Explorez tous les épisodes du podcast No Cap by CRE Daily
| Titre | Date | Durée | |
|---|---|---|---|
| Opportunities in Lending & Real Estate Debt w/ Richard Byrne, President, Benefit Street Partners | 04 Nov 2024 | 01:00:06 | |
Season 1, Episode 13: This season finale of No Cap by CRE Daily features a rare conversation with Richard Byrne, President of Benefit Street Partners and CEO of Franklin BSP Capital Corp. Join hosts Jack Stone and Alex Gornik as they explore Richard’s incredible career—from his early jobs and rapid rise at Merrill Lynch in the 80s to his transition into real estate lending at Benefit Street Partners.
TOPICS 00:00 – Introduction 00:27 – Richard’s Early Life and First Jobs 03:10 – Climbing the Ladder at Merrill Lynch in the 80s 08:29 – From Casinos to Deutsche Bank 12:50 – Transition to Real Estate Lending 20:49 – Early Involvement with RFT 22:28 – Exploring FBRT and Other Service Lines 24:47 – The Role of Opportunistic Debt Funds (ODFs) 31:51 – Optimism in Today’s Real Estate Market 34:57 – Who’s Still Pursuing Multi-Property Deals 38:38 – Risk Management in Today’s Market 41:15 – Standing Out in the Industry 47:13 – A Banker’s Path to Jiu-Jitsu 58:32 – Advice for Young Professionals 01:01:27 – Conclusion
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Jilliene Helman on Building RealtyMogul & Real Estate Syndication | 21 Oct 2024 | 00:49:27 | |
Season 1, Episode 12: In this episode of No Cap by CRE Daily, we sit down with Jilliene Helman, founder and CEO of RealtyMogul, to explore her entrepreneurial journey and the evolution of RealtyMogul in the real estate industry. Jilliene shares how her background inspired the launch of RealtyMogul, details the platform’s first deal, and explains the three businesses that form its foundation. We discuss what RealtyMogul looks for in sponsors, the early days of crowdfunding, and the impact of the 2012 Jobs Act on real estate investing.
TOPICS 00:00 — Intro 00:47 — Jilliene’s background and what led to creating RealtyMogul 02:19 — RealtyMogul’s first deal 04:10 — What RealtyMogul is, and the 3 businesses that make it up 05:43 — The value RealtyMogul brings to the table 07:10 — What RealtyMogul looks for in sponsors 09:05 — The first iteration of RealtyMogul, and how it got crowdfunded 12:50 — How crowdfunding worked in its earliest stages 14:35 — What the 2012 Jobs Act changed, and what stayed the same 19:03 — How RealtyMogul handled capital calls 20:46 — What a REIT is, and why RealtyMogul got into them 23:20 — The future of RealtyMogul 25:26 — Why balancing investors and deals is so challenging 29:35 — What sponsors should be looking for 31:18 — The secret to RealtyMogul’s longevity 32:34 — Jilliene’s family background 34:17 — What Burning Man is like, and why so many successful people attend 37:50 — How Jilliene stays creative 39:23 — Jilliene’s favorite travel destinations, and what she loves about Japan 40:43 — The potential of the new city being built outside San Francisco 43:40 — Why RealtyMogul is bullish on Columbus, Ohio 46:18 — The future of crowdfunding in real estate
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| 5% Rent Cap is No Cap | 27 Jul 2024 | 00:52:15 | |
Season 1, Episode 3: Jack and Alex delve into the latest commercial real estate headlines, including Biden's Rent Control Proposal, which aims to introduce a 5% annual cap on rent increases for major apartment landlords in order to maintain federal tax breaks. Plus, delinquencies and special servicing of multifamily loans backed by commercial mortgage-backed securities surged 185% in the past six months.
TOPICS 0:20 Introduction 4:03 Multifamily loans have surged 185% 7:27 Tides Equities' recent foreclosures 11:06 Student housing pre-leasing for Fall 2024 13:34 The effects of reevaluating college degrees 15:01 Vacancies in the retail market 18:10 Brookfield's future CEO 19:36 The effects of Joe Biden stepping down 26:15 How do owners react to a 5% cap? 28:54 SASB loans 37:14 RealPage forecasts rent growth 46:32 Federal Reserve's likely rate cuts
We want to thank our sponsor Viking Capital.
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| The King of HUD: Josh Sasouness on Multifamily Lending | 22 Jul 2024 | 00:49:44 | |
Season 1, Episode 2: Welcome to No Cap by CRE Daily. Today, we're joined by Josh Sasouness, co-CEO of Dwight Capital, the nation's leading multifamily FHA/HUD lender.In this episode, we dive into Josh’s family background and upbringing, exploring the origins and rapid growth of Dwight Capital. We discuss the differences between HUD and agency financing and Josh’s transition from Greystone to Dwight, including personal stories about the two worst days of his life. Josh shares insights into Dwight Funding, the current market state, and opportunities in multifamily, healthcare investments, and development. We also cover geographic markets Josh is bullish on, predictions for the American economy, and media coverage. Key takeaways in the episode:
We want to thank our sponsor Viking Capital. Tune in for insights, expert opinions, and a deep dive into the stories shaping commercial real estate today and tomorrow. | |||
| KKR's Big Bet on Apartments, Banks Unload Troubled CRE Loans | 22 Jul 2024 | 00:46:50 | |
Season 1, Episode 1: Welcome to No Cap by CRE Daily, the commercial real estate podcast that gives you an unfiltered look into the biggest trends in the industry and the money game behind it. Each week, co-hosts Jack Stone and Alex Gornik will break down the latest news from CRE Daily with some of the most influential and entertaining figures in commercial real estate.
Topics discussed:
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| Revolutionizing Construction with Cuby Co-Founder Aleksandr Gampel | 02 Oct 2024 | 01:03:07 | |
Season 1, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Aleksandr Gampel, Co-Founder of Cuby, to explore how Cuby is revolutionizing the construction industry. They dive into Cuby's mission to industrialize the construction process through transportable factories that minimize human error, reduce timelines, and bring cost transparency without sacrificing design.
Aleksandr shares his insights on the housing shortage, the waste in traditional construction, and Cuby’s innovative use of digital twins and lean manufacturing. Listeners will also hear how Cuby’s software and operating system streamline the entire building process and why Gampel believes the best construction companies are really supply chain companies.
TOPICS 00:00:00 - Introduction 00:00:42 - The Story Behind Alex and Alex’s First Meeting 00:03:35 - Cuby’s Vision: What is Cuby and Its Mission? 00:04:20 - Personal Connections: Do You Know Someone in Construction? 00:07:34 - The Big Question: Can Construction Be Industrialized? 00:09:04 - Alex’s First Principles Approach to Building Homes 00:12:43 - Addressing the Crisis: The Lack of Affordable Housing 00:14:17 - Waste in Construction: Why the Industry Produces So Much Waste 00:15:26 - Technology Insight: What Exactly is a Digital Twin? 00:16:51 - Building for the Future: The Machine That Builds the Machine 00:19:12 - How Cuby Can Streamline Your Construction Projects 00:27:33 - A Deep Dive into Cuby’s Software and Its Capabilities 00:30:02 - Understanding Cuby’s Operating System and Its Functionality 00:36:28 - Why Cuby? The Value Proposition for Working With Cuby 00:38:54 - “The Best Construction Companies Are Supply Chain Companies” 00:44:12 - Cuby Today: Current Status and Milestones 00:52:00 - Expanding Horizons: Cuby’s Market Expansion Strategy 00:56:09 - The Role of Venture-Backed Companies in the Defense Space 00:58:35 - Closing Moments
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Jonathon Barkl: Building AirGarage from 'Airbnb for Driveways' to Parking Powerhouse | 23 Sep 2024 | 00:51:16 | |
Season 1, Episode 10: On this episode of No Cap by CRE Daily, we sit down with Jonathon Barkl, CEO and co-founder of AirGarage, to dive deep into his journey from college student to revolutionizing the parking industry. Jonathon shares the origin story of AirGarage, starting as an "Airbnb for driveways" and evolving through a series of pivots into a full-stack, tech-first parking operator.
