{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Bisnow Reports ","title":"First Draft Live: Founder and CEO of Mavik Capital Management Vik Uppal — Vik Uppal Is Betting Big On CRE Distress","html":"","width":"100%","height":180,"duration":2358,"description":"More than $875B in commercial and multifamily loans come due this year, and for the first time since the wall started building, the pile is actually shrinking instead of growing. Fewer extensions are getting granted, which means more owners are finally being forced to answer the question they've been dodging since rates started climbing: refinance, sell or hand back the keys?\nVik Uppal has built a business around that question. The founder and CEO of Mavik Capital Management just closed a $1B fund, VS3, aimed squarely at the situations the rest of the market has mispriced or missed entirely, an owner who can’t refinance or a lender who doesn’t want to foreclose. It’s the stuck middle of the maturity wall, the part everyone else walks past because they don’t have the underwriting discipline to price it right. He's also steering clear of the trade everyone else is chasing, passing on AI-adjacent assets because he thinks the valuations don't hold up.\nUppal joins First Draft Live this week to walk through where the real distress is hiding beneath the default numbers, why sellers still haven't blinked on price and what he's seeing that the rest of the market isn't.","thumbnail_url":"https://img.transistorcdn.com/ttezZO5D1A8oYeP639GpAgfiRSaO6vDT1ZNnLXkD28U/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8xNGE1/MWI5NWQ0ZDU5YmFm/ZDdhOTRlZTE0NGJl/MTIyYi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}