Garrett Stearns & Robert Wasmund Provide $100 Million Loan For Multifamily Development In Los Angeles

The asset involved in this transaction is a multifamily property located in Los Angeles. The acquisition and construction loan provided amounts to $100,000,000, aimed at supporting the development of new housing units in response to the local housing shortage.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $100,000,000
• Lender: Garrett Stearns & Robert Wasmund - Ascent Developer Solutions
• Loan Type: Acquisition + Construction
• Partnership: CEI - Cypress Equity Investments and LWK Partners

Garrett Stearns and Robert Wasmund from Ascent Developer Solutions provided this financing facility, which facilitates LWK-CEI’s Workforce Housing Density Addition strategy. This strategy leverages a new state law allowing investors to add units to existing multifamily assets, thereby enhancing the capacity to address housing demands in Los Angeles.