We explore AirGarage's progression from working with a local church parking lot in 2018 to partnering with real estate owners across urban areas, unlocking underutilized real estate in churches, hotels, and businesses. Jonathon explains how AirGarage is rethinking the parking experience from the ground up, challenging the status quo of a fragmented industry plagued by misaligned incentives and outdated technology.
TOPICS 00:00 - Intro 01:26 - Solving for Parking on Campus 05:10 - Learning How to Sell is the Most Important Skill 09:49 - Growing Up with Entrepreneurs 12:17 - Renting Out Parking Lots 16:56 - Downloading an App to Park? 19:53 - Making Parking Seamless 22:34 - First-Principles Approach to Parking 26:06 - Developing Full-Stack Technology for Parking 29:26 - Why Understanding Your Parking Occupancy is Important 34:34 - Challenges to Adoption for AirGarage 41:15 - Technology Approach to Parking Lot Property Management 44:55 - How Not to Get Lost in a Parking Lot 46:28 - AirGarage’s Process of Scaling 54:42 - The Future of Parking
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Michael Santora: Revolutionizing Warehouses Through Digital Twins and Mobile Robots | 15 Sep 2024 | 00:45:25 | |
Season 1, Episode 9: In this episode of No Cap by CRE Daily, Alex and Jack chat sit down with Michael Santora, CEO and co-founder of Logic. Michael discusses his robotics platform, which automates supply chains and optimizes warehousing. The group dives into the impact on warehouse and distribution centers, where the industry is heading, and other applications of Logic’s systems.
TOPICS 00:00 — Intro 00:52 — How Alex & Michael Met 02:15 — Michael’s Early Architectural Background 04:15 — How the 2008 Market Crash Impacted Michael 05:53 — Michael’s Journey into Industrial Design 06:41 — Solving for Spatial Efficiency in Warehouses 09:35 — Are the Robots Running the Warehouses? 11:06 — How Much is Wasted Using Forklifts? 13:06 — Logic’s Initial Company Focus 15:48 — Replacing Aisles in Warehouses 21:45 — Charging Docks for Logic’s Pallets 25:52 — Inefficiency of Delivery Trucks in Big Cities 28:40 — Michael on Going Back to School 30:09 — Consulting With Space Force 32:44 — Logic’s Commercial and Defense Operations 37:10 — Logic’s Pallets Loading C-130 Hercules 37:50 — Logic’s Pallet Composition 40:12 — Logic Pallet Delivering Pizza 43:45 — Conclusion
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Guest Information: For more information on Meta Logic, click here. To connect with Michael on LinkedIn, click here.
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Welcome to Y'all Street, Multifamily Fraud, and US Retail Store Closings | 09 Sep 2024 | 00:32:12 | |
Season 1, Episode 8: In this episode of No Cap by CRE Daily, Alex and Jack discuss Dallas' rise as a finance hub, major developments from Goldman Sachs and Wells Fargo, and Trimont's acquisition of Wells Fargo's $475B CRE loan portfolio. They also cover JLL's $18M fraud loss, South Florida's condo challenges, Sonder's Marriott partnership, and the latest on retail closures and CRE mortgage originations.
TOPICS 0:18 — Alex’s Weekend in the Hamptons 2:19 — "Y’all Street Journal" and Dallas' Financial Boom 3:57 — Trimont's $475B Wells Fargo Acquisition 5:38 — Mr. Cooper Buys Flagstar’s Mortgage Servicing 6:46 — JLL Hit by $18M Multifamily Loan Fraud 9:36 — Florida Condo Market Crisis 15:49 — Marriott Rescues Sonder with Strategic Deal 19:38 — U.S. Retail Store Closures Surpass Openings 22:24 — Alex Witnesses a Robbery in Real Time 25:00 — TSA-Level Security at CVS & Walgreens 28:24 — Multifamily Market Shows Signs of Stabilization 31:44 — Merch Giveaway
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Vikram Raya CEO @ Viking Capital: From Medicine to $800M+ in Multifamily | 01 Sep 2024 | 01:02:02 | |
Season 1, Episode 7: In this episode of No Cap by CRE Daily, Alex and Jack sit down with Vikram Raya, CEO and co-founder of Viking Capital. Vikram shares his journey from a practicing cardiologist to a full-time real estate syndicator, revealing the challenges and triumphs along the way. He dives into why your profession shouldn't define your personality, lessons learned from rocky syndication partnerships, and more.
TOPICS 1:16 — Introduction 4:25 — Vikram’s background: coming from India and growing up with an engineer father turned entrepreneur 8:15 — Vikram’s personal reasons for getting into medicine and cardiology 9:35 — Exploring different business opportunities outside of the traditional doctor career trajectory 12:14 — Branching from cardiology to options trading 14:59 — Vikram buys his first home, a $20k rambler 16:08 — Meeting the cofounder of Viking Capital, Ravi 17:31 — Launching Viking Capital in the Tesla showroom 18:01 — Mechanics of launching and funding the business 21:15 — An insane deal with one major issue to risk manage 24:20 — Turning a large cash exit into an innovative health clinic 27:49 — Why specialized professionals like doctors often aren’t good investors 30:49 — Viking Capital’s first time getting punched in the face 34:54 — The importance of timing in investing 35:40 — Alex passes on a huge deal in Kansas City 39:57 — What is Viking Capital currently looking for in investments? 45:59 — Vikram’s secrets to getting quality sleep and biohacking 54:58 — Vikram’s hike and realization on Mt. Kilimanjaro 56:48 — Why real estate is a mind game and how to create a successful investor physiology 58:53 — Stupid mistakes made as an investor 1:00:24 — Where Viking Capital goes next
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
About Our Guest Vikram Raya https://www.linkedin.com/in/vikramraya Vikram Raya is CEO of Viking Capital Investments, a Multi-Million Dollar Real Esate Private Equity Company based out of Tysons, VA that acquires Commercial Multi-family real estate nationwide, with over $800M of Real Estate Acquisitions. He also serves as a High performance Coach and Business strategist to over 50 executives, high income earners and physicians. He is the founder of Vitology institute, a human optimization clinic helping clients achieve ultimate vitality.
