Updated Nov 13, 2025
Garrett Stearns & Robert Wasmund Provide $100 Million Loan For Multifamily Development In Los Angeles
$100,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 14, 2025
About this deal
AI
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.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93