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April 21st, 2026

$1 Trillion in Real Estate Is Breaking (Here’s What Happens Next)

  1. $1 Trillion in Real Estate Is Breaking (Here’s What Happens Next) Aspen Funds 42:52

$1T in multifamily debt is coming due and most of it already doesn’t work.

Is this a real Estate crash or the next buying opportunity?

We brought in Dugan Kelley, co-founder of Kelley Clarke Law and a leading real estate and SEC attorney, to break down what’s actually happening in the multifamily market.

In this episode:

-The multifamily “maturity wall” explained

-Why 2020–2022 real estate deals are in trouble

-How rising interest rates broke deal economics

-What happens next: loan modifications, forced sales, or foreclosure

-What real estate investors need to know now

This isn’t 2008. It’s a valuation reset in commercial real estate.

Have more questions, or want more resources like a tax calculator? Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://investlikeabillionaire.org/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  to learn more about our community. 

Check out Ben & Bob’s company and invest along at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://aspenfunds.us/

Ben Fraser Podcaster

Prior to Aspen, Mr. Fraser was a commercial lender at First Business Bank specializing in government backed loan originations (SBA & USDA), for one of the top SBA lenders in the nation. Prior to that he was a commercial credit underwriter for Crossfirst Bank, personally responsible for underwriting over $125MM in C&I and CRE loans across a variety of industries.

Prior to that, he worked for Tortoise Capital Advisors, a boutique asset management firm in energy infrastructure investments, and helped grow their institutional managed accounts from ~$3BN AUM to ~$7BN AUM. Ben was responsible for responding to all institutional RFPs from interested institutional investors.

Ben completed his MBA from Azusa Pacific University, and his B.S. in Finance from the University of Kansas, graduating magna cum laude.