Key facts
- Ascent Developer Solutions has opened a new office in the Boston area.
- The expansion targets single-family and multifamily developers and investors in New England.
- Mario Massimino has been appointed senior vice president of sales to lead the Northeast operations.
- The company has originated $3 billion in loans since its launch in July 2024.
- Ascent Developer Solutions provides bridge, renovation, and construction loans.
Ascent Developer Solutions, a lender focused on real estate developers and investors, announced its expansion into the New England market with the opening of a Boston-area office. This strategic move is intended to enhance the company's national lending capabilities by establishing a regional hub for loan origination and execution across the Northeast. The company cited strong demand from regional developers and the need for on-the-ground expertise to facilitate faster decision-making and build closer client relationships.
Robert Wasmund, founder and CEO of Ascent Developer Solutions, stated that the new hub is a direct response to developer demand in the region, emphasizing the importance of a local presence for supporting existing and new clients in markets with solid long-term fundamentals. To spearhead this expansion, Ascent has appointed Mario Massimino as senior vice president of sales. Massimino, formerly of MB Financial Group, brings significant development and finance experience, along with established regional relationships, to oversee originations and foster connections with developers and sponsors.
Massimino highlighted the relationship-driven nature of the New England market and Ascent's differentiated approach, which stems from a deep understanding of the development process. The firm has also onboarded three additional executives—Anthony Capelli, Matthew Pedone, and Chris Sava—as vice president/loan officers, all possessing existing ties to the New England development and investment community. Market observers note that tighter bank credit and higher interest rates are driving developers towards private lenders like Ascent, which can offer more flexible and customized financing solutions.
Michael Massimino, CEO of MB Financial Group, commented on Ascent's role as a capital partner, citing the certainty of execution and scalability it provides. He also pointed to Ascent's understanding of the development and construction process as a key differentiator. This New England expansion is part of Ascent's broader growth phase, which began with backing from Elliott Investment Management L.P. in July 2024. Since its launch, the firm has originated $3 billion in loans, reflecting sustained demand for its developer-centric financing. Ascent has also expanded its national team to over 130 professionals across originations, credit, and construction management, with its Los Angeles headquarters serving as the operational center.