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California  + Los Angeles  + Finance  |  July 22, 2024
Paul Bubny
By: Paul Bubny

Elliott Investment Management Backs Launch of CRE 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 real estate developers. The launch is powered by an equity capital commitment from Elliott, intended to support the build-out of the private lending platform’s operations and the growth of its portfolio-lending capabilities.

Based in Los Angeles, AscentDS will offer short-term, secured loans for acquisition, renovation and construction of single-family, homebuilder and multifamily properties, along with post-completion bridge financing. The company features an in-house construction servicing and valuation team.

“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.

Gibson Dunn acted as legal advisor to AscentDS, which was also assisted by Nomura. WilmerHale advised Elliott. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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