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CMBS delinquencies are at their highest level since the Great Recession — but what does that really mean for multifamily investors? Jamison Manwaring unpacks the data behind rising commercial distress, explaining how interest rate spikes, construction booms, and tighter lending have collided to create today’s challenges — and opportunities. We also break down how new legislation is reshaping real estate, from extended Opportunity Zones and renewed bonus depreciation to why 1031 exchanges and UPREIT structures remain intact. Finally, Jamison offers perspective on why long-term fundamentals for multifamily remain strong and why patient investors could benefit most in this cycle. 💡 Key topics: Why CMBS delinquencies hit record highs and what it signals “Extend and pretend” ending — banks forcing real adjustments How high interest rates and new supply created a temporary squeeze What Trump’s latest real estate bill changes (and what it doesn’t) Why now may be the best buying window in years ⚠️ Disclaimer: This conversation is for informational purposes only and should not be considered tax, financial, or investment advice. Always consult a qualified financial or tax professional before making any investment decisions.