Author: Benton

Grand Pacific Financing Co. Begins Lending in Texas

Posted on by Benton

DALLAS – Direct Commercial lender Grand Pacific Financing Co. has officially become licensed to lend in the Great State of Texas, offering up to 80% Loan-to-value (LTV) on residential investments and up to 75% on commercial properties. For construction loans, they provide up to 75% LTV or 80% Loan-to-Cost (LTC), and for land deals, they consider up to 50% financing.

The lender hit the ground running upon landing in the Lone Star State, closing a $1,000,000 Cash Out deal on a commercial strip mall in Katy, Texas in just 3 weeks, along with a $1,300,000 Cash Out Refinance deal on an office building in New Braunfels. They quickly followed this success by closing a $4,060,000 Refinance deal on a retail property located on the incredibly popular South Congress Avenue in Austin, Texas, despite the subject business’ current financial struggles, high LTV, and the investor being out of state.

Grand Pacific’s utilization of payment reserve allows them to work with clients despite their current financial situation. Their Debt Service Coverage Ratio (DSCR) requirement is set at 1.0x, but if it’s below that, they can structure the loan with a payment reserve to further leverage financing.

The lender’s in-house credit committee is composed of a diverse group of seasoned business professionals that understand business owners and investors need quick decision making and fast funding. The committee is involved with the deal starting on day one of the inquiry and can give a response to whether the deal can be made within 24-48 hours.


The company has been in business for over 40 years and lends on a global level, serving not just multiple states in the United States, but also multiple countries in Eastern Asia including Tawain, Thailand, and Vietnam. Grand Pacific is a direct subsidiary of Chailease Holdings Company, which employs over 5,700 bright and motivated individuals worldwide.

If you have an inquiry or any questions about Grand Pacific’s loan programs, you can reach the Texas office by calling (817) 329-5089, or the California office by calling (323) 780-8881. You are also encouraged to visit their website, www.gpusa.com, to learn more about the company’s programs, staff, and history.

In the United States, Grand Pacific is currently lending in California, Texas, and Washington.

California Office: 901 Corporate Center Drive, #300, Monterey Park, CA 91754 (323) 780-8881                        

Texas Office: 6275 West Plano Parkway, #5168, Plano, TX 75093 (817) 329-5089  

Contact Us! Vincent Trinh – Vice President, Marketing Manager www.gpusa.com | (626) 537-0678 | Vincent.Trinh@gpusa.com

REDnews ICON – Cliff Booth

Posted on by Benton

Strong relationships have been the key to Cliff Booth’s success, allowing him to overcome numerous challenges for more than four decades. His career in commercial real estate has been defined by a passion for the industry, creative project pursuits and a commitment to cultivating lasting connections that has yielded acquisitions of over 47 million square feet for the firm he founded, Westmount Realty Capital, LLC.


Booth’s journey in commercial real estate began in 1979 when he founded Westmount. Over the years, he has immersed him-self in the creative and design aspects of projects, business growth, investor collaboration and shaping environments where Westmount’s projects are based. He has led and closed numerous creative acquisitions, securing advantageous financing, enhancing Westmount’s properties through physical improvements and efficient management, and attracting creditworthy tenants. The result has been strong returns for both Westmount and its investors, and significant neighborhood and civic impact in Dallas and beyond.


Booth takes pride in creating a culture where people want to work and fostering a flexible investment and capital structure to meet market demands. Since Westmount’s inception, Booth, alongside an experienced team, has built a dynamic company with national real estate investments in the value-add multifamily, industrial and office space sectors.


Under Booth’s leadership, Westmount has grown its national and international investor base to investors from 12 countries, specializing in value-add and opportunistic investments. Many of Westmount’s active investors have been partners with the firm for more than 35 years, a testament to the enduring relationships Booth has cultivated.


Booth attributes his success to his unwavering belief that relationships matter. Throughout his career, Booth has emphasized the importance of integrity and maintaining strong relationships. This philosophy has not only earned Westmount the trust of numerous U.S. and foreign institutional and private capital investors but has also shaped the firm’s slogan, “Time-Tested,” reflecting its successful track record to commercial real estate investing.


Booth has navigated Westmount through numerous cycles of market highs and lows, including the unprecedented impact of the COVID-19 pandemic, when he led Westmount to a year of rebounding opportunities in 2021. Under his leadership, the company expanded its forces to meet the challenges, adding personnel in key areas and closing acquisitions totaling $1 billion in Phoenix, Atlanta, Tampa and Houston.

As of 2023, Westmount has returned to its roots, strengthening its growing portfolio and focusing on the industrial market through the restoration of its development initiative, focusing first on the Dallas Fort Worth area with plans to progress and broaden further development into a national footprint.


