No Cap by CRE Daily

Season 10, Episode 3:

In 2007, Warren de Haan saw loans being written at 80% LTV with 10 years of interest-only and decided to step back. That call shaped how he runs one of the largest non-bank lenders in the country.

Warren de Haan is CEO and co-founder of ACORE Capital, which manages more than $17 billion. He previously built originations platforms at Starwood Property Trust and Countrywide Commercial Real Estate Finance.

The tension: capital is plentiful, but so is distress, and de Haan thinks lenders will have to be disciplined asset pickers. He walks through how ACORE decides whether to take a property back, where he sees mispriced multifamily and industrial, and why he thinks many new private credit entrants will not last.

CHAPTERS

00:00 - Warren de Haan and the Road to CRE Credit
08:22 - Breaking Into Wall Street at Nomura
15:00 - Countrywide and the Warning Signs Before the GFC
20:06 - Building the Short Before the Market Broke
24:04 - Starwood and the Birth of Institutional Private Credit
30:38 - Why Warren Started ACORE Capital
35:16 - How ACORE Worked Through COVID Distress
43:16 - Where the CRE Market Stands Today
55:30 - Why Early 2020s Multifamily Still Worries Him
01:08:29 - Why Some New Private Credit Players Could Get Washed Out

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.

Season 10, Episode 2:

What really happened to Blockbuster, and what did 7-Eleven understand that other retailers missed?

Jim Keyes, former CEO of 7-Eleven and Blockbuster, joins No Cap to talk about the rise, reinvention, and disruption behind two of America’s most recognizable retail brands.

Jim explains how 7-Eleven used technology, franchising, and real estate to scale globally, why Blockbuster’s collapse was far more complicated than simply missing streaming, and how deals with Google, MovieLink, and Viacom could have changed its future.

The conversation also covers Carl Icahn, the 2008 financial crisis, retail real estate, AI, education, and why Jim believes adaptability and human skills will matter more than ever.

CHAPTERS

00:00 - Jim Keyes on 7-Eleven, Blockbuster, and Real Estate
08:32 - From Columbia to the Oil Business
16:17 - How 7-Eleven Survived Bankruptcy
24:34 - The Real Estate Behind 7-Eleven’s Franchise Model
34:00 - Carl Icahn and the Move to Blockbuster
42:00 - Why Blockbuster’s Real Estate Wasn’t the Problem
49:07 - The Three Deals That Could Have Changed Blockbuster
57:20 - Why Human Skills Matter More in the Age of AI
01:05:02 - Why Jim Wants to Reinvent Education
01:12:19 - Why Education Is More Important Than Ever

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.

Season 10, Episode 1:

Two multifamily operators with very different ways of raising capital agree on one rule: don't flip.

Bob Nicolls owns Monarch Investment and Management Group, a Midwest-based operator of mostly B and C apartments funded by individual investors. John Gochberg is President and CEO of TGM Associates, which has managed money for large pension funds since 1991. They met at a principals-only dinner at the National Multifamily Housing Council conference and now co-host it.

The tension worth tuning in for: Nicolls says the industry's vacancy numbers are misleading, Gochberg wonders whether some of today's trades are the next bubble, and both say the best deals are often the ones you skip.

CHAPTERS

00:00 - Bob Nicolls and John Gochberg Join No Cap
07:00 - How Institutional Capital Entered Multifamily
14:00 - Individual Capital Versus Pension Fund Capital
21:00 - What Makes a Multifamily Deal Worth Buying
28:00 - The Affordable Housing Problem
35:00 - Amenities, Turnover, and Long-Term Operations
42:00 - Is Now Actually a Good Time to Buy?
49:00 - Secondary Markets, Fannie, Freddie, and Financing
56:00 - Building Monarch and Buying a Ski Resort
01:01:00 - Why Consistency Matters in Real Estate

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.

From the No Cap vault, we’re bringing back the episode that became our most-watched conversation ever.

Bob Knakal had already closed more than 2,300 deals, built one of New York City’s dominant investment sales firms, and spent four decades studying what separated top brokers from everyone else.

In this conversation, Bob broke down the habits behind his career, why specialization mattered, how deep market knowledge created a real competitive advantage, and why he was still targeting 100 prospecting conversations a week.

