n a sign that a default cycle may have initiated, a Texas-based apartment syndicator is facing the loss of two multi-family properties in Austin after defaulting on a substantial $125 million loan. This comes on the heels of the same firm defaulting on $288 million in loans tied to properties in Houston. The Real Deal attributes the surge in apartment foreclosures across Texas and the Sun Belt to a combination of factors, notably the Federal Reserve’s decision to raise rates, resulting in skyrocketing debt payments for property owners who relied on floating-rate debt amid slowing rent growth.