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Garrett Stearns & Robert Wa...

Updated Nov 13, 2025

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

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

Robert Wasmund

Ascent Developer Solutions

Originator

$100M

vol

2 deals

Originator
Bilt advertisement

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

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