For important risk and disclaimer information, Click here.
For additional information, please contact:
 |
Raheem Suleman | Managing Director
|
 |
|
 |
(646) 852-8007
|
OVERVIEW
Thompson Builders, a 35-year construction and development firm with a $100M+ portfolio, is raising $250 million to acquire and develop value-add hospitality and multifamily properties in Northern California.
- Projects have high entitlement barriers and downside protection
- Over 350 assets acquired historically across hospitality, mixed-use, and residential sectors
- Principals have a proven track record of delivering superior risk-adjusted returns
Vision for the future
- Building Strong Communities: Our vision is to continue contributing to the growth of communities through well-executed, sustainable, and forward-thinking construction solutions.
- Partnerships with Impact: We value strong relationships and collaborate closely with our clients and partners to achieve shared goals, making every project a mutual success.
Market Opportunity
- Strong demand for infill multifamily and boutique hospitality: Bay Area vacancy dropped to ~5.3% in Q1 2025 as absorption exceeded supply, while tourism and convention travel continue to lift boutique hotel demand
- Urban densification and green-building incentives accelerating redevelopment: Expanded density bonuses and sustainability programs are driving adaptive reuse and higher-density mixed-use projects across Northern California
- Public-private partnerships and density-bonus programs offer higher yield potential: Streamlined approvals and impact-capital initiatives are improving project feasibility and enhancing returns for qualified infill developments
- Market fragmentation favors well-capitalized regional operators: Tighter credit conditions and higher costs are concentrating opportunities among experienced, vertically integrated developers with strong local execution
- Long-term demographic and tourism trends support sustained growth: California’s population and visitor volumes are rising again, reinforcing multifamily absorption and hospitality performance in key Bay Area markets
Traction/Milestones
The combination is set to create the largest life settlements origination company and asset manager globally
- Established Track Record (Founded 1989) – Over 35 years of experience as a vertically integrated developer and general contractor serving California’s commercial and residential sectors
- Proven Scale – Successfully completed 350+ major projects exceeding $2B in total construction value, encompassing multifamily, hospitality, and mixed-use assets
- Flagship Urban Developments – Delivered landmark San Francisco projects such as Symphony Towers (130 units) and 72 Townsend (luxury mid-rise), where Thompson Builders acted as both owner and builder
- Design-Led Residential Success – Completed 950 Tennessee (100 units, Dogpatch district) in partnership with Handel Architects, reinforcing strong design and engineering execution capability
- Adaptive Reuse & Historic Redevelopment – Redeveloped the Cadillac Hotel in San Francisco, demonstrating expertise in complex preservation and urban repositioning
- Regional Expansion – Executed suburban mixed-use and townhouse projects such as Dominican Townhomes (San Rafael) and Lafayette Town Center (Lafayette), extending footprint across the Bay Area
- Current Pipeline Leadership – Broke ground on 300 De Haro Street (425 units), San Francisco’s largest residential start in 2024–2025, and advancing 360 Fifth Street (272 units) under revised plans in SoMa
Solution/Strategy
- Acquire and entitle underutilized urban assets as far north as Lake Tahoe and as far south as the Monterey Peninsula in California
- Leverage vertical integration for construction cost control and speed-to-market advantage
- Blend opportunistic and core-plus assets to stabilize long-term cash flows
- Institutionalize operations to scale and ensure repeatable performance
- Disciplined underwriting and risk management focus
Real Estate Portfolio and Performance
Public Works
Thompson Builders delivered critical public works projects on the Bay Bridge, Golden Gate Bridge Meridian, and Fort Point Historic Site—shaping the infrastructure behind San Francisco’s most iconic landmarks.
