Thorofare Capital Provides $23M Refi for Tulsa-Area Apartment Complex
DLP Capital worked with Thorofare Capital’s David Perlman, Jacob Yi and Jason Campell on the deal
By Brian Pascus August 20, 2024 1:48 pm
reprints
DLP Capital has secured a $23 million, fixed-rate loan to refinance Dream Aspen Creek, a 240-unit apartment complex in Broken Arrow, Okla., Commercial Observer can first report.
Thorofare Capital provided the financing, which was overseen by David Perlman, managing director and head of the firm’s New York office. The Thorofare Capital duo of Jacob Yi and Jason Campbell led the underwriting and closing of the loan.
Perlman said that his firm is excited to build on the relationship it developed with DLP Capital during the deal.
“Closing a stabilized Class A multifamily property in a strong submarket has been a perfect fit for our fixed rate capital,” said Perlman. “The sponsor’s extensive multifamily experience, including in Oklahoma, added to the appeal for this financing.”
Don Wenner, founder and CEO of DLP Capital, said in a statement that the fixed-rate nature of the loan fits with his firm’s long-term strategy of “sustained growth.”
“This collaboration underscores our commitment to providing high-quality, attainable housing in growing markets like Broken Arrow,” said Wenner.
Located at 1100 W Tucson Street in a suburb of Tulsa that doubles as the state’s fourth-largest city, Dream Aspen Creek consists of 17 residential buildings set across a 12-acre site. The apartment complex includes 430 spaces of on-site parking, 30 attached garages, a saltwater pool, a fitness center, a social terrace, a dog run and a gated park.
Dream Aspen Creek was built in 2017 and was nearly 94 percent leased upon the closing of the refinancing loan, according to Thorofare Capital.
Brian Pascus can be reached at bpascus@commercialobserver.com
