Hey BP Community,

I’ve been in the multifamily space for a long time — 120+ deals, $1B+ in transactions — and I can honestly say this is one of the most challenging seasons I’ve ever seen.

In 2024, I exited 20 deals — and not all of them by choice.
It was painful. Financially, emotionally, relationally.

But here’s the crazy part…

No one’s really talking about what they learned.
Some folks have gone silent.
Others are still acting like it’s 2021.

Meanwhile, behind the scenes:

• Deals are bleeding cash

• Lenders are backing away

• Insurance costs are exploding

• Operators are quietly scrambling

Here’s what we’ve had to navigate — and none of this is theory:
- Loan maturity issues
- Capital calls (fun times…)
- Deed-in-lieu negotiations
- Rescue capital and complex structures
- Exit plans under massive pressure
- Forced sales

We’ve taken our share of hits. But we’ve also learned. A lot.

Not all lessons come from wins — in fact, most don’t.

So I'm curious: How are YOU approaching distress right now?

• Are you proactively repositioning deals?

• Having hard convos with lenders early?

• Raising capital from both current and new investors?

• Looking at deals others are too scared to touch?

I’m happy to share what’s worked (and what hasn’t) — especially if it helps someone else avoid costly and stressful mistakes. This is a time for real strategy, not just theory.

Let’s talk.