"Super inexperienced sponsor that has no business syndicating!"

Terrible inexperienced sponsor that had some luck flipping properties post Covid BOOM and expected rates to remain near ZERO so acquired lots and lots of multi family apartment buildings in the greater Phoenix area at the top of the market 2022'ish and cheapened out by securing "very short term floating senior debt" and now that market values have come back down to reality and interest rates have shot up EVERY SINGLE ONE of their deals is dramatically underwater far below their senior debt thus wiping out ALL of their investors capital. Distributions stopped a very short time after closing and I see no way for them to recover before bank forecloses since debt service is far greater than current income!!! Terrible awful underwriting from Zach Haptonstall their CEO due to his inexperience is down market cycles! Total wipeout of capital is expected, however they keep on taking in additional capital to keep property afloat before REO so that they can collect their management fees!