We also covered New York development, assemblages and air rights, office-to-residential conversions, social media, AI in brokerage, and why Bob believed the individual broker mattered more than the logo on the business card.

For brokers, investors, developers, and anyone building a career in CRE, this remained one of the most practical conversations we’ve had on No Cap.

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

If you enjoyed this conversation, don't forget to LIKE, COMMENT, and SUBSCRIBE for more deep dives into commercial real estate.

More Episodes:

For more episodes of No Cap Podcast by CRE Daily, visit our podcast page: https://www.credaily.com/podcast/

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About No Cap Podcast

No Cap by CRE Daily offers an unfiltered look into commercial real estate's biggest trends and the financial dynamics shaping the industry. Co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential figures in real estate.

About CRE Daily

CRE Daily empowers professionals with the knowledge they need to make smarter business decisions. Our flagship newsletter, read by over 65,000 investors, developers, brokers, and industry leaders, delivers concise, need-to-know trends, making us one of the fastest-growing media brands in commercial real estate.

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Season 9, Episode 6:

Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen.

Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in 2003.

The tension worth tuning in for: values fell roughly 25% while property fundamentals held up, which Henderson says leaves real estate cheap relative to equities, gold, and private credit just as new supply dries up.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Todd Henderson and the History of DWS and RREEF
05:49 - Starting in Real Estate During the S&L Crisis
11:38 - Five CRE Cycles and the 25% Value Reset
16:58 - Why Institutional Capital Is Coming Back
21:09 - Private Credit and Real Estate Debt
24:13 - Why DWS Is Buying Sun Belt Multifamily
29:49 - Build-to-Rent and the Housing Shortage
32:35 - Why Grocery-Anchored Retail Keeps Winning
36:38 - Real Estate as the AI Immunity Trade
40:04 - What Past Cycles Say About the Next CRE Run

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.

Season 9, Episode 5:

Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable.

Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and Hyatt, and with mega private equity funds that lean on Trinity's hospitality expertise.

The tension worth tuning in for: Trinity has walked away from cap-rate arbitrage and ultra-luxury boutiques alike, betting instead that scale, counterparty discipline, and genuinely irreplaceable real estate are what hold up when the market throws a curveball — which, as Hehir tells it, happens on nearly every deal.

This episode was recorded on 7/21/26. Views, market conditions, and any figures or references discussed may have changed since recording and may not reflect current conditions at the time of release. Nothing in this podcast should be construed as investment, legal, or tax advice. Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction to Sean Hehir and Trinity Investments
04:14 - Why Hospitality Is Different From Other Real Estate
08:16 - Learning Hotels From the Ownership Side
13:38 - East Miami, Swire, and the Blackstone Exit
19:15 - Buying and Renovating The Diplomat Beach Resort
24:04 - Hotel Amenities That Actually Matter
29:04 - Why Nobody Is Building These Resorts Anymore
33:17 - The JW Marriott Marco Island Deal
39:04 - Picking Partners, Brands, and Lenders
44:10 - Why Trinity Likes Four-Star Resort Assets

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ DISCLAIMER: Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.

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.

Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California.

Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction
03:05 - Defining Small Bay Industrial
05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings
12:18 - Joining Basis Industrial in 2021
14:52 - From Self Storage to Small Bay
24:44 - Why Small Bay Is Safer Than Multifamily
34:36 - Why No One Is Building New Small Bay
41:04 - War Stories: Casinos, Man Caves, and Wild Tenants
50:42 - The Future of Small Bay Consolidation

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.

Season 9, Episode 3:
America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing.

Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new program nobody understood. Since becoming CEO in 2012, he's grown the organization's footprint across New York, Boston, Chicago, and Virginia while carrying real financial risk along the way. In this conversation, Bart breaks down why zoning, not money, is the real bottleneck in solving the shortage, what it actually costs to carry a project through years of city and state approvals, and why most Americans have driven past affordable housing without ever realizing it.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

CHAPTERS

00:00 - Introduction to Bart Mitchell and The Community Builders
04:14 - How Bart Entered Affordable Housing
06:14 - The Early LIHTC Market
13:05 - How Low-Income Housing Tax Credits Work
15:21 - The Community Builders’ Origin Story
18:57 - Rebuilding Public Housing as Mixed-Income Communities
22:17 - Why America Is 10M Homes Short
29:10 - Zoning, Money, Speed, and Development Risk
38:36 - Nonprofit Versus For-Profit Affordable Housing
44:43 - What Bart Would Change About Housing Policy

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.