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| The Holy Trinity: Sanjay Chandra on Leading Investors to $7B in Deals | 18 Aug 2024 | 00:54:03 | |
Season 1, Episode 6: Sanjay Chandra is the Principal and Managing Partner at Trinity Investors, a Texas-based private equity and real estate firm he co-founded in 2006. Sanjay has led Trinity investors to over $7 billion in deals, building a portfolio that includes 160 commercial real estate assets and 19 operating companies. But Sanjay’s journey didn’t start in real estate. As a first-generation immigrant with an engineering background, he began his career founding American Leather before transitioning into private equity. In this episode of No Cap by CRE Daily, Jack and Alex peel back the curtains on one of Texas's most recognized investors, exploring Chandra’s entrepreneurial journey and his transition into real estate.
TOPICS 0:38 — Sanjay’s background 7:59 — Moving into private equity and founding Trinity 14:08 — The private equity business today 16:48 — How Sanjay is approaching portfolio allocation 22:45 — What makes a good OpCo investment? 25:30 — What makes a good real estate deal? 28:00 — What Sanjay looks for in partners 31:50 — The risks of the past few years Sanjay wasn’t prepared for 36:30 — The effect of current market conditions on Sanjay’s business 38:25 — Is there a rate cut coming? 41:33 — Sanjay’s thoughts on bank liquidity 45:18 — Sanjay talks UT and why Austin might be a better living city than Dallas 47:59 — Sanjay’s thoughts on Miami 51:09 — Conclusion
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
About Our Guest SANJAY CHANDRA Sanjay serves as a principal and managing partner at Trinity and its affiliated companies in a variety of roles and responsibilities on a full time and active basis. Sanjay brings to Trinity over 30 years of experience as a successful entrepreneur and an active private investor. In addition to his day to day role at Trinity, Sanjay serves as a board member for American Leather, which he co-founded in 1990, and where he was formerly president and CFO. He is a board member for Robokind LLC, ELB Learning, Nuclein LLC, Falcon Structures LLC, Bentwood Kitchens Inc and other affiliate companies, as well as the Longhorn Council of the Boy Scouts of America, where he serves as Vice President of Development. Sanjay is a Special Advisor to Urban Genesis, Capital Boutiq and AllTrades, and serves as Chairman on the Engineering Advisory Board for the Cockrell School of Engineering at the University of Texas at Austin.
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Michael Mandel on Leveraging AI to Transform CRE Transparency | 04 Aug 2024 | 00:48:49 | |
Season 1, Episode 5: In this episode of "No Cap by CRE Daily," we sit down with Michael Mandel, a former broker and the visionary founder of CompStak, to dive into the power of data and AI in the commercial real estate industry. Michael shares his journey as a broker and the issues he encountered that led him to build CompStak. We also discuss how AI and machine learning are revolutionizing data collection, analysis, and utilization in the CRE industry.
TOPICS 0:31 — Introduction 6:55 — How Compstak incorporated AI & machine learning tech into their stack 11:31 — Making brokers' lives easier using technology 13:40 — How the data verification process works 17:31 — The scoring and credit system to incentivize people to contribute data 18:05 — What will the actual effects of AI be on the real estate market? 22:46 — Pet peeves as a broker 24:59 — AI tools for architecture 28:34 — New insights into client data 30:11 — Are we going to be “owned” by AI? 33:10 — Jack & ChatGPT 35:53 — What are use cases of AI & what’s the effect of deep fakes? 37:15 — Will the vast majority of real estate jobs be automated? 42:50 — Conclusion
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
About Our Guest Michael Mandel https://www.linkedin.com/in/mmandel/ Michael is the Co-Founder & CEO of CompStak, a marketplace for commercial real estate information. CompStak uses a crowd-sourced model to gather real information that is hard to find, difficult to compile or otherwise unavailable. Our first product is a marketplace for the exchange of commercial lease comparables. Users add the comps they have to find the comps they need. CompStak was born out of Michael's experience as a commercial leasing broker in Manhattan. He has been recognized for his success as Grubb & Ellis’ National Rookie of the Year in 2007 and Real Estate New York’s 30 under 30 in 2008. CompStak has been featured in The Wall Street Journal, The Real Deal, Forbes, Bloomberg, AG Beat and more.
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| How Brad Sumrok Became the Tony Robbins of Multifamily Investing | 03 Aug 2024 | 00:46:36 | |
Season 1, Episode 4: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik dive into the journey of Brad Sumrok, famously known as the "Apartment King" in the multifamily real estate world. Starting with his first investment in a 32-unit apartment building in 2002, Brad replaced his 9 to 5 job income by 2005 and retired at the age of 38. Since then, he has invested in over 4,200 apartment units, and his mentoring students have collectively purchased over $2 billion worth of apartment buildings. Brad shares his transition from a career in chemical engineering to becoming a prominent investor and coach in multifamily real estate. He discusses Tony Robbins's influence on his mindset and reveals how being fired from his corporate job spurred him to become a public speaker in real estate. Brad also shares his thoughts on handling the haters and provides insights into the risks associated with investing in syndication.
TOPICS 1:15 — Brad’s transition from chemical engineering to real estate 5:20 — Getting fired from corporate America 6:25 — Breaking into the world of real estate through seminars 8:34 — Brad’s first property 13:07 — Are motivational speakers and business coaches cheesy, or authentic? 15:17 — Becoming the Tony Robbins of the multifamily syndication industry 16:54 — Mentoring at Lifestyles Unlimited 20:18 — Surviving 2008-2011 24:07 — What's a “good project for Brad” in 2024? 26:11 — How many investors & LPs does Brad have on a typical deal? 34:20 — What brings investors to the table 36:52 — Effects of the presidential race on the economy and tax code 37:38 — WSJ article on Brad & former students 41:43 — Closing remarks from Brad
We want to thank our sponsor Viking Capital.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| What It Takes To Be A Successful Broker In NYC w/ Bob Knakal | 23 Feb 2025 | 00:52:27 | |
Season 2, Episode 4: In this episode of No Cap by CRE Daily, hosts Alex Gornik and Jack Stone sit down with Bob Knakal, Chairman and CEO of BK Real Estate Advisors. Bob, one of New York City’s top brokers, shares his journey and insights on how he became a leader in the real estate market.
They dive into the importance of market knowledge, why prospecting is key to success, and how Bob used social media to expand his reach. Plus, Bob shares what makes the New York market unique and offers advice for aspiring brokers looking to make their mark.
CHAPTERS:
0:00 - Introduction
3:00 - Bob’s Journey in Real Estate
7:30 - The Importance of Market Knowledge
12:00 - How to Stay on Top in a Competitive Market
15:45 - Building a Legacy in Investment Sales
20:30 - The Role of Social Media in Real Estate
25:00 - What Sets New York’s Real Estate Market Apart
30:00 - Current Trends and the Future of the Market
35:00 - Advice for Aspiring Brokers and Real Estate Professionals
40:00 - The Power of Specialization and Expertise
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estat4.
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| C-PACE Financing: The Best-Kept Secret in Real Estate? | 16 Feb 2025 | 00:36:55 | |
Season 2, Episode 3: C-PACE Financing: The Best-Kept Secret in Real Estate?
In this episode of No Cap by CRE Daily, hosts Alex Gornik and Jack Stone are joined by Robbie Pinkas, Senior Vice President of PACE Loan Group. They dive into the world of C-PACE financing, explaining how it works and how it can fund energy-efficient improvements, making your property more sustainable and valuable.
