No Cap by CRE Daily

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.CHAPTERS00:00 - Introduction to Sean Hehir and Trinity Investments04:14 - Why Hospitality Is Different From Other Real Estate08:16 - Learning Hotels From the Ownership Side13:38 - East Miami, Swire, and the Blackstone Exit19:15 - Buying and Renovating The Diplomat Beach Resort24:04 - Hotel Amenities That Actually Matter29:04 - Why Nobody Is Building These Resorts Anymore33:17 - The JW Marriott Marco Island Deal39:04 - Picking Partners, Brands, and Lenders44:10 - Why Trinity Likes Four-Star Resort AssetsFor 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.CHAPTERS00:00 - Introduction 03:05 - Defining Small Bay Industrial05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings12:18 - Joining Basis Industrial in 202114:52 - From Self Storage to Small Bay24:44 - Why Small Bay Is Safer Than Multifamily34:36 - Why No One Is Building New Small Bay41:04 - War Stories: Casinos, Man Caves, and Wild Tenants50:42 - The Future of Small Bay ConsolidationFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.CHAPTERS00:00 - Introduction to Bart Mitchell and The Community Builders04:14 - How Bart Entered Affordable Housing06:14 - The Early LIHTC Market13:05 - How Low-Income Housing Tax Credits Work15:21 - The Community Builders’ Origin Story18:57 - Rebuilding Public Housing as Mixed-Income Communities22:17 - Why America Is 10M Homes Short29:10 - Zoning, Money, Speed, and Development Risk38:36 - Nonprofit Versus For-Profit Affordable Housing44:43 - What Bart Would Change About Housing PolicyFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 - Introduction to Ray Lawler and Hines05:10 - Lessons From Asia and Global Real Estate08:05 - Hines’ Capital Structure and Fund Strategy13:55 - Office Debt, Trophy Assets, and Market Recovery18:10 - Office-to-Residential Conversions20:05 - How Hines Picks Markets and Deals26:15 - The Backyard Deal and Japan Industrial Story34:15 - Marines, Risk, and Leadership37:05 - Why Living Is Hines’ Top Conviction Strategy48:15 - Advice for Young ProfessionalsFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 - Season 9 Premiere with Jared Fleisher05:00 - Dan Gilbert’s Conviction in Detroit10:52 - Bedrock’s 21M SF Portfolio16:49 - The Renaissance Center Challenge22:38 - GM, Hudson’s Detroit, and Civic Commitment27:06 - Rebuilding Detroit’s Riverfront33:17 - Public-Private Partnerships and Brownfield Financing41:48 - Innovation Districts and Talent45:05 - Defense, Manufacturing, and Detroit’s Next Chapter48:06 - Downtown Dallas and Why Cities Need Strong CoresFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 - Introduction to Jim Corl and Cohen & Steers06:00 - Why REITs Became an Institutional Asset Class12:00 - Buying Residential Lots for 5 Cents on the Dollar18:00 - Why Public Markets Reprice Before Private Real Estate24:00 - Apartments, Warehouses, and the Valuation Hangover30:00 - Why Cap Rates Still Look Too Low in Multifamily36:00 - The Shopping Center Thesis42:00 - Walmart, Amazon, and the Future of Retail48:00 - Industrial Demand and the E-Commerce Slowdown54:00 - Why Investors Need to Exit Last Cycle PortfoliosFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 – Introduction to Josh Zegen and Madison Realty Capital05:00 – The Early Private Credit Opportunity10:53 – Surviving the GFC and Taking Over Assets15:45 – Becoming a Construction Lending Powerhouse19:00 – Back Leverage and Lending to Lenders24:12 – Distress, Rescue Capital, and Loan Workouts31:24 – Fundraising, Insurance Capital, and Investor Demand35:44 – The Pfizer Office-to-Residential Conversion42:40 – West Palm Beach, Florida, Texas, and Hot Markets48:12 – Recaps, Volatility, and Building Through the CycleFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 – Introduction 05:31 – Building a $60B Value-Add Platform from Scratch09:04 – GFC Lessons13:52 – The "Sharpshooter" Strategy and Sourcing $8B in Deal Flow15:02 – Senior Housing and Low-Latency Data Center Thesis25:24 – Buying a San Francisco Office Asset33:48 – Capital on the Sidelines and Navigating "Higher for Longer" Rates44:20 – AI Disruption, Career Advice, and why EQ is a SuperpowerFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 – Introduction to Fernando De Leon07:00 – Early Real Estate Lessons on the Border14:00 – Harvard, Mentors, and Long-Term Seeds21:40 – Leaving Goldman and Optioning Texas Land28:29 – Buying Distressed Loans After the GFC37:07 – Why 2008 Won’t Repeat the Same Way46:43 – AI, Data Centers, and Hidden Risk52:48 – Building Operating Businesses57:07 – Mental Health, Talent, and New Opportunities01:04:00 – Mistakes, Stamina, and AI DisruptionFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.TOPICS00:00 – Introduction04:14 – Transitioning from Banking to the Buy-Side at Fortress10:21 – Contrarian Plays: Why Fortress Went Heavy on San Francisco Multifamily15:31 – The Sun Belt Outlook and the Looming "Supply Cliff"18:52 – Why Equity and JV Partnerships Trump Preferred Equity Today22:56 – Student Housing: Picking Winners in a Shrinking Demographic Pie25:56 – The Silver Tsunami: Why Senior Housing Fundamentals are "Inelastic"30:51 – Tax-Efficient Strategies and the Launch of the Fortress DST Platform40:21 – GFC vs. Today: Navigating a "Real Estate Recession" Without an Economic One45:54 – Market Outlook: Why 2026 is the Year for Real Estate Fundamental BottomingFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.