In addition to his role at Westmount, Booth actively contributes to the greater real estate industry, serving as a governor on the Urban Land Institute Board and participating in the Industrial and Office Parks Council. In 2022, Booth was recognized as “Executive of the Year” by D CEO, solidifying his standing as an innovative and leading-edge investor.
Beyond the world of real estate, Booth enjoys an active lifestyle filled with cycling, yoga, live music, playing the drums, traveling, reading and watching movies – an example of his well-rounded approach to life.

Wan Bridge had the exciting opportunity to be filmed and featured in an upcoming episode on Lifetime’s Designing Spaces

Posted on by Benton
In the final quarter of 2023, Wan Bridge had the exciting opportunity to be filmed and featured in an upcoming episode on Lifetime’s Designing Spaces, highlighting us as a pioneer in the build-to-rent industry. Set to be live on TV this Sunday, March 3rd, at 11:30 am, viewers are invited to tune in to witness a glimpse of our charming Lakeside Conroe community. With lights, camera, and action, the excitement mounts as we prepare to share our story with audiences nationwide.
This episode will spotlight our innovative approach and vibrant culture, thanks to the dedicated efforts of the Wan Bridge and Lakeside Conroe team along with our amazing volunteer interviewees. Adding to the anticipation, Designing Spaces recently had us in a live YouTube premiere on Saturday, February 17th, and the Wan Bridge team got together on the 20th for a team watch party. Furthermore, mark your calendars for a later airing on Saturday, March 9th, at 10 am, for another chance to catch the episode. For those eager to explore further, check out our Wan Bridge community yourself and experience the charm firsthand at Lakeside Conroe. 
Stay connected via our social channels as we redefine the rental experience and shape the future of real estate together! Discover more about Designing Spaces and the YouTube premiere down below!
CHECK OUT LIFETIME’S DESIGNING SPACES 
DESIGNING SPACES YOUTUBE PREMIERE    

Renters Bill of Rights: Housing Industry Expresses Concern About One-Size-Fits-All Legislation

Posted on by Benton

BY BRANDI SMITH

Recently, the White House unveiled its proposal for a Renters Bill of Rights, a set of principles which aim to “increase fairness in the rental market and further principles of fair housing.” The document addresses a range of issues including eviction, rent control and fair housing. While some advocates for renters have welcomed the initiative, there has been opposition from the housing industry, with some arguing that the federal government should not be involved in regulating the landlord-tenant relationship.

Nicole Upano, AVP of Housing Policy & Regulatory Affairs at the National Apartment Association, said she’s concerned about federal involvement in this area. She argued that state and local laws are better suited to regulating the landlord-tenant relationship as they are tailored to the particular market.

“We would be disappointed in any sort of one-size-fits-all policy around landlord-tenant operations because that just doesn’t align with the reality of the industry and the markets,” Upano told REDnews.

Upano also noted that the principles outlined in the Renters Bill of Rights are non-binding and do not represent any immediate changes to federal policy. She suggested that the focus should be on advocating to federal agencies that are responsible for implementing existing policies, rather than on creating new policies at the federal level.

“We look forward to working with the White House in areas where we align, such as the Housing Supply Action Plan,” said Upano. “We agree that there are both short and long-term solutions to resolving the housing affordability challenges that renters are facing, but we just disagree on the path to get there.”

David Mintz, VP of Government Affairs for the Texas Apartment Association, echoed Upano’s concerns about federal involvement in landlord-tenant relations.

“Policies affecting the landlord-tenant relationship should be dealt with at the state level, not in Washington, D.C,” said Mintz.

Mintz also expressed concern that any new regulations could have unintended consequences.

“Anything that increases regulatory barriers and compliance costs ultimately impacts housing quality and affordability,” he pointed out.

Mintz also raised questions about the impact of an artificial limit on rent, which he believes would be a flawed policy that would hurt the ability of rental housing providers to maintain existing properties and deter new development.

“With Texas’ continued population growth, we need to make sure there aren’t any artificial barriers that impede the market’s ability to keep up with demand,” he said.

Rent control could impact property values and, therefore, public services.

“Texas school districts and local governments rely heavily on property tax revenue,” said Mintz. “Any policies, like rent control, that lower property values, will end up hurting tax revenue.”

Finally, Mintz said he worries about the impact of potential new regulations on small, independent rental property owners. He notes that many of these owners are already facing challenges due to pandemic-era policies that make it difficult to seek legal remedies when residents fail to pay rent.

“Rising property taxes, insurance premiums and other operating expenses are also a concern,” Mintz said. “With potential new and costly regulations, we’ve heard from members, particularly small, independent owners, about how these new policies may make it even more difficult to own and manage rental property.”

While there is opposition to the Renters Bill of Rights, there are also those who support the initiative. For example, Diane Yentel, President and CEO of the National Low Income Housing Coalition, has praised the principles outlined in the document, stating that they would provide much-needed protections for renters who are struggling to afford housing.

In conclusion, though the proposed Renters Bill of Rights has generated both some support from renter advocates, opponents argue that it represents unwarranted federal involvement in landlord-tenant relations. Ultimately, the success of the initiative will depend on whether it is able to strike a balance between protecting renters’ rights and the needs of the housing industry

More freedom, more coworking: Shared office locations popping up across the country

Posted on by Benton

As more workers gain the freedom to work from wherever they’d like, the number of coworking spaces across the country continues to rise, with a new report showing that the number of such working spaces in the United States has now surpassed 5,600.

CoworkingCafe reported that the number of coworking spaces in the United States hit 5,612 as of March of this year. And these spaces are no longer confined to urban cores. Coworking spaces are now opening in busy suburban areas, too.

According to CoworkingCafe, coworking space stock added up to more than 113 million square feet across the country as of March. That’s good for 1.67% of the total office space in the United States.

Compare that to 2010: Back then, JLL reported about 12 million square feet of coworking space across the nation. That equals a tenfold growth of this sector during the last 12 years.

Much of this coworking space, of course, is clustered in Manhattan, Los Angeles, Washington, D.C. and Boston. But cities in the Midwest and Texas are seeing a rise in coworking spaces, too.

CoworkingCafe reported that the Minneapolis-St. Paul market had 74 coworking spaces as of March for 1.39 million square feet, while Kansas City’s 52 coworking spaces took up 1.37 million square feet. Nashville was home to 68 coworking space for 1.42 million square feet.

Chicago, of course, had the greatest number of coworking spaces in the Midwest, with CoworkingCafe reporting 235 spaces for 6.24 million square feet.

Coworking spaces are common in Texas, too. CoworkingCafe reported that the Dallas-Fort Worth market had 225 coworking spaces for 4.34 million square feet, while Houston had 180 for 3.67 million square feet. Austin’s 71 coworking spaces covered 1.62 million square feet.

How much do these coworking spaces cost? CoworkingCafe reported that the national median rate for open workspaces stood at $134 a month as of March, while dedicated desks went for a median rate of $326 a month.

Hung-over at work? Clocking less than 20 hours a week? Survey suggests quiet quitting is on the rise

Posted on by Benton

DAN RAFTER

Has the COVID-19 pandemic changed the way we think about work forever? A new poll of U.S. workers suggests that the pandemic has led to a surge of quiet quitting.

What’s that? It’s when employees who are dissatisfied with their jobs do the bare minimum at work, typically just enough to not get fired.

Clever Real Estate recently polled full-time U.S. workers and found that about 33% admitted to quiet quitting at work. And Clever says that the actual number of employees who do this is probably much higher. According to the company’s poll, 78% of workers have taken actions that could be considered an example of quiet quitting.

Why are so many employees doing less at work? The pandemic and the rise of working from home might have changed many workers’ attitudes about their jobs. Then there is this result from Clever’s poll: 86% of employees polled said that they cared about the success of their companies, but 39% said that their companies don’t care about them.

A total of 56% of workers told Clever that they are underpaid while 40% say they are underappreciated at work.

Then there’s disillusionment. A total of 55% of poll respondents told Clever that they don’t believe hard work will help them get ahead in today’s workplace. It’s not surprising, then, that 57% of survey respondents said that they have not increased their efforts at work in the past year.

How do workers quiet quit? Clever listed these top examples:

  • A total of 29% of respondents said they are socializing more with co-workers during the day.
  • 19% say they distract themselves at work by staring into their phones or watching TV.
  • 18% say they are taking longer breaks.
  • 17% say they call in sick when they’re healthy.
  • And, in a surprising result, 9% of employees say that they have started the workday hungover.

Quiet quitting might be here to stay, too. That’s because workers who quiet quit often avoid consequences. Clever reported that 29% of poll respondents said that their managers don’t track the work they do. And 39% of those who have reduced their output during the last year say that their managers haven’t noticed.

And in one more surprising result from Clever’s poll? A total of 68% of respondents said that they spend less than 40 hours a week working. After breaks, socializing and distractions, the average number of hours employees surveyed actually worked dropped to 34 a week. One in eight full-time employees log 20 hours or fewer a week.