No Cap by CRE Daily Fannie Mae to Half a Billion: Jon Siegel on Surviving and Thriving in Multifamily
Aug 10, 2025
Jon Siegel, Partner and CIO at RailField, shares his journey from Fannie Mae to navigating tough market cycles in multifamily real estate. He discusses the importance of strategic partnerships and why staying active in real estate is crucial. The conversation turns to the rise of private credit, the myth of distress deals, and current investment opportunities. Siegel also emphasizes the significance of vintage deals and maintaining strong investor relations amid market complexities while expressing a long-term bullish outlook on multifamily housing.
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Distress Wave Stayed Lighter Than Expected
- Private credit boomed because lenders expected distress and borrowers expected short-term fixes, but the predicted wave rarely materialized. Many sponsors simply held properties and lenders chose to wait rather than take steep losses.
Lenders Prefer Hold Or Restructure Over Fire-Sale
- Lenders and private-credit shops are cautious and often prefer holding or restructuring over fire-sales. That stalemate prevents large markdowns and keeps many troubled assets off the market.
Get Off The Sidelines And Keep Bidding
- Stay active in the market rather than sitting on the sidelines because opportunities require being present. Offer on deals and keep learning — being late means losing optionality.