They also discuss how C-PACE fits into the broader financing landscape, its differences from traditional loans, and why it's important to fully understand the details before jumping in. If you’re wondering whether C-PACE financing is the right fit for your next project, this episode has everything you need to know!
CHAPTERS:
0:00 - Introduction
3:23 - Barry Stern's Return of Starwood Hotels
10:11 - Chrysler Building Leasehold Loss
15:31 - Loan Modifications and Financing Trends
19:47 - What is C-PACE Financing?
26:57 - Sound Stage in St. Louis
29:36 - Downtown LA Office Tower
36:17 - Getting in Touch with Robbie Pinkas
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Is Converting Old Offices into Apartments THE BEST Solution to Housing Shortages? | 09 Feb 2025 | 00:48:38 | |
Season 2, Episode 2: In this episode of No Cap by CRE Daily, we explore the rising trend of adaptive reuse in real estate—converting old offices into apartments as a potential solution to the housing shortage. Join hosts Alexander Gornik and Jack Stone as they chat with Anoop Dave and Tim Gordon, Co-Founders of Victrix Investment. They share insights on the challenges and opportunities in transforming office spaces into residential properties. TOPICS 0:00 - Introduction 2:15 - Civic Support In Adaptive Reuse 6:00 - Federal Government’s Role In Conversions 9:47 - Hudson Yards Casino Bid & Zoning 12:00 - Office-To-Home Challenges In NYC 14:00 - Insights On Adaptive Reuse 19:13 - Office To Residential Shift 24:34 - Success Stories 31:28 - Adaptive Reuse Obstacles 36:18 - Financial Hurdles & Due Diligence 41:00 - Future Of Adaptive Reuse We want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| Fannie & Freddie’s Future, Trump’s 2025 Policies & LA's Insurance Crisis | 02 Feb 2025 | 00:51:35 | |
Season 2, Episode 1: No Cap by CRE Daily is back and we're kicking things off with a deep dive into the biggest headlines shaping commercial real estate in 2025. Fannie & Freddie might finally go private—but what does that mean for mortgages, multifamily lending, and the housing market? Trump’s 2025 policies could bring major changes, and soaring insurance costs from LA wildfires are hitting property values hard.
Join our hosts Alexander Gornik and Jack Stone as they break it all down
TOPICS 0:00 – Introduction 02:15 – Will Fannie & Freddie Go Private? 06:09 – What Happens If Fannie & Freddie Go Private? 10:45 – How Privatization Could Impact Homeowners & Investors 16:20 – Trump’s 2025 Real Estate Policies 20:57 – Will the U.S. Sell Off Federal Real Estate? 28:46 – Hot Rental Markets in 2025 35:39 – Wildfires, Insurance Crisis & Falling Property Values 43:47 – The Biggest Real Estate Loans of 2024 50:10 – 2025 Market Predictions
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| KBS CEO Reveals SECRET to Office Success | 30 Mar 2025 | 01:12:17 | |
Season 2, Episode 9: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Marc DeLuca, CEO of KBS, to explore how the firm has navigated the ever-changing landscape of office real estate.
With over 30 years of experience in the industry, Marc has managed billions of dollars in real estate across the Eastern U.S. and Mid-Atlantic regions, overseeing some of the most strategic acquisitions in the office sector. He shares the secrets to KBS’s success, from innovative office amenities to a renewed focus on tenant relationships.
Learn how KBS has continued to excel in the office space market despite the challenges posed by COVID-19, economic uncertainty, and shifting workplace trends.
CHAPTERS:
00:00 – Introduction
09:53 – Shifting Focus & Challenges
19:44 – Tenant Support & Interest Rates
25:22 – Return to Office & Recovery
35:14 – Leasing Demand & Corporate Moves
43:33 – Financing in Uncertain Times
49:35 – Top Markets & KBS Adaptation
57:02 – Innovative Amenities & Trends
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How AI is Making CRE Brokers More Efficient Than Ever w/ Albert Lojko | 23 Mar 2025 | 00:48:19 | |
Season 2, Episode 8: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Albert Lojko, President of Lightbox, a company revolutionizing commercial real estate (CRE) by organizing and digitizing fragmented data. Albert discusses how Lightbox is streamlining transactions, enhancing collaboration, and automating key processes, including appraisals and document generation, using AI to improve efficiency and reduce errors.
Learn how Lightbox is transforming the CRE industry and how their platform is helping brokers, investors, and lenders make smarter, faster decisions together.
CHAPTERS:
00:00 – Introduction
06:38 – Innovating the CRE Market
12:13 – Data Platforms in Transactions
19:45 – AI & Human Expertise for Accuracy
25:07 – AI’s Role in Data and Docs
29:24 – Automating Appraisals
36:44 – Lightbox ID & Innovation
41:59 – The Future of Appraisers
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Building the Largest Privately Owned Self-Storage Company w/ Cris Burnam | 16 Mar 2025 | 01:02:37 | |
Season 2, Episode 7: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik are joined by Cris Burnham, CEO of StorageMart, the world’s largest privately owned self-storage company. Cris shares the journey from his father's humble real estate beginnings to growing StorageMart into a multibillion-dollar empire, including the $3.2B acquisition of Manhattan Mini Storage.
Cris dives into the industry's evolution, from strategic partnerships to adaptive reuse and technological advancements, and discusses the ongoing challenges facing the self-storage sector—like declining home sales and market saturation.
CHAPTERS:
00:00 – Introduction
0:26 -- Cris Burnam's Journey with Storage Mart
06:08 – Hostile Takeover and Major Acquisition
13:36 – The $7.5 Billion Self-Storage Partnership
25:10 – Adaptive Reuse of Office Spaces for Self-Storage
33:18 – Iconic Billboard Strategy
37:34 – Declining Home Sales and Storage Auctions
45:03 – International Self-Storage Growth
54:50 – The Future of Self-Storage and Market Shifts
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Barron Trump’s First Real Estate Deal? Plus, Tax Hacks & Multifamily w/ Omar Khan | 09 Mar 2025 | 00:36:16 | |
Season 2, Episode 6: In this episode of No Cap Podcast, hosts Jack Stone and Alex Gornik are joined by Omar Khan, founder of Boardwalk Wealth. Omar brings over $3.7B in capital financing and M&A experience, along with a track record of raising over $50 million in equity. He shares his journey from investment banking to commercial real estate, giving us valuable insights into his successful deals and why strategic partnerships and tax efficiency are crucial for multifamily investments.
But the conversation doesn’t stop there.
We also dive into some of the most talked-about real estate news of the moment: Baron Trump’s real estate ambitions, the Fed’s ongoing interest rate decisions, and how the multifamily market is being shaped by inflation, tariffs, and other key market factors.
