LOS ANGELES-The multifamily real estate industry is in the fourth or fifth inning of the distress cycle. That was the general consensus among experts that participated in the session, “Distress Chess Match: Whose Move?” part of yesterday’s RealShare Apartments 2010 conference in Downtown L.A.

Of the $870 billion of outstanding multifamily debt in the market, GSEs hold 43.6% of the share, noted Jess Bressi, a partner with Luce Forward and moderator of the panel. Coming in second was banks, which hold 24% of all multifamily debt, and CMBS rounded out the top three, with 12.4% of the total. But the numbers don’t tell the whole story of the distress market; there are many moving parts to getting deals done today, according to the special servicers and investors on the panel.

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