No Cap by CRE Daily

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.

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.

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.

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.

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.  

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.

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.

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.

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.

Season 2, Episode 7: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik are joined by Chris Burnham, CEO of StorageMart, the world's largest privately owned self-storage company. Chris 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. Chris 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.

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.

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.

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 estat4.

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.

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.

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.

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.

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   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 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     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 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.

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.

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.

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.

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.

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. ​ Before co-founding American Leather in 1990, Sanjay was employed with Accenture (formerly Andersen Consulting, a division of Arthur Andersen & Co.), where he specialized in computer integrated manufacturing systems, business systems development and Just-In-Time manufacturing methods. Sanjay also worked with the George Group as director of systems design, where he specialized in cycle-time reduction and other business and manufacturing productivity improvements. George Group was acquired by Accenture in 2007. ​ Graduating with highest honors in 1987 from the University of Texas at Austin, Sanjay received a bachelor's of science in electrical and computer engineering. He is also a CFA charterholder with the CFA Institute. Sanjay resides in Westlake, TX, with Manisha, his wife of over 28 years, and has three adult children.   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 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.

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.        

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.             

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:   01:29 — Intros 02:20 — Josh's family background and upbringing 04:16 — Origins of Dwight Capital 07:19 — The secrets to growing Dwight Capital 08:39 — Difference between HUD and agency financing 11:24 — Transitioning from Greystone to Dwight 12:32 — The two worst days of Josh's life were… 16:29 — What was day one at Dwight Capital like? 20:18 — Behind the magic of Dwight Funding 21:56 — State of the market and areas of opportunity 27:52 — Anticipating rate cuts and state of the American economy 31:22 — Performance of multi-family and healthcare investments 31:56 — Emerging opportunities in the development space 34:43 — Geographic markets Josh is bullish on 36:37 — Is media coverage overly negative? 42:51 — Predictions for the next 18 months 46:04 — Conclusion  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. 

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:  0:00 - Introduction and Expectations 0:52 - Thoughts on “No Cap” 1:47 - The Goal of the Podcast 3:02 - KKR in the Market 4:55 - A huge hit for multi families 7:19 - Spending on Rent vs Owning 11:40 - Viking Capital 12:46 - Thoughts on underperforming CRE loans 15:11 - Pretend and extend 17:56 - San Francisco Office Market 23:48 - Viking Capital 24:14 - Goldman One's Fundraise 28:57 - Dallas Office Market 31:21 - Work from Home Dynamics 35:47 - Bankruptcy of National Trucker U.S Logistics 39:12 - US Retail Leasing Market 43:34 - Fed's Stress Test 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.