CHAPTERS:
0:00 – Introduction
2:30 – Baron Trump’s Real Estate Move
5:30 – Baron Trump Entering Real Estate
10:00 – Trump’s Legacy & Policies
15:00 – Impact of Interest Rates on Real Estate
18:00 – Mortgage Rates & Buyer Impact
23:00 – North Dakota Tax Breaks & Appeal
26:00 – Investing in Secondary Markets
32:00 – Real Estate Strategies for Smaller Markets
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| What's Behind Crow Holdings MASSIVE $33 Billion Real Estate Empire | 07 Mar 2025 | 01:04:56 | |
Season 2, Episode 5: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Michael Levy, CEO of Crow Holdings, one of the most influential real estate companies in the world. Michael shares his personal journey and the history of Crow Holdings, diving deep into their innovative approach to real estate, sustainability, and expansion into energy and mass timber development. They discuss Crow’s legacy, how the company is revolutionizing construction, and how its commitment to long-term environmental impact is shaping the future of the real estate industry. CHAPTERS: 00:00 - Introduction 02:08 - Dallas vs. New York 05:33 - Moving to Dallas and Joining Crow 10:42 - Crow Holdings Legacy and Culture 17:17 - The Old Parkland Campus 23:09 - Expansion into Energy & Timber 30:02 - Multifamily & Industrial Development Focus 40:28 - Industrial Market Trends 50:35 - Sustainability & Innovation in Real Estate 55:58 - Leadership Approach at Crow Holdings 01:00:22 - AI and Tech in Real Estate 01:05:11 - Career Advice & Success Insights We want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate. | |||
| How Spencer Burton Accidentally Built the #1 Real Estate Resource | 06 Apr 2025 | 00:59:14 | |
Season 2, Episode 10: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Spencer Burton, co-founder of Adventures in CRE and CRE Agents, to explore how technology and innovation are transforming the real estate industry.
With years of experience in real estate, Spencer shares how he revolutionized the field by creating essential financial modeling tools used by thousands and pioneering AI-powered digital coworkers. From his early days as an analyst to founding AC and now leading CR Agents, Spencer gives us an insider's view of the future of real estate, where automation and digital entities will take on repetitive tasks and allow professionals to elevate their work.
CHAPTERS:
00:00 - Introduction
04:00 - Community & Free Models
12:34 - The ACR Project & Accelerator Program
18:21 - Land Brokerage & Panama
24:26 - Time, Growth & Consulting
31:54 - Stablewood & Tech
40:34 - Vertical AI Platforms & Digital Coworkers
48:10 - AI Future & Fun
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate | 08 Jun 2025 | 00:47:17 | |
Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.
Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.
TOPICS
00:00 – Introduction
05:47 – From Fed to JP Morgan
12:15 – JP Morgan's Bold CRE Prediction
18:32 – How Deglobalization Changes Everything
25:16 – Multifamily: The Most Obvious Investment Play
32:45 – Data Centers: Real Estate or Infrastructure?
38:12 – The Death of 60/40 and Rise of Alternatives
44:28 – Immigration, AI, and Labor Market Disruption
49:15 – Interest Rates and Fed Independence
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| The Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals | 27 Apr 2025 | 00:44:31 | |
Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and how he’s built a business around value-add strip malls.
Don also discusses his rise from broker to principal, his strategy for building strong broker relationships, and the role AI might play in shaping the future of real estate. Plus, get an exclusive look into his legendary annual gala and what makes it so special.
Whether you’re into real estate, deal-making, or just love a great story, this episode is for you!
CHAPTERS
00:00 - Introduction
08:31 - Going Public & Deal Flow Explosion
15:28 - From Broker to Principal
22:33 - Value-Add Strategy & Market Challenges
27:48 - Broker Relations & Fund Structure
31:32 - Social Media Strategy & Real Estate Courses
35:15 - Advice for Newcomers & Importance of Mentorship
41:39 - Annual Gala Preview & Closing Thoughts
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely | 20 Apr 2025 | 00:42:06 | |
Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.
From inflation to energy crises, the latest on the stock market to a birthday bobblehead discussion — this episode has it all.
CHAPTERS:
00:00 - Introduction
05:11 - Hooters’ Bankruptcy & Rebrand
09:17 - REITs vs Developers
14:56 - Treasuries, Tariffs & China
21:15 - Long-Term Strategy
25:10 - Inflation, Real Estate & The Dollar
31:28 - Meta’s Data Center & Energy
34:38 - Detroit, AI & Housing Crisis
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Will Tariffs Kill Your Favorite Brands? We Asked the Insider Who Knows | 13 Apr 2025 | 00:50:54 | |
Season 2, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik are joined by CNBC’s Senior Retail Reporter, Courtney Reagan, to discuss the fast-evolving retail market. From Q4 earnings to tariff shocks and the future of physical retail, Courtney breaks down the latest trends and challenges facing major brands like Walmart, Gap, and luxury retailers on Fifth Avenue.
They dive deep into how the retail environment is shifting, with policy changes, economic uncertainty, and evolving consumer behavior at the forefront. Plus, Courtney shares insights on why some retailers are struggling, how e-commerce is reshaping the landscape, and what the future holds for in-store shopping.
CHAPTERS:
00:00 – Introduction
04:52 – Wealth Perception & Consumer Spending
14:55 – Groceries, Inflation, and the Future of Big Box Retail
20:18 – Retail Stress: Fed’s Impact & Luxury Brands
33:31 – Manufacturers & Nostalgia's Influence on Consumers
41:55 – Persisting Tariffs & Evolving Retail
48:31 – Retail Return Fraud & TJ Maxx's Dynamic Inventory
We want to thank our sponsor Greysteel.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| The Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee | 22 Jun 2025 | 00:55:53 | |
Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.
Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.
We discuss:
– The return of institutional investors and what it means for deal flow
– Execution risk and capital stack dynamics in today’s market
– Why distressed deals might not be the opportunity everyone thinks
– The illusion of “risk-free” Treasuries and potential cracks in the system
Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.
TOPICS
00:00 – Introduction
05:00 – CRE Pipeline Activity and Investor Sentiment
10:00 – Managing Relationships and Finding Real Opportunity
15:00 – Office Skepticism and Repositioning Challenges
20:02 – What the Capital Markets Team Is Seeing Nationwide
25:00 – Risk, Return, and Raising Capital in Today’s Climate
30:00 – Creative Structuring and Non-Traditional Capital
35:00 – What LPs Care About in 2025
40:00 – Regional Plays, Execution Risk, and Exit Timing
45:00 – What Makes a Deal Worth Saying No To
50:00 – Advice for the Next Generation of Real Estate Leaders
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity | 15 Jun 2025 | 00:46:34 | |
Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.
The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.
TOPICS
00:00 - Introduction
05:00 - The Nightingale Fraud Scandal
10:00 - John's Background and Expansion Vision
15:00 - Due Diligence and Sponsor Vetting
20:00 - Technology Updates and Brand Strategy
25:00 - Building Trust Without Financial Advisors
30:00 - AI Integration and Portfolio Management
35:00 - Multifamily and Retail
40:00 - Conservative Leverage and Credit Approach
44:00 - Fall Launch Timeline for Private Markets
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic | 29 Jun 2025 | 00:52:23 | |
Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.
With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.
We discuss:
– Why debt is suddenly back in favor
– What’s fueling (and threatening) the data center boom
– Where office sentiment is quietly shifting
– The truth behind the “housing shortage” narrative
Rich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.
TOPICS
00:00 – Intro & Birthday Surprise
03:00 – Rich’s Career Path + Joining Principal
06:00 – How Principal Allocates Capital in Today’s Market
10:30 – Debt, Construction Lending, and CMBS Strategy
15:40 – Data Centers, AI Demand, and Market Caution
22:30 – Office Outlook and Why Originations Are Ticking Up
28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing
33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy
39:20 – Tariffs, Onshoring, and Resilient Cash Flows
43:00 – Return Expectations for CRE in 2025 and Beyond
47:00 – Final Thoughts on Alternatives and Outlook
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Self-Storage vs. Other CRE Assets – What's the Better Bet? | 06 Jul 2025 | 00:57:45 | |
Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.
