Newswire Mann Report

Ascent Developer Solutions Launches Private Lending Platform

Robert Wasmund and funds managed by Elliott Investment Management L.P. 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, the company said. 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 customer experiences and comprehensive portfolio monitoring.

“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.”

“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,” said Neil Barve, senior portfolio manager at Elliott, said. “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.