Robert Wasmund and Elliott Investment launch Ascent Developer Solutions to address real estate financing needs

Robert Wasmund, a veteran in the residential construction and bridge lending industry, has teamed up with Elliott Investment Management L.P. to establish Ascent Developer Solutions (“AscentDS”), a new venture aimed at offering customized financing solutions for top-tier real estate developers. This initiative is backed by a substantial equity capital commitment from Elliott, a prominent multi-strategy investment management firm known for its expertise in asset-based investments and specialty finance platforms. The investment is designed to support the development of AscentDS’s operations and expand its portfolio-lending capabilities.

The launch of AscentDS comes at a critical time, with a significant undersupply of housing and a growing need for renovation of existing properties. AscentDS is poised to address these market demands by providing short-term, secured loans tailored for the acquisition, renovation, and construction of single-family homes, homebuilder properties, and multi-family units. Additionally, the company will offer post-completion bridge financing to support projects throughout their lifecycle.

AscentDS distinguishes itself with an in-house construction servicing and valuation team, which ensures high-quality customer experiences and thorough portfolio monitoring. This approach is intended to enhance the efficiency and effectiveness of the financing process, catering to the unique needs of real estate developers in a complex economic environment.

Robert Wasmund, Founder and CEO of AscentDS, emphasized the significance of the partnership with Elliott in a challenging economic climate marked by higher interest rates and a retreat from traditional construction financing sources. He highlighted that AscentDS is strategically positioned to offer speed, reliability, and added value through its customized lending solutions.

Neil Barve, Senior Portfolio Manager at Elliott, expressed confidence in AscentDS, citing its strong management team led by Wasmund, as well as its disciplined underwriting and portfolio management approach. Barve noted the company’s creative solutions and robust relationships with customers as key factors in its attractiveness as an investment opportunity.

The establishment of AscentDS has been supported by significant legal and financial advisory efforts. Gibson Dunn served as the legal advisor to AscentDS, with Nomura providing additional financial services support. WilmerHale acted as the legal advisor for Elliott. This comprehensive advisory support underscores the strategic importance of the venture and its anticipated impact on the real estate finance sector.

Headquartered in Southern California, AscentDS is set to capitalize on a multi-billion-dollar market opportunity within the real estate sector. Founded in 2024, the company aims to leverage its management team’s extensive relationships with sophisticated borrowers, a proven track record in private loan origination, and advanced proprietary technology. These elements are expected to provide AscentDS with a competitive edge in delivering efficient and effective financing solutions.

The new platform reflects a significant investment in the future of real estate development finance, addressing both immediate and long-term needs in a rapidly evolving market.