From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.
We discuss:
– Why self-storage outperformed during the GFC
– How lease-up timelines have doubled post-COVID
– What most operators miss about private credit
– Wild stories from inside storage units
Brian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.
TOPICS
00:00 – Intro and Sleep Tech Rant
02:00 – From Tishman Speyer to Self-Storage
06:00 – Lack of Sophistication in Early Storage Industry
10:00 – Lease-Up Timelines and Developer Distress
14:30 – Loan Acquisitions and Launching a Lending Platform
19:00 – Why They Avoid Third-Party Management
22:30 – Drug Busts, Guns, and Other Storage Finds
26:00 – The Car Wash Thesis and Token Economics
30:00 – AI Tools and Andover’s Data Strategy
34:00 – Buying 50% Below Replacement Cost
38:00 – Cycle Outlook and What’s Next for Andover
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| What Happens When Office and Hospitality Combine? | 03 Aug 2025 | 00:52:02 | |
Season 3, Episode 9: Craig Deitelzweig is redefining office real estate—one scent, doorman, and house car at a time.
In this episode, the CEO of Marx Realty shares how he's leading the hotelization of office buildings—and why most landlords are stuck in the past. From signature scents and concierge-level service to rooftop lounges and Porsche house cars, Craig explains how his team is turning tired Class B assets into high-demand, high-rent destinations.
TOPICS
00:00 – Alec Baldwin and Barber Chair Banter
02:00 – From Lawyer to CEO: Craig’s Path to Marx Realty
07:15 – 10 Grand Central: Turning a Drag Into a Destination
14:00 – House Cars, Gelato, and Hospitality That Converts
19:00 – How Amenities Deliver ROI (and Surprise Revenue)
23:00 – Baccarat Branding and the “Club” Office Experience
28:00 – Midtown’s Strength vs Downtown’s Struggles
33:00 – DC’s Turnaround and What It Means for CRE
42:00 – Retail Expansion and What’s Powering It
48:00 – Capital Markets Outlook and the Return of LPs
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Why Most Landlords Get Office Tenant Experience Completely Wrong w/ Jonathan Kaufman Iger | 27 Jul 2025 | 01:13:40 | |
Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.
In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market.
We discuss:
– Sage’s shift from ownership to brand identity
– Lessons from leasing, portfolio resets, and UK exits
– Workplace services that actually matter to tenants
– The real reason gyms and lounges often fail
TOPICS
00:00 – Cold open and NYC credibility
03:10 – Family roots in New York real estate
11:00 – Taking the long road to Sage
21:00 – Building UrbanGrad and early Facebook ads
28:30 – The conversation that changed everything
35:15 – Refocusing the portfolio on NYC office
43:20 – Lessons from WeWork and building a brand
50:15 – Turning Sage into a tenant-first platform
58:00 – How Sage personalizes service at scale
1:07:00 – Final thoughts on hospitality and vision
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| From 0 to 29K Units: Janet LePage on Building One of North America's Largest Private Apartment Firms | 20 Jul 2025 | 00:57:27 | |
Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.
In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.
We discuss:
– Her journey from flipping homes to building WWC
– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)
– How her 83-point checklist drives fast, repeatable value-adds
– Why she vertically integrated WWC during COVID in just 26 days
– The first deal she’s bought in three years—and why it's 43% below replacement cost
TOPICS
00:00 – Janet’s Start: From Coder to First Flip
05:00 – Flipping Homes While Working a 9-to-5
12:00 – Buying 23 Units 26 Days Before Birth
18:00 – Scaling Through Systems and Syndication
25:00 – Raising Millions and Launching WWC
32:00 – The Washer-Dryer Strategy That Changed Everything
38:00 – Breaking Into Texas and Going Institutional
45:00 – Vertical Integration and COVID Shifts
51:00 – Lessons from Rate Hikes and Bridge Debt
55:00 – New Opportunities: Buying 43% Below Replacement
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Why Dying Malls Might Be the Best CRE Opportunity Today | 13 Jul 2025 | 00:57:19 | |
Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.
With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.
We discuss:
– Why “retail is dead” doesn’t hold up in the data
– The problem with chasing national tenants
– How to convert retail boxes into healthcare and entertainment
– Why CMBS debt caused lasting damage to retail.
TOPICS
00:00 – Cold Open and Retail Misconceptions
02:20 – Andy’s Path and RockStep’s Strategy
07:00 – The Retail Apocalypse Was Overblown
10:30 – Picking Markets and Making Malls Work
15:45 – Why Big Boxes Can Hurt NOI
20:10 – CMBS Mistakes and Risk Discipline
26:00 – Repurposing Retail Into Healthcare and Entertainment
32:00 – Leasing Timelines and Tenant Credit Today
37:50 – Anchor Replacements and Nontraditional Uses
44:30 – Pricing Gaps, Cap Rates, and Lender Pullback
50:00 – What’s Next for Retail in 2025
Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Private Credit Pioneer: How Josh Zegen Built the Debt Frontier with Madison Realty Capital | 19 Jul 2026 | 00:47:44 | |
Season 8, Episode 5:
How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate?
Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, became vertically integrated, and scaled into a major capital source for sponsors when banks pulled back.
Whether you’re interested in distressed debt, construction lending, office-to-residential conversions, or today’s maturity wall, this episode is a must-listen. Join us as we dive into how Madison thinks about risk, rescue capital, borrower relationships, and finding opportunity in a volatile market.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction to Josh Zegen and Madison Realty Capital
05:00 – The Early Private Credit Opportunity
10:53 – Surviving the GFC and Taking Over Assets
15:45 – Becoming a Construction Lending Powerhouse
19:00 – Back Leverage and Lending to Lenders
24:12 – Distress, Rescue Capital, and Loan Workouts
31:24 – Fundraising, Insurance Capital, and Investor Demand
35:44 – The Pfizer Office-to-Residential Conversion
42:40 – West Palm Beach, Florida, Texas, and Hot Markets
48:12 – Recaps, Volatility, and Building Through the Cycle
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| PGIM's Sharpshooter Approach to $60B in US Real Estate w/ Soultana Reigle | 12 Jul 2026 | 00:49:29 | |
Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done.
Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits within PGIM, the $1.4T asset management arm of Prudential Financial.
In this episode, Soultana breaks down how PGIM is deploying capital across the country, why "sharpshooting" specific deals has replaced broad-based sector bets, and where she's finding the best opportunities in today's market.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction
05:31 – Building a $60B Value-Add Platform from Scratch
09:04 – GFC Lessons
13:52 – The "Sharpshooter" Strategy and Sourcing $8B in Deal Flow
15:02 – Senior Housing and Low-Latency Data Center Thesis
25:24 – Buying a San Francisco Office Asset
33:48 – Capital on the Sidelines and Navigating "Higher for Longer" Rates
44:20 – AI Disruption, Career Advice, and why EQ is a Superpower
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How Harbor Group International Manages $21 Billion Across Multifamily, Office & Credit | 03 May 2026 | 00:44:31 | |
Season 7, Episode 1: Season 7 of the No Cap Podcast kicks off with a masterclass in global real estate investment and management. Jack and Alex sit down with Richard Litton, President of Harbor Group International, to explore how the firm scaled from a $1 billion management-focused company to a $21 billion powerhouse.
