No Cap by CRE Daily

How Special Servicers Control Distressed Deals w/ Alex Killick

Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns.The conversation covers pressure points across multifamily and office, the rise of tenant fraud and insurance costs, and why many resolutions are happening quietly rather than through forced sales. A rare, ground-level view of how distress moves through the real estate system.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS01:00 – Alex’s Path to CW Capital and the GFC06:29 – How Special Servicing and CMBS Work08:35 – B-Piece Control and Servicer Power14:20 – Why This Cycle Is Different16:15 – Multifamily Stress in the Sun Belt21:10 – Tenant Fraud, Insurance, and NOI24:50 – Workout Decisions vs. Asset Takebacks26:40 – Office Distress and Capital Costs38:45 – Private Credit and Quiet Extensions42:35 – The Metrics CW Capital TracksFor 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.

How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak

Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism turned into conviction over time.The conversation spans VICI’s evolution from Caesars to the Venetian, as well as its expansion into assets like Chelsea Piers and Great Wolf Lodge. A clear look at owning mission-critical real estate despite shifting narratives.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – VICI’s Origin Story03:10 – Ed’s Path to the CEO Seat11:06 – Caesars Bankruptcy and the VICI Spin21:09 – Wall Street Skepticism Around Gaming25:29 – Cap Rates, Net Lease, and Scale31:00 – The Venetian Deal with Apollo37:58 – Cycles, Pricing, and Operator Power43:26 – Experiential Assets Beyond Vegas48:26 – College Sports and New Sale-Leaseback Models51:10 – Mission-Critical Real EstateFor 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.

Public REITs: Benefits, Risks & Misconceptions w/ David Auerbach

Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets. He highlights key themes shaping 2025–26, including liquidity pressures, balance sheet strength, and the growing gap between winners and laggards. David also shares what investors often overlook and how to read the signals that matter. A must-listen for anyone watching the REIT landscape closely.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – Introduction03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors05:02 – Media Narratives vs. Real REIT Fundamentals07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite11:28 – The REIT Dividend Machine and Long-Term Compounding17:01 – SL Green Case Study and Smart-Money Office Signals22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers25:21 – NAV Discounts, M&A Activity, and REIT Consolidation33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates43:18 – Mortgage REITs, Preferreds, and Signs of Market