They dig into BlackRock’s recent private credit markdowns and what that reveals about stress in multifamily lending. They explain private credit mechanics, extend-and-pretend refinancing, and why rising maturities create a debt wall. They cover who bears losses, signs that more write-downs may be coming, and strategies for buying distressed multifamily assets.
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insights INSIGHT
Private Credit Is The Hidden Engine
Private credit is the big, flexible lending layer outside traditional banks that funded many multifamily deals.
BlackRock's markdowns expose underlying weaknesses in those private-credit placements.
insights INSIGHT
Refinance Assumptions Drove Current Risk
Many deals relied on future refinancing and rising values rather than stable cash flow.
When rates rose and values fell, sponsors faced maturity pain and equity depletion.
volunteer_activism ADVICE
Search The Debt Wall For Deals
Track loan maturities and asset types to spot forced sellers and buying opportunities.
Talk with lenders and analyze broker opinions of value before making offers.
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This is a paid sponsorship from Monetary Metals BlackRock just marked down private credit loans, and it’s not a one-off event. Ken and Danille McElroy break down why this moment exposes the same floating-rate, refinance-dependent risk now sitting across multifamily real estate.
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