Richard breaks down the creative evolution of Harbor’s strategy, detailing how they pivoted from secondary office markets to becoming the world's most active Freddie Mac buyers. From navigating the current wave of CRE debt maturities to exploring opportunistic plays in markets like Detroit and Cleveland, learn how these experts deploy capital at scale in a reset market.
Whether you're looking at workforce housing or the resilience of Manhattan office credit, this episode is a must-listen for understanding today’s complex financing environment. Join us as we dive into the power of vertical integration and strategic risk-reward underwriting in the new era of real estate.
Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out.
TOPICS
00:00 – Introduction
01:54 – From Corporate Law to Building a $21B Powerhouse
07:15 – Exiting Secondary Office Markets Before the GFC
10:55 – Launching the Credit Platform and Partnering with Freddie Mac
14:15 – Assessing Risk in a Saturated Private Credit Market
18:27 – Workforce Housing vs. Class A: Finding Value in Market Resets
23:14 – Navigating Sunbelt Supply and the Realities of Negative Leverage
28:37 – Manhattan Resilience and D.C. Credit Plays
34:58 – Betting on Detroit, Cleveland, and Norfolk
40:59 – Sourcing Deals in a Reset Environment
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How Fifth Wall Conquered CRE’s Tech Resistance w/ CEO Brendan Wallace | 26 Apr 2026 | 00:56:40 | |
Season 6, Episode 5: The No Cap Podcast continues with hosts Jack Stone and Alex Gornik diving into the high-stakes world of proptech with Brendan Wallace, co-founder and CEO of Fifth Wall. Managing billions for the world’s largest real estate owners, Wallace explains his transition from a New York real estate family to bridging the gap between massive physical assets and cutting-edge technology.
The conversation breaks down why real estate has historically been a "luddite" industry and how Fifth Wall’s unique strategy, using major industry players as LPs, turned a "bug into a feature" for tech adoption. From backing unicorns like Procore and Open Door to the strategic acquisition of Industrious by CBRE, Wallace shares the inside track on what actually drives returns in the built environment.
Wallace predicts a total revolution where venture firms don’t just build tools, they become the industry players themselves. If you want to know where real estate and AI are colliding, this is the episode to watch.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Intro to Brendan Wallace and Fifth Wall
01:28 – Career Origins: From Times Square to Goldman & Blackstone
09:12 – First Successes: Workday Acquisition and Founding Cabify
12:35 – Founding Fifth Wall: Filling the Proptech Gap
17:00 – Why Real Estate is a Historically "Luddite" Industry
19:27 – Winning Bets: Consumer Fintech, Procore, and Unicorns
24:43 – Industrious vs. WeWork: The Durable "Flag" Model
28:44 – The Future of Multifamily: Aspirational Brands like Sakra
33:54 – AI Revolution: Shifting to a "DIY" Internal Tech Model
42:58 – The Big Pivot: Why a Lack of Legacy Tech is now a Feature
50:15 – VC Evolution: Moving from Building Tools to the Industry Itself
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Brixmor CEO Brian Finnegan on the Power of Grocery-Anchored Retail | 19 Apr 2026 | 00:53:28 | |
Season 6, Episode 4:
Season 6 of the No Cap Podcast continues with a deep dive into one of the most misunderstood sectors in commercial real estate. Jack and Alex sit down with Brian Finnegan, CEO of Brixmor Property Group, to unpack how grocery-anchored retail quietly became one of the most resilient asset classes in the market.
From tenant mix and small shop economics to redevelopment-driven growth, Brian breaks down what actually drives performance in today’s retail environment. He also explains how Brixmor has scaled its portfolio of open-air centers by focusing on necessity-based demand and adapting to shifting consumer behavior.
They also get into the reality behind e-commerce, why new retail supply has nearly disappeared, and how omnichannel strategies are reshaping leasing, operations, and long-term value creation across the sector.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction to Brian Finnegan and Brixmor Property Group
02:30 – Career Origins: From Litigation Support to Sales Skills
09:09 – Massive Growth and Strategic Shifts (2004–2006)
14:13 – Partnership with Anchor Tenants and Redevelopment Strategies
15:35 – The Economics of Small Shops vs. Anchor Tenants
17:13 – The "Genetics" and Formula of a Modern Retail Center
18:48 – Health, Wellness, and Fitness Trends in Retail
19:07 – The Growth of "Medtail" and Service-Based Tenants
42:51 – The Future of Shopping Centers and Community Impact
49:00 – Leadership, Culture, and Opening New Markets
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Structured Credit, B-Pieces & the Private Markets Opportunity | Chris Hentemann, 400 Capital | 12 Apr 2026 | 01:01:44 | |
Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residential and commercial mortgage credit.
From the mechanics of risk retention and "B pieces" to innovative builder finance structures, learn how 400 Capital identifies asymmetry in global markets. Chris explains how they’ve bridged the gap between bank balance sheets and private capital by creating partnerships that accommodate modern regulatory standards.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
00:43 – Chris Hentemann’s Career: From First Boston to the 2008 Crisis
06:37 – The Founding of 400 Capital and Early Investment Thesis
11:52 – Housing Finance, CRT Markets, and the Role of Private Capital
16:41 – Masterclass on Risk Retention: B Pieces and Asset Quality Control
22:13 – The Evolution of Banks: From Warehouse Lenders to Risk Partners
33:30 – Modern Underwriting: AI Integration and Investment Yield Math
43:37 – Strategy Spotlight: Builder Finance and Lot Financing Structures
48:33 – Global Expansion: European SRT Markets and Regulatory Capital Deals
56:56 – Macro Outlook: Rate Cycles, Inflation, and the Power of Volatility
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Inside the Mind of America’s Largest Grocery-Anchored Landlord: Ross Cooper, Kimco | 05 Apr 2026 | 00:54:26 | |
Season 6, Episode 2:
This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail.
Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through the investment side of the platform, Ross now leads one of the largest publicly traded REITs in North America. This conversation covers all of it — the origin story, the GFC, the "retail apocalypse" narrative, and how Kimco has quietly built one of the most durable portfolios in the business.
We get into how Kimco underwrites acquisitions (location + basis, always), why grocery anchors drive daily and weekly foot traffic that no other asset class can replicate, and how the four segments of the grocery market — traditional, discount, organic, and ethnic — each attract a distinct co-tenancy ecosystem.
Ross also breaks down Kimco's approach to redevelopment and densification, including 13,000+ multifamily units either built, under construction, or fully entitled across their portfolio, and why turning a sea of surface parking into a 25-story mixed-use tower can be additive — not disruptive — to the retail below.
We also cover Kimco's structured investment program in preferred equity and mezz financing, how they think about balance sheet discipline (including a decade-long push to earn an A-minus credit rating from all three agencies), and why new ground-up retail construction would require 50–60% rent increases in most markets just to pencil — a supply constraint that's quietly been one of the biggest tailwinds for existing center owners.
