According to an article from Bisnow, a New Jersey investor Yakov Stein, who has rapidly expanded his apartment portfolio across the Southeast, is now facing significant financial distress. Stein, who has amassed over 1,000 units in Metro Atlanta, is struggling with potential foreclosure on two major properties: a 224-unit complex near Northlake Mall and a 508-unit complex in Peachtree Corners. The issues stem from missed mortgage payments and declining occupancy rates, which have been exacerbated by rising interest rates. Stein's financial troubles are further complicated by the involvement of securitized debt, with significant portions of the loans tied to his properties being part of commercial real estate collateralized loan obligations (CRE CLOs).
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