Large and small syndications/funds are getting murdered.
Now the bubble is deflating, as the WSJ describes.
Many syndicators are racing to either raise funds or sell properties before tipping into foreclosure. Most hold balloon-payment loans that require repayment when they come due this year or next. Those syndicators face large payouts at a time when getting new, more affordable property loans will be difficult. Even firms with multibillion-dollar portfolios have used syndication to buy apartment buildings that no longer make enough money to cover debt payments, bond documents show.”
That pool is giving me nightmares, man. Looks like St. Patty's day in Chicago.