Elliott Backs Firm Targeting $5 Billion of Property Loans Yearly
Elliott Investment Management partnered with Robert Wasmund, the former chief executive officer of Genesis Capital, to build out a new lender for residential development.
The platform, Ascent Developer Solutions, will offer short-term, secured loans for the purchase, renovation and building of housing properties — from single-family homes to apartment buildings — as well as post-completion bridge financing, according to a statement Friday. AscentDS will be backed by funds managed by Elliott, which committed equity capital to the firm.
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