Robert Wasmund and Elliott Investment Management L.P. have joined forces to establish Ascent Developer Solutions (AscentDS), a relationship-focused lender offering tailored financing solutions to premier real estate developers. This new venture is backed by an equity investment from Elliott, a prominent multi-strategy investment firm with extensive expertise in asset-based investments and specialty finance platforms. Elliott’s funding aims to support the development of AscentDS’s operations and enhance its portfolio-lending capabilities.
The persistent shortage of housing and the aging housing stock create a significant need for new construction and renovation investments. AscentDS addresses this demand by providing short-term, secured loans for the acquisition, renovation, and construction of single-family homes, homebuilder projects, and multi-family properties, as well as post-completion bridge financing. The company boasts an in-house construction servicing and valuation team to deliver exceptional customer experiences and thorough portfolio management.
Founder and CEO Robert Wasmund, a trailblazer in residential construction and bridge lending, stated, “We are thrilled to launch AscentDS with Elliott’s support, enabling us to meet the critical financing needs of top developers amid higher interest rates, disrupted construction financing, and the reduction of regional banks’ involvement. AscentDS is well-positioned to offer tailored lending solutions that provide speed, reliability, and added value to our borrowers in today’s challenging economic environment.”
Neil Barve, Senior Portfolio Manager at Elliott, commented, “AscentDS presents numerous qualities that make it a valuable addition to our mortgage and specialty finance strategy. These include a high-caliber management team led by Robert Wasmund, a disciplined approach to underwriting and portfolio management, strong customer relationships, and innovative solutions to meet customer needs. We are excited to partner with Robert and his skilled team to build a leading developer finance business.”
Gibson Dunn served as legal advisor to AscentDS, with additional support from Nomura, a global financial services group. WilmerHale acted as legal advisor to Elliott.
