No doubt about it: 2009 was one of the ugliest years in memory for the multifamily industry.

The depth of the credit crunch has confounded many grizzled veterans, and as a result, the transaction volume this year has been almost non-existent. Yet when the going gets tough, the tough get creative. Consider this: For the past two days, I’ve sifted through submissions for Apartment Finance Today’s annual “Deals of the Year” feature. When we first called for submissions last month, I figured that the few deals sent my way would represent slim pickings. Thankfully, I was wrong. While there were fewer deals this year, many exhibited a sort of stubborn creativity. The unconventional path was really the only path available for many dealmakers this year.

You’ll have to wait until the November/December issue to see what we mean, but the past two days have proven yet again that the multifamily industry is populated by some of the most resilient—and brilliant—problem-solvers in the business community.

After all, it’s times like these when dealmakers really earn their stripes.