DLP Capital Funds $10.4 Million Loan for Thomas & 34th Apartments
DLP Capital is proud to announce the closing of a $10.4 million bridge loan to the Empire Group of Companies, an Arizona-based residential and commercial real estate developer.
This loan will support the horizontal pre-development costs for Thomas & 34th Apartments, a planned 300+ unit multifamily mid-rise project located in Phoenix, Arizona.
Once completed, the Class A community will deliver modern housing options alongside ground-floor retail to a rapidly growing metropolitan area.
This successful transaction with Empire Group demonstrates DLP Capital’s continued dedication to backing experienced, mission-aligned sponsors who are bringing Thriving Communities to life in high-demand markets.
A new, Class A mid-rise community in the heart of Phoenix
Situated on more than 5.5 acres along East Thomas Road in the Phoenix–Mesa–Chandler MSA, Thomas & 34th Apartments is planned to be developed into a Class A mid-rise multifamily community of more than 300 units.
In addition to premium residences, the community’s ground-floor retail space will offer convenience to both residents and the surrounding neighborhood. Located within the Phoenix MSA where the median household income is $90,133,1 the project is well-positioned to capture the growing regional demand for high-quality housing. Once completed, it is expected that the community will also remain attainable for families with an Area Median Income (AMI) ratio of under 30%.
The Phoenix market also ranks among the top major U.S. markets for population growth. In 2025 alone, the Phoenix–Mesa–Chandler metro added over 59,000 new residents, ranking fourth nationally for numeric population growth.2 This sustained momentum makes Phoenix a prime destination for thoughtful, well-placed residential developments, such as Empire Group’s newest project.
Conservative acquisition and development financing
DLP Capital originated the bridge loan through the DLP Lending Fund to the Empire Group of Companies in April 2026. The sponsor will use the loan proceeds to pay off an existing land loan and fully fund pre-development costs.
Empire Group of Companies: A market leader in the Southwest
The Empire Group of Companies is a distinguished real estate development firm known for its extensive portfolio and proven track record across Arizona, Texas, and Colorado.
Founded by Richard Felker and headquartered in Scottsdale, Arizona, the firm has over 40 years of operating history. Today, it is a leading regional developer with a portfolio spanning over 5,000 residential units.3
The firm’s localized expertise in build-to-rent and mid-rise multifamily housing projects makes it an ideal partner for this Phoenix-based development. The Empire Group’s operational experience, combined with a dedication to creating high-quality, thoughtfully designed residential communities, aligns strongly with DLP Capital’s mission to finance the building of Thriving Communities for America’s working families.