Season 9, Episode 2:
How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world?

Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries.

Whether you’re interested in multifamily, office debt, global real estate strategy, or how major firms underwrite the next cycle, this episode is a must-listen. Join us as we dive into Hines’ highest-conviction themes, Ray’s Marine Corps background, and why running toward risk can create the biggest opportunities.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

TOPICS

00:00 - Introduction to Ray Lawler and Hines
05:10 - Lessons From Asia and Global Real Estate
08:05 - Hines’ Capital Structure and Fund Strategy
13:55 - Office Debt, Trophy Assets, and Market Recovery
18:10 - Office-to-Residential Conversions
20:05 - How Hines Picks Markets and Deals
26:15 - The Backyard Deal and Japan Industrial Story
34:15 - Marines, Risk, and Leadership
37:05 - Why Living Is Hines’ Top Conviction Strategy
48:15 - Advice for Young Professionals

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.

Season 9, Episode 1:
Can Detroit become America’s greatest urban comeback story?

To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core.

Whether you’re interested in public-private partnerships, downtown revitalization, GM’s move to Hudson’s Detroit, or the future of the Renaissance Center, this episode is a must-listen. Join us as we dive into conviction, civic commitment, riverfront development, and what it really takes to rebuild a city at scale.

Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.

TOPICS

00:00 - Season 9 Premiere with Jared Fleisher
05:00 - Dan Gilbert’s Conviction in Detroit
10:52 - Bedrock’s 21M SF Portfolio
16:49 - The Renaissance Center Challenge
22:38 - GM, Hudson’s Detroit, and Civic Commitment
27:06 - Rebuilding Detroit’s Riverfront
33:17 - Public-Private Partnerships and Brownfield Financing
41:48 - Innovation Districts and Talent
45:05 - Defense, Manufacturing, and Detroit’s Next Chapter
48:06 - Downtown Dallas and Why Cities Need Strong Cores

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.

Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look.

Whether you’re interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this episode is a must-listen. Join us as we dive into valuation discipline, sector rotation, and why Jim believes many investors are still stuck in last cycle’s winners.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 - Introduction to Jim Corl and Cohen & Steers
06:00 - Why REITs Became an Institutional Asset Class
12:00 - Buying Residential Lots for 5 Cents on the Dollar
18:00 - Why Public Markets Reprice Before Private Real Estate
24:00 - Apartments, Warehouses, and the Valuation Hangover
30:00 - Why Cap Rates Still Look Too Low in Multifamily
36:00 - The Shopping Center Thesis
42:00 - Walmart, Amazon, and the Future of Retail
48:00 - Industrial Demand and the E-Commerce Slowdown
54:00 - Why Investors Need to Exit Last Cycle Portfolios

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.

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.

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.

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.

Season 8, Episode 2: How does one of the nation’s largest real estate capital pools navigate a "real estate recession" while the rest of the economy stays hot?

Today, we sit down with Eli Edwards, Managing Director at Fortress Investment Group and Head of US Real Estate Equity, to break down the firm’s strategy in a shifting market. Eli shares how Fortress spotted the San Francisco multifamily turnaround while the "doom loop" narrative was still in full swing. We also get into the "silver tsunami" in senior housing, why student housing is now a game of picking idiosyncratic winners, and how they are leveraging Delaware Statutory Trusts (DSTs) to provide tax-efficient solutions for retail investors.

