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Since early last year, commercial real estate investors have been eagerly awaiting the deluge of distressed properties to hit the market. They’re still waiting. And chances are, they will be for some time, since property holders are still wary of selling assets into a bad market. So what’s an investor to do? Consider funneling your capital into distressed debt. There’s no question the opportunities are out there, as the pool of non-performing loans grows ever larger. Though other property sectors may be in more trouble than apartments, it doesn’t mean investors looking to make multifamily plays won’t have plenty to choose from. In its January report, Trepp reported that the multifamily CMBS delinquency rate rose nearly half a percent to 9.71% (and that’s not even counting Tishman Speyer’s Stuyvesant Town/Peter Cooper Village deal). And Real Capital Analytics reported that by year-end 2009, there was $22.7 billion in troubled apartment assets in the market. Even exempting those deals that will be worked out or restructured, there will be plenty left over for anyone interested in loan-to-own transactions.

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