Based on talks w/ friends & contacts in multifam: - tenants struggling to pay - lenders mostly being flexible/reasonable - debt still available for deals My view: There will be pockets of distress, but no wipeout in multifamily, so long as govt stimulates broader economy.
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All have highly variable cashflows (hotel bc rates change, others bc can easily go months with no tenant). Fine with no leverage; potential disaster with even 60-65% LTV if owner isn't really strong.
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Think the prices for those assets didn't accurately reflect the risk. No WAY should hotels have traded at anything like multifam cap rates... And they did
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