campbell leading the underwriting and executing the closing of the financing. Thorofare Capital is an affiliate of the asset management platform Callodine Group.

High-occupancy property

Dream Aspen Creek is 93.8 percent leased at closing, with a historically high occupancy level. The property is on a 12.2-acre site with 17 residential buildings, 10 three-story and seven two-story buildings and  one one-story buildings, as well as an office and clubhouse building, a one-story maintenance building a one-story pool equipment storage building.

There are 430 on-site parking spaces available, offering 1.8 spaces per unit, with 30 attached garages, 80 carport spaces and 320 surface parking spaces.

Attached garages rent for $135 a month, while carport spaces rent for $35 a month and surface parking is included for free. 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.

This is the seventh loan Thorofare closed in 2024. Last year, it closed more than $623.4 million in aggregate financings. Thorofare continues working with institutional sponsors to address their capital needs nationwide. In January, Thorofare Capital provided a floating rate, short-term loan to Palladium Group, which used it to secure $24.7 million to refinance Corner 2nd Apartments, a 71-unit luxury multifamily community in Philadelphia. Institutional Property Advisors represented the borrower.

According to Yardi Matrix data, the property became subject to a $22.5 million construction loan from Citizens Financial Group in 2021.