DLP Capital Funds $37.25 Million Loan for Casagave at Larkspur
DLP Capital is pleased to announce that the firm has extended a $37,250,000 bridge loan to Thompson Realty Capital. Backed by Casagave at Larkspur, a premium residential community in Leander, Texas, this financing will provide the sponsor with the runway needed to achieve economic stabilization on a brand-new, high-quality asset. By facilitating this lease-up phase, DLP Capital reinforces its commitment to financing Thriving Communities in high-growth corridors of the Sunbelt.
An amenity-rich community in Leander, Texas
Situated just off US Highway 183 between Leander and Liberty Hill, Casagave at Larkspur is a 2024-vintage, three-story garden multifamily property designed to offer residents a standout living experience within a stone’s throw of Austin.
The community spans over 15 acres and encompasses 254 units, including 136 one-bedroom, 106 two-bedroom, and 12 three-bedroom apartments. With an average size of 921 square feet, these amenity-rich residences provide a modern, comfortable lifestyle for the community’s residents. At the same time, lease-up rents average $1,494 or 16.82% of the Area Median Income (AMI), far below the 30% threshold required for a property to be considered attainable.
Casagave at Larkspur is located in northern Leander, Texas, an integral part of the Georgetown–Leander submarket within the broader Austin MSA. Leander is consistently ranked among the fastest-growing cities in the United States, having experienced explosive population growth over the last decade.1
Drawn by a lower cost of living relative to Austin proper, excellent school districts, and convenient commuter routes like US Highway 183, new residents are flocking to the area. Between 2025 and 2030, Leander’s population is projected to grow by nearly 20%, meaning the city could house nearly 100,000 residents by the end of the decade.1 This continuous influx of families and young professionals is driving immense demand for well-located, high-quality multifamily housing options like Casagave at Larkspur.
Strategic bridge financing to facilitate property lease-up
DLP Capital’s multifamily lease-up bridge loan, originated in December 2025, features an initial 24-month term along with two six-month extension options. This targeted capital allows Thompson Realty Capital to stabilize the asset—specifically by burning off early concessions—before seeking permanent financing or an outright sale.
Financially, the loan was underwritten at a conservative Loan-to-Cost (LTC) ratio of 62.61% and a Loan-to-Value (LTV) ratio of 64.00% (against an estimated completion value of $54,900,000). Proceeds from the loan also enabled Thompson Realty Capital to fully repay the existing construction debt and return a portion of the sponsor’s preferred equity. The transaction also provided approximately $800,000 in cash-out to the sponsor. To protect DLP Capital’s downside, the investment is secured by a first-lien mortgage and deed of trust.
About Thompson Realty Capital
Originally established in 1980 and reorganized under its current name in 2012, Thompson Realty Capital is a highly respected real estate investment and development firm with a significant footprint across Texas and Northern Virginia.2
Over its extensive operating history, the sponsor has managed, owned, or developed over 2 million square feet of commercial space and nearly 10,000 multifamily and single-family units.2 Recognized as a highly experienced and institutional-quality partner, Thompson Realty Capital’s proven track record in delivering exceptional residential communities at attainable prices aligns seamlessly with DLP Capital’s core mission to finance the building of Thriving Communities for America’s working families. This transaction builds upon an exciting lending relationship with TRC, furthering a shared legacy of making a positive impact at scale.