Thorofare Capital has provided a $23,000,000 fixed-rate loan for the refinancing of Dream Aspen Creek Apartments in Broken Arrow, Oklahoma. Loan proceeds were utilized by the sponsor to retire existing short-term, floating rate debt used at the time of its original 2019 acquisition.

The property is a 2018-built, 240-unit Class A multifamily community in an affluent Tulsa bedroom community. 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. 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. 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.

The Property, located in the southeast corner of the Tulsa MSA, is 0.7 miles southwest of the Creek Turnpike (SH-364), which provides regional connectivity to U.S. Hwy 64 five miles to the northwest and the Muskogee Turnpike (SH-351) six miles to the northeast. The Property is approximately 17.4 miles south of the Tulsa International Airport and 19.3 miles southeast of the Tulsa CBD. The average household incomes within a 1-mile, 3-mile, and 5-mile radius are $105,338, $109,437, and $115,577, respectively, which compare favorably to the Tulsa MSA. Per CoStar, as of Q3 2024 the South Tulsa-Broken Arrow overall multifamily submarket had an occupancy rate of 93.8% with a 10-year average of 92.6%.

The sponsor is a Florida-based, private real estate investment firm. The sponsor’s core focus is on investing in, developing and managing attainable housing, including multifamily and single-family, manufactured housing, and outdoor hospitality.