Ascent Developer Solutions Launches Strategic Private Lending Platform for Premier Single- and Multi-Family Developers
19 Julio 2024 - 11:00AM
Business Wire
Backed by Elliott Investment Management L.P.,
Ascent Developer Solutions Looks to Fulfill Underserved Demand
within the Construction Financing Realm
Robert Wasmund and funds managed by Elliott Investment
Management L.P. (“Elliott”) have partnered to launch Ascent
Developer Solutions (“AscentDS”), a relationship-based lender
providing customized financing solutions to top-tier real estate
developers. The launch is powered by an equity capital commitment
from Elliott, a multi-strategy investment management firm with
substantial experience in asset-based investments and specialty
finance platforms. Elliott’s investment is intended to support both
the build-out of the platform’s operations and the growth of its
portfolio-lending capabilities.
The continued undersupply of housing, along with the aging stock
of existing homes, creates a natural demand for new construction
and renovation investments. To address this market need, AscentDS
offers short-term, secured loans for the acquisition, renovation
and construction of single-family, homebuilder, and multi-family
properties, as well as post-completion bridge financing. The
company features an in-house construction servicing and valuation
team to ensure best-in-class customer experiences and comprehensive
portfolio monitoring.
Founder and CEO Robert Wasmund is a pioneer in the residential
construction and bridge lending industry. “We are incredibly proud
to launch AscentDS with Elliott’s partnership, allowing us to
address the critical financing needs of leading developers during a
time of higher interest rates, dislocated construction financing,
and the retreat of regional banks,” said Wasmund. “In today’s
challenging economic landscape, AscentDS is uniquely positioned to
provide customized lending solutions that offer speed, reliability
and added value to our borrowers.”
Neil Barve, senior portfolio manager at Elliott, said, “We
believe AscentDS has many attributes that make the company an
attractive addition to our mortgage and specialty finance investing
strategy, including a high-caliber management team led by Robert
Wasmund, as well as an analytical and disciplined approach to
underwriting and portfolio management, strong and multi-faceted
relationships with its customers, and a creative approach to
meeting the needs of customers. We are pleased to partner with
Robert and his talented team in building a market-leading developer
finance business.”
Gibson Dunn acted as legal advisor to AscentDS, who was also
assisted by Nomura, a global financial services group. WilmerHale
acted as legal advisor to Elliott.
About Ascent Developer Solutions
Headquartered in Southern California, AscentDS is a leading
private lending and institutional debt platform offering customized
financing solutions to top-tier single- and multi-family developers
and investors. AscentDS was founded in 2024 by Robert Wasmund to
capitalize on a multi-billion-dollar market opportunity to provide
short-term secured loans for the acquisition, renovation and
construction of single-family, homebuilder, and multi-family
properties, along with post-completion bridge financing. The
company leverages the management team’s long-term relationships
with highly sophisticated borrowers, a proven track record of
success building and scaling private loan origination platforms, a
best-in-class construction management team, and proprietary
software and data product suites to offer its borrowers an
efficient and streamlined advantage. For additional information on
working with AscentDS, please visit ascentds.com and follow
AscentDS on LinkedIn at
linkedin.com/company/ascent-developer-solutions.
About Elliott Investment Management L.P.
Elliott Investment Management L.P. (together with its
affiliates, "Elliott") manages approximately $65.5 billion of
assets as of December 31, 2023. Founded in 1977, it is one of the
oldest funds under continuous management. The Elliott funds'
investors include pension plans, sovereign wealth funds,
endowments, foundations, funds-of-funds, high net worth individuals
and families, and employees of the firm.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717754816/en/
Media Contact: Donna Haldipur Marino PR, on behalf of
Ascent Developer Solutions dhaldipur@marinopr.com 424-363-0848