If you want to understand how a REIT that's been in the business since Eisenhower still finds mispriced assets, turns over capital intelligently, and thinks about what comes next — this episode is it.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
05:13 – Kimco’s First Deal and Early Mistakes
10:31 – Curating Tenant Mix Around the Customer
15:08 – Omnichannel Retail and Store Importance
19:44 – Capital Strategy and Debt Approach
25:00 – Portfolio Strategy and Market Positioning
30:00 – Leasing Strategy and Tenant Demand
35:00 – Redevelopment and Value Creation
40:00 – Retail Resilience and Market Outlook
45:43 – Development, Densification, and Closing Thoughts
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Building a Niche in Opportunity Zone Capital w/ Ackman-Ziff | 29 Mar 2026 | 00:50:53 | |
Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance.
Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 10-year hold challenge for developers. From ground-up developments to post-CO recapitalizations, learn how these capital market experts are resetting the clock on distressed assets and preparing for the next era of "OZ 2.0." Whether you're a developer or an investor, this episode is a must-listen for navigating today's complex financing environment.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
01:54 – Ackman-Ziff's History and Focus on Structured Finance
03:21 – Carving a Niche in the Opportunity Zone Space
04:35 – Structuring Preferred Equity for a 10-Year Hold
08:55 – Financing Ground-Up Development with OZ Pref
14:52 – The Math: 10-Year Outlook and Positive Leverage
18:05 – Opportunity Zone Fundamentals and Tax Benefits
21:28 – Strategic Recaps: Injecting New OZ Equity Post-CO
25:13 – Navigating Qualified Opportunity Zone Compliance
30:10 – OZ 2.0: Future Outlook and Global Gain Trends
37:21 – Case Study: $200M Recapitalization in Washington D.C.
48:41 – The Cycle of Common Equity vs. Private Credit
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Michael Cohen on Williams Equities' 100-Year Legacy, the Flatiron Building, and the Rise of Nomad | 15 Mar 2026 | 00:59:33 | |
Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership.
Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has evolved from family-run ownership models to today’s era of institutional capital and global brokerage consolidation.
Michael also breaks down the strategic thinking behind some of Manhattan’s most recognizable assets and neighborhoods—from the transformation of NoMad and the role of Business Improvement Districts to the redevelopment of the iconic Flatiron Building. The conversation explores how policy shifts like the City of Yes initiative, along with advances in technology, finance, and AI, could shape the next chapter of New York office and urban development.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Introduction
01:55 – The Many Michael Cohens & Williams Equities History
07:05 – Globalization and the Consolidation of Brokerage
11:51 – Public Models vs. Partnership Structures in CRE
19:01 – New York's Current Market State: A Virtuous Cycle
26:38 – The Rise of NoMad and Business Improvement Districts (BIDs)
37:21 – The Future of the Iconic Flatiron Building
40:31 – Portfolio Strategy: 1031 Exchanges and Value-Add Upside
55:01 – Institutional Capital and IRR vs. ROI Investing
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How Bracket Unifies Bids, Auctions, and Traditional Sales w/ Brandon Colombo & Rodes Boyd | 08 Mar 2026 | 00:49:59 | |
Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platforms aim to fix that.
Brandon and Rodes explain how Bracket is building a marketplace designed to streamline the entire deal process, from pricing strategy and broker opinions of value to buyer discovery and execution. The conversation explores how technology, better data transparency, and AI-driven underwriting could expand buyer pools, speed up transactions, and change how properties trade across the commercial real estate market.
TOPICS
00:00 – Introduction
01:48 – Solving CRE Info Gaps and Transaction Pain
03:48 – Lessons from 10X and Auction Gaps
07:13 – Bringing Institutional Process to Mid-Markets
13:16 – From Manual Brokerage to Tech Platform
21:49 – Pricing Strategy: AI and "Buying the Listing"
28:38 – Selling Transparency Over Price
38:53 – Client Consulting: Data-Driven Trust Building
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Are Car Washes the Most Overlooked Asset Class in CRE? | 01 Mar 2026 | 00:45:03 | |
Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs.
The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro And Why QC Invests Across Verticals
04:36 – Chris’ Background And How QC Capital Started
08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record
12:47 – Why QC Moved Beyond Multifamily
13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration
16:44 – Why Multifamily Could Stay Tough Over The Next Cycle
19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield
21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs
27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation
34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating Up
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy | 22 Feb 2026 | 00:44:23 | |
Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.
They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro And Canyon’s Role In Real Estate Credit
02:50 – Matt’s Path Into Real Estate And The GFC Years
06:00 – From Walton Street To Angelo Gordon To Canyon
09:40 – How Canyon Thinks About Credit Vs Equity
14:10 – What LPs Are Looking For Right Now
18:20 – The Wall Of Maturities And Private Credit Demand
23:40 – Macro Vs Micro Data And Reading The Market
28:10 – Multifamily, Housing, And Quiet Distress
33:20 – Structuring Capital Solutions In Today’s Market
39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Fernando De Leon on His Roots, His Rise, and Building a $3B Empire | 05 Jul 2026 | 01:11:00 | |
Season 8, Episode 3:
How did Fernando De Leon go from translating legal disputes as a teenager on the US-Mexico border to building Leon Capital Group?
Today, we sit down with Fernando De Leon, Founder and CEO of Leon Capital Group, to break down one of the most remarkable founder stories in real estate. Fernando shares how his early life in Matamoros and South Texas shaped his view of risk, opportunity, and systems. We also get into his first real estate equity stake, his time at Harvard and Goldman Sachs, and how he built conviction before the GFC.
Whether you’re interested in distressed debt, Texas real estate, AI, data centers, or the mindset behind durable compounding, this episode is a must-listen. Join us as we dive into the skepticism, stamina, and timing that helped Fernando build across real estate, private equity, and operating businesses.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction to Fernando De Leon
07:00 – Early Real Estate Lessons on the Border
14:00 – Harvard, Mentors, and Long-Term Seeds
21:40 – Leaving Goldman and Optioning Texas Land
28:29 – Buying Distressed Loans After the GFC
37:07 – Why 2008 Won’t Repeat the Same Way
46:43 – AI, Data Centers, and Hidden Risk
52:48 – Building Operating Businesses
57:07 – Mental Health, Talent, and New Opportunities
01:04:00 – Mistakes, Stamina, and AI Disruption
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI | 15 Feb 2026 | 00:56:59 | |
Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.
The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro and Setting the Stage
05:20 – Alex’s Nontraditional Path Into Development
09:40 – Early Deals and Learning Through Adaptive Reuse
15:30 – Why Complexity Became the Strategy
21:10 – Capital Stacks, Risk, and Creative Structuring
27:40 – Scaling From Local Projects to a National Platform
33:50 – Markets, Mistakes, and Hard Lessons
40:20 – Where Adaptive Reuse Still Works
46:30 – What Development Looks Like From Here
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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| How Trimont Became the Nation’s Largest Loan Servicer | 08 Feb 2026 | 00:48:43 | |
Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.
Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
01:00 – Bill’s Background and Entry Into Credit
06:30 – What Loan Servicers Actually Do
10:00 – Private vs. Public Credit Servicing
18:55 – Multifamily Stress Signals
26:40 – Office Risk and Capital Costs
31:40 – Lodging and Other Trouble Spots
38:45 – Extensions, Refinancing, and the Data
41:00 – Where We Are in the Cycle
46:50 – Culture, Scale, and Building Trimont
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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