THE BAY BRIDGE
SAN FRANCISCO
GOLDEN GATE MEDIAN
SAN FRANCISCO, CA
FORT POINT HISTORIC SITE
TIBURON, CA
MULTI-FAMILY
LAFAYETTE TOWN CENTER
LAFAYETTE, CA
DOMINICAN TOWNHOMES
SAN RAFAEL, CA
SYMPHONY TOWERS
SAN FRANCISCO, CA
MIXED-USE
72 TOWNSEND
SAN FRANCISCO, CA
950 TENNESSEE
SAN FRANCISCO, CA
801 BRANNAN
SAN FRANCISCO, CA
Hospitality
72 TOWNSEND
SAN FRANCISCO, CA
801 BRANNAN
SAN FRANCISCO, CA
Management Team
Paul Thompson | President
- Founder of Thompson Builders, established in 1989
- Responsible for company strategy, major pursuits, and overall operations as President
- Proven track record of delivering over 350 projects throughout the Bay Area and California
- Oversees a diverse portfolio exceeding 2 billion dollars in total construction value
- Directly involved in high-profile residential and commercial developments, including Symphony Towers and Cadillac Hotel
Joe Hass | Senior Vice President
- Broad oversight of project delivery and internal operations
- Plays a key role in driving growth across California’s commercial and residential markets
- Supports expansion and management of a 350-plus project portfolio, ensuring execution consistency and operational excellence
- Engages in client relationships, contract strategy, and risk management for major developments
Lee Jones | Vice President, Civil Estimator
- Leads civil estimating for complex public and private work
- Responsible for value engineering and preconstruction services for large-scale developments, including infrastructure and building sites
- Contributes to statewide portfolio execution, integrating civil, structural, and site work with construction delivery
- Deep experience in cost control, constructability review, and workload coordination across trades
Clayton Fraser | Vice President, Business Development
- Leads strategic market growth and client relationship management
- Focused on California growth across building and civil sectors, identifying new opportunities in residential, mixed-use, and infrastructure
- Guides pursuit strategies for large-scale housing, mixed-use, and infrastructure programs, aligning market outreach with company capabilities
- Works in close collaboration with project teams to ensure alignment of business development, preconstruction, and delivery efforts
Paul Petri | Director, Civil Division
- Oversee operations and delivery of civil, site, grading, paving, and utilities work
- Manages execution methods across public works and private development sites, ensuring the civil team meets schedule, cost, and quality targets
- Ensures alignment of civil capabilities with preconstruction and value engineering objectives and integrates civil delivery into the overall project delivery chain
- Coordinates field execution and estimating for civil scope, working closely with site superintendents and design teams to manage risk and efficiencies
Our Advisors Bring Decades Of Experience In:
Construction law and contract compliance
Land use and permitting regulations
Labor standards and prevailing wage laws
Strategic tax planning and reporting
With their guidance, we ensure each project is backed by strong legal foundations and smart fiscal planning, delivering excellence that’ s both built to last and built to lead.
Specific Risks
- Construction cost inflation and permitting delays: Persistent labor shortages, materials volatility (steel, concrete, lumber), and extended municipal approval cycles in California increase budget and timeline risk
- Interest rate volatility is impacting project financing: Higher base rates and lender retrenchment can tighten construction and bridge lending, raise debt costs, and compress project IRRs
- Market cyclicality within the hospitality and multifamily sectors: Demand, ADRs, and cap rates in cyclical sectors can fluctuate sharply with macro conditions; sensitivity to tourism and employment trends
- Liquidity risk is typical of private fund structures: Private fund interests are illiquid; secondary markets for LP interests remain thin; asset-level exits may require extended hold periods if capital markets soften
- Geographic & Regulatory Concentration: Portfolio concentrated in Northern California; exposes fund to regional economic cycles, environmental mandates (CEQA), and local political/regulatory risk (rent control, zoning, density bonuses)
- Execution & Operational Scaling Risk: Transitioning from project-by-project development to institutional fund platform introduces new governance, reporting, and compliance requirements; potential strain on management and systems during scale-up
- Regulatory changes affecting entitlement timelines
- Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment
0 Comments