Whether you’re interested in distressed debt, Core Plus yields, or the future of the Sun Belt, this episode is a must-listen. Join us as we dive into the conviction, timing, and risk discipline that helped Eli and his team at Fortress identify growth opportunities where others only saw risk.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 – Introduction
04:14 – Transitioning from Banking to the Buy-Side at Fortress
10:21 – Contrarian Plays: Why Fortress Went Heavy on San Francisco Multifamily
15:31 – The Sun Belt Outlook and the Looming "Supply Cliff"
18:52 – Why Equity and JV Partnerships Trump Preferred Equity Today
22:56 – Student Housing: Picking Winners in a Shrinking Demographic Pie
25:56 – The Silver Tsunami: Why Senior Housing Fundamentals are "Inelastic"
30:51 – Tax-Efficient Strategies and the Launch of the Fortress DST Platform
40:21 – GFC vs. Today: Navigating a "Real Estate Recession" Without an Economic One
45:54 – Market Outlook: Why 2026 is the Year for Real Estate Fundamental Bottoming

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.

Season 8, Episode 1:
How did two lawyers turn a handful of Arizona fourplexes into a vertically integrated real estate powerhouse with over 20,000 units renovated? Today, we sit down with John Griggs, Co-CEO and Co-Founder of Presidium, to break down the strategy behind that rise. John shares how he spotted his first opportunity in the "golden age" of the Arizona housing market before shifting his conviction to Texas just as the landscape was beginning to transform.

We dive into how Presidium scaled its early portfolio to 5,000 units, the hard lessons learned from internalizing management during the GFC, and the strategic move of acquiring a special servicing company to master the mechanics of distressed debt. Whether you’re interested in ground-up development, creative capital stacks involving HUD debt, or where multifamily opportunity sits in today’s cycle, this episode is a must-listen. Join us as we explore the risk discipline and long-term vision that helped Presidium evolve from a grassroots startup into a dominant institutional investment platform.

Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.

TOPICS

00:00 – Introduction and Presidium's Background
01:32 – From Silicon Valley Law to the 2003 Arizona "Golden Age"
08:03 – Moving to Texas and Raising Capital for Scale
10:11 – Navigating the GFC and Internalizing Management
14:58 – The Institutionalization of Multifamily Real Estate
19:27 – Strategic Acquisition: Buying a Special Servicer
24:56 – Launching a Development Platform and Spotting Market Peaks
31:18 – Today's Creative Financing: HUD Debt and Housing Authorities
36:38 – Targeting Distress and Partnering with Lenders
42:15 – Delo Capital and the Outlook for Sun Belt Migration

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.

Season 7, Episode 6: How did a former real estate analyst turn the pain of building pitch decks into one of CRE's fastest-growing AI companies?

Today, we sit down with Sammy Greenwall, co-founder and CEO of Henry AI, to discuss how artificial intelligence is transforming commercial real estate workflows. Sammy shares his journey from college basketball to helping scale Lev into a $100M venture-backed company before leaving to build Henry AI.

The conversation covers the inefficiencies of traditional brokerage workflows, why Henry focuses on delivering outcomes instead of software, and how AI is automating offering memorandums, BOVs, and other time-intensive tasks. Sammy also explains why local brokerage data may be more valuable than national databases, how "humans in the loop" remain critical to adoption, and where he sees the future of AI in commercial real estate.

Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out.

TOPICS

00:00 – Introduction
01:39 – The Genesis of Henry AI and Early Conversations
03:00 – Sammy’s Background: From the Bay Area to Toll Brothers
03:53 – The Pain Point: Spending 70% of the Day in PowerPoint
07:41 – The Lev Story: Starting a Company with a Rabbi in a Chabad House
11:00 – Scaling to a $100M Series B and "Relentless Grit"
13:10 – Leaving Lev to Build a Generational AI Company
15:18 – Why Brokerage Costs Are Under Fire
18:00 – Why Henry Charges 3x More
19:50 – Why the Professional Touch in AI Still Matters
21:56 – Identifying the Single Pain Point
24:08 – The Future of Interactive, Digital Offering Memorandums
27:19 – The Data War
32:58 – Labeling the "Walled Garden" of Commercial Real Estate Data
35:30 – Where the Name "Henry" Actually Came From
38:14 – CEO Productivity

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.

Season 7, Episode 5:
How did RREAF Holdings grow into a $4.8B real estate platform across multifamily, hospitality, BTR, and master-planned communities? Today, we sit down with Kip Sowden, Chairman & CEO of RREAF Holdings, and Doug McKnight, President of RREAF Holdings, to break down the strategy behind the firm’s growth across the Sun Belt. Kip shares how he moved from brokerage into principal investing after the GFC, while Doug explains how his fixed income background shaped RREAF’s approach to capital, risk, and liquidity.

The conversation covers distressed acquisitions after 2008, bridge lender opportunities today, and why RREAF focuses on “all things residential” across the South and Southeast. Kip and Doug also break down their approach to multifamily, extended stay hotels, beachfront resorts, and large-scale Texas developments, while sharing why they believe a new real estate cycle is beginning.

Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out.

TOPICS
00:00 – Introduction
03:45 – Kip Sowden’s Early Career in Brokerage and Mortgage Banking
09:28 – Moving Into Principal Investing and Launching RREAF
17:03 – Buying Distressed Notes and REO After the GFC
24:17 – Structuring $500M+ Multifamily Portfolio Deals
30:29 – Master-Planned Communities, BTR, and Texas Growth
36:39 – Why RREAF Is Bullish on Extended Stay Hotels
42:26 – Why RREAF Focuses on the South and Southeast
47:45 – Institutional Capital Returning to CRE
54:30 – Where RREAF Sees Opportunity in the Next 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.

Season 7, Episode 4:
How does a firm managing $17 billion navigate global real estate through high interest rates and a "hope-driven" market? Today, we sit down with Tim Mooney, partner and global head of real estate and Jim Dunbar, partner and head of real estate lending at Värde Partners. They break down how Värde operates across the capital stack, from senior lending and structured credit to niche equity platforms in student housing and medical offices.

Tim and Jim share how their "distress roots" from the GFC shaped their current strategy of building sector-specific operating platforms like Trimont. They explain why today’s cycle is a "slow trickle" compared to 2008, the reality of the upcoming maturity wall, and how they are synthetically creating mezzanine returns. Whether you’re curious about AI’s impact on real estate demand or looking for insights into international markets like India and Europe, this episode is a masterclass in institutional credit. Join us for an unfiltered look at the conviction and data-driven discipline required to manage a global alternative investment platform in today’s cycle.

Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out.

TOPICS
00:00 – Introduction to Värde Partners
05:58 – Tim Mooney and Jim Dunbar’s Backgrounds
10:05 – The Trimont Acquisition and Data Advantage
13:00 – Värde’s Current Strategy: Staying Senior in the Stack
15:51 – Case Study: Repurposing Distressed New York Assets
22:44 – Lessons from the GFC vs. Today’s "Hope-Driven" Market
30:50 – Middle Market Lending and Creating Synthetic Returns
34:26 – The Case for Medical Office and Student Housing Platforms
41:16 – AI Disruption and the Future of Productivity
45:15 – International Complexity: Lending in India and Europe

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.

Season 7, Episode 3: How did ACRE grow from a post-GFC workforce housing thesis into a global real estate investment firm? Today, we sit down with Michael Van Der Poel, Founding Partner at ACRE, to break down the strategy behind that rise.

Michael shares how he spotted workforce housing before it became an institutional trade, and how ACRE built its early portfolio by buying distressed multifamily assets at deeply discounted prices. We also get into raising capital from Asia, building a vertically integrated platform, and expanding across both equity and credit strategies.

Whether you’re interested in capital raising, private credit, or where real estate opportunity sits in today’s cycle, this episode is a must-listen. Join us as we dive into the conviction, timing, and risk discipline that helped ACRE grow from a scrappy startup into an institutional investment platform.

Shoutout to our sponsor, Henry AI. The fast track to investor-ready decks that actually stand out.

TOPICS
00:00 – Introduction
02:17 – Michael Van Der Poel’s Background and Early Real Estate Career
06:55 – ACRE’s Workforce Housing Thesis After the GFC
09:56 – Raising the First Fund and Buying Distressed Multifamily
15:00 – Building ACRE’s Credit Platform
21:13 – Why ACRE Plays Across Equity, Credit, and Development
23:21 – Pricing Equity Risk and Finding Returns in Today’s Market
38:50 – Rental Housing, AI Disruption, and the Future of Jobs
41:03 – Where ACRE Sees Opportunity Right Now
46:19 – Multifamily Outlook and the Next Buying Window

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.