Thorofare Capital, a subsidiary of Callodine Group, LLC’s asset management platform, has granted a $23 million fixed-rate loan to a DLP Capital affiliate for the refinancing of Dream Aspen Creek. This newly built Class A apartment complex consists of 240 units and is located in Broken Arrow, Oklahoma – a popular bedroom community near Tulsa.
At the time of closing, Dream Aspen Creek had an impressive occupancy rate of 93.8%, which is historically high for this type of property. The complex spans over 12.2 acres and includes 17 residential buildings (10 three-story and seven two-story), as well as one office building used as both clubhouse and maintenance facility.
David Perlman from Thorofare was responsible for originating the loan while Jacob Yi and Jason Campbell led the underwriting process before finalizing the financing deal. As Managing Director at Thorofare’s New York office location, Perlman stated that providing funding for this stabilized Class A multifamily property in such a strong submarket was an ideal fit with their fixed-rate capital strategy. He also mentioned that DLP Capital’s extensive experience in multifamily properties across Oklahoma made them even more appealing to work with on this project.
This marks Thorofare’s seventh successful financing deal closed so far in 2024 alone – last year they completed over $623 million worth aggregate financings.
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