DLP Capital Funds $47.5 Million Bridge Loan for Bevelo at Larkspur
DLP Capital is proud to announce the successful closing of a $47,535,000 bridge loan to Thompson Realty Capital, LLC. Extended through the DLP Lending Fund, this financing will support the sponsor in the stabilization of Bevelo at Larkspur, a premier Class A multifamily community in the rapidly expanding Austin–Round Rock–Georgetown Metropolitan Statistical Area.
Bevelo at Larkspur: A Premier Community in a Booming Austin Suburb
Situated on nearly 16 acres in Leander, Texas—a high-growth suburb approximately 30 miles northwest of downtown Austin—Bevelo at Larkspur is an amenity-rich, garden-style residential community.
The development features 285 modern units, including one-, two-, and three-bedroom floor plans. With an average unit size of 898 square feet, the property offers spacious living options designed to meet the high demand for quality housing in the Austin suburban market. Completed in mid-2025, the community welcomed its first residents in August and achieved its final Certificate of Occupancy in November 2025.
Lease-up is currently underway, with rents positioned to offer an attractive and attainable option for the local workforce. The community is well-positioned to capture demand in one of Texas’ most dynamic submarkets; Leander recently saw its population surge to nearly 100,000 residents, consistently ranking as one of the fastest-growing cities in the United States. The area benefits from top-tier school districts and convenient access to the 183A tollway, providing efficient commutes to Austin’s major employment centers.
Strategic Financing for Long-Term Success
DLP Capital’s $47.5 million multifamily bridge loan provides the necessary capital to transition Bevelo at Larkspur from the construction phase into full physical and economic stabilization. The flexible loan structure provides Thompson Realty Capital with the necessary runway to execute their lease-up strategy and maximize the value of this core asset.
This partnership highlights DLP Capital’s commitment to providing agile capital solutions for high-quality residential assets managed by experienced sponsors.
Thompson Realty Capital: A Legacy of Texas Development
Thompson Realty Capital is a full-service real estate firm with a deep history in the Texas market. With a legacy dating back to 1980, the firm specializes in the development, leasing, and management of premier commercial and residential real estate.
Over its history, the company has developed 35 single-family and Class A multifamily communities across Texas and Northern Virginia. With over $2 billion in transaction flow and a portfolio encompassing nearly 10,000 single-family lots, Thompson Realty Capital is a highly experienced sponsor—one that DLP Capital is proud to partner with in its mission to finance thriving communities for America’s working families.