Thompson Realty Capital (TRC) is a diversified real estate development company primarily focused on the development and delivery of exceptional living experiences.¹

Starting with a multifamily project in San Antonio, TX in 2001, the company has since developed and overseen the management of over 35 Class-A multifamily communities—more than 11,000 units—in markets across the U.S., including Dallas/Fort Worth, Austin, San Antonio, and Northern Virginia.¹

In addition to multifamily housing, the company has developed or managed more than 2,000,000 square feet of commercial space and nearly 10,000 single-family lots.¹

Impact at scale: Partnering with Thompson Realty Capital

TRC prides itself on developing high-quality communities at attainable prices—a commitment that aligns with DLP Capital’s mission to transform lives by funding the building of Thriving Communities.

“TRC’s strong relationships with contractors and their design team allow them to develop high-quality projects at a low cost basis,” says Dustin Gabriel, a senior director on DLP Capital’s relationship management team. “This results in housing that is attainable for residents.”

DLP Capital first met TRC through Gabriel, who had TRC on his radar for many years and recognized the firm for its aligned mission leadership in the industry. “TRC was a strong borrower candidate for DLP Capital. The sponsor is highly experienced and institutional, operates in the markets DLP Capital has experience in, and develops multifamily housing that aligns with DLP’s mission to build thriving communities for America’s working families.”

TRC quickly earned the confidence of the rest of DLP Capital’s relationship management team. “I toured Pyland Ranch at La Cima Apartments, one of TRC’s properties in San Marcos, Texas,” says Frank Mgbolu, another Senior Director of Relationship Management. “The quality of the project, the sophistication of their investment team, and their lengthy track record of success made TRC a strong sponsor, and we’re excited to kick off a lending relationship with them.”

When you look at building out a legacy, what I hope for all of us and our family is that we continue to make an impact—through relationships with groups like DLP—and benefit more people the longer we are here.

Taylor Field

Thompson Realty Capital | CEO

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The Bailey Apartments: An overview

In August 2025, DLP Capital extended its first loan to Thompson Realty Capital—a $67.9 million senior loan through the DLP Lending Fund. The first-lien loan is secured by The Bailey, a 263-unit, 224,000-square-foot multifamily community in Rockwall, Texas.

This rapidly growing suburb sits on the eastern edge of the Dallas–Fort Worth–Arlington metro, the largest in Texas. Just 25 miles from downtown Dallas, Rockwall offers easy commuter access, a growing employment base, and sustained housing demand—making it an attractive market for residents, investors, and developers alike.

TRC will use the 36-month construction loan to fund the ground-up development of The Bailey. Construction is scheduled to begin in October 2025, with full completion expected by the end of 2027.²

“DLP Capital’s partnership with TRC is yet another example of our commitment to delivering value to investors through strong relationships with value-driven, institutional-quality sponsors,” says Melody Rorrer, DLP Capital’s Director of Transaction Management. “We’re excited to help TRC bring The Bailey to life in one of the Dallas-Fort Worth metroplex’s fastest-growing submarkets.”

Sponsor Spotlight: Thompson Realty Capital

Thompson Realty Capital (TRC) is a diversified real estate development company primarily focused on the development and delivery of exceptional living experiences.1

Impact at scale: Partnering with Thompson Realty Capital

The Bailey Apartments: An overview

Thompson Realty Capital (TRC) is a diversified real estate development company primarily focused on the development and delivery of exceptional living experiences.¹