Thorofare Capital, an affiliate of asset management platform Callodine Group, LLC, provided a $23 million 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.

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.”

This is the seventh loan Thorofare closed in 2024. Last year, Thorofare closed over $623.4 million in aggregate financings.