Is the "Extend and Pretend" Era Over?

The multifamily market is finally hitting its inflection point. Spencer Gray and Griffin Haddad break down the growing wave of high-profile distress hitting syndicators, and what it means for investors across the country.In this episode:• Why "extend and pretend" is ending for overextended multifamily assets• The $15M equity wipeout at Open Door Capital and other notable distress stories• How the war in Iran, rising oil prices, and higher interest rates are reshaping the market• What makes Gray Capital's portfolio different from deals currently in trouble• Deep dive into Newmark's Q1 2026 US Multifamily Capital Markets Report• RealPage Analytics on how interest rate resets changed the rules for multifamily capital markets• How capital rotation has re-priced newly built multifamily• Cap rate trends and where interest rates may be headedPlus: Gray Capital closes $22M raise for Fairmont Apartments in just 12 days, a recap of their annual Indy 500 investor event, and congratulations to race winner Felix Rosenqvist!📩 Interested in investing with Gray Capital? Visit graycapitalllc.com🔔 Subscribe for weekly multifamily market updates every week