The Silent Collapse of Multifamily Syndication: What Investors Need to Know in 2025
Introduction
The multifamily space isn’t just shifting — it’s being exposed. Syndicators, lenders, and even institutions are under pressure. Operators who once thrived are now fighting to survive.
In this article, I share hard-won insights from over $1 billion in syndication deals — and the brutal lessons we learned when the market turned on us. If you’re currently active in multifamily, this is your wake-up call.
When the Market Turned, So Did the Rules
In 2021, we thought we were unstoppable. We’d syndicated over $1 billion in apartments. Our model worked. Our investors were happy. And then…
The market turned. Hard.
Interest rates soared. Insurance skyrocketed. Floating-rate debt became a noose. The same “smart” strategies that fueled massive growth were now crushing operators — including me.
Here’s what they don’t tell you in the shiny guru courses:
Multifamily investing isn’t just about deals and spreadsheets. It’s about survival.
Why Syndicators Are Quietly Getting Wrecked
More than $75 billion in multifamily loans went into special servicing in the last 18 months.
Let that sink in.
These aren’t rookies.
These are seasoned syndicators, high-net-worth investors — wiped out by the very market they once dominated.
Why?
Because debt was cheap and the market was hot. Floating-rate loans looked smart. Cap rates were low. Everyone was chasing appreciation.
And now?
Many are losing it all — properties, investor trust, even their peace of mind.
Hard Lessons from the Front Lines
We’ve been through the fire, and here’s what I’ve learned the hard way:
Floating-rate debt can kill your deal faster than bad tenants.
Overleveraging feels good — until it doesn’t.
Your lender is not necessarily your partner.
Net worth is a vanity metric. Cash flow is what keeps you breathing.
Most people have no clue what’s buried in their loan documents.
If You're Active in Today’s Market
This isn’t the time for hype. It’s the time for hard truths.
You don’t need more “rah-rah.” You need to know how to not lose your shirt.
That’s why I wrote Multifamily Syndication Collapse.
Not as a flex. But as a field guide.
It’s about how to survive long enough to thrive again.
Want the Real Playbook?
We’re sharing more of the no-fluff lessons from our $1B journey, plus practical tools to keep your investments from imploding.
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Published by Mark Kenney, Co-Founder of Think Multifamily
