In this edition of our Grow America Diaries series, we meet Dean Williams, co-founder of WOMPA, a unique mixed-use property in Tulsa, Oklahoma. Dean shares his vision for creating a diverse community space and explains how a loan from Grow America helped stabilize the project’s finances during its crucial early stages.
WOMPA: Redefining the concept of community
WOMPA is not your typical mixed-use property. At its core, WOMPA is an organic, community-focused space that provides multiple distinct uses including offices, coworking, warehousing, an RV park, loft apartments, and event space. As Dean explains, “WOMPA stretches the concept of community beyond a typical family or tribe.”
The project, which spans 85,000 square feet of buildings on four and a half acres, opened just over a year ago. Despite its early stages, WOMPA is already buzzing with activity. Dean recalls a recent weekend that showcased the property’s diversity: “We hosted three events at the same time—an art festival, a photo shoot, and chorus tryouts for a local theater operation.” This eclectic mix of spaces and activities embodies Dean’s mission to create a diverse, interconnected community that defies traditional real estate development norms.
Grow America provides supportive capital and “financial breathing room”
Before its Grow America loan, WOMPA was in its early stages of development. Dean and his partner, Michael Mason, had bootstrapped the project with cash equity and high cost “hard money loans,” or short term loans that use the value of the building as collateral. This approach, while allowing them to get the project off the ground, came with high personal risk and unfavorable terms.
WOMPA received a $5 million SBA 7(a) loan from Grow America, which Dean describes as a “supportive loan.” The loan took a second mortgage position, allowing WOMPA to renegotiate its first mortgage lender’s terms advantageously for the project and restructure its hard money loans.
As a result, Dean’s overall monthly debt payments for WOMPA were significantly reduced, creating crucial “financial breathing room” for the young project. As Dean notes, “This extra cash is allowing the business to stay on an investment track. This is a new project; we’re not yet not done with the buildout. So, we can keep investing in the business.”
The financial flexibility resulting from the loan will also allow WOMPA to meet its members’ development needs and requests. As Dean explains, “There’s going to be members that approach us and ask to turn warehouse space into a loft or a business, for example. The capital will allow us to support that type of development.”
An experienced lending partner who can understand a vision
What set Grow America apart in Dean’s experience was not just the financial support, but the team’s genuine interest in and understanding of WOMPA’s unique vision. Despite being based in New York, Grow America demonstrated a deep appreciation for the project’s local connection to Tulsa.
“Conor, [my lender], flew to Tulsa to meet the team and see the property in person,” Dean recalls. “That, of course, meant a lot to us and made it feel real as well as personal.”
Dean also appreciates that Grow America had the lending expertise to provide financing that matched his vision for the property. According to Dean, the team “had the sophistication—in good ways—to be able to understand and appreciate the project, whereas other lenders viewed the project as daunting.”
This combination of financial support and genuine understanding has been crucial in helping WOMPA navigate its early stages and maintain its innovative approach to community building.
Innovative ideas meet supportive financing
WOMPA’s story serves as an inspiration for other small business owners and real estate developers, showing that with the right financial support and a clear vision, it’s possible to create spaces that challenge traditional norms and foster vibrant, diverse communities. As Dean and WOMPA continue on their journey, they stand as a testament to the positive impact that can be achieved when innovative ideas meet supportive financing.
If you’re interested in leveling-up your business with access to affordable and flexible financing, apply for a small business loan today.