Distress buyers of multifamily assets are no doubt frustrated. Despite the high level of troubled loans in the sector, distress has stayed low as most multifamily loans are being extended. However Yardi Matrix has identified a few category of deals that are unlikely to rightsize even with another year or two of cankicking: Value-add deals financed with short-term debt in 2020–22, value-add deals owned by syndicators that lack the financial wherewithal to pay down loan balances or fund reserves in exchange for extensions, and construction loans in high-growth Sun Belt markets that are taking longer to lease up as a result of huge supply pipeline." https://lnkd.in/eNZZmMrD