LIVE from WSCREF26: The State of Multifamily Lending & Where the Opportunity Is | Connect

We took Connect live — and this time, we did it from the floor of Western States 2026 in Las Vegas. In this special live episode of Connect, California MBA CEO Paul Gigliotti is joined by co-host Daniel Ceniceros, Founder and CEO of Connect Media, and guest Vic Clark, Senior Managing Director at Lument, for a candid, high-energy conversation on the current state of multifamily lending, where the opportunity lies, and what experienced operators are doing right now to position for the next cycle. Vic brings over $13 billion in transactions and 1,200+ deals worth of perspective — and he doesn't hold back on where the market is, where it's going, and where he's personally putting his money to work. In this episode: Why so many multifamily deals from 2020-2022 are now in technical default — and what's finally forcing the hand of lenders who've been extending for three years Why right now is the best buying opportunity since 2010-2011 — and how to find it The capital stack today: bridge lending, construction loans, syndication deals, and why cheap patient equity is a needle in a haystack Why Vic believes we're at or near the bottom of values — and what could push them lower His 12-month forecast for the 10-year Treasury — and what a 4.25% rate does to deal flow Why it's a landlord's market right now — and why it's only going to get more so The basis play: why even Lument's parent company Orics is out buying trophy Class A apartments What AI, productivity, and the speed of technology could mean for interest rates over the long haul The advice Vic would give his younger self — including not missing a vacation How Perplexity AI is already showing up in deal conversations at industry conferences Connect is the California MBA's podcast where strategy, innovation, and leadership come together to shape the future of mortgage finance. Subscribe for new episodes featuring the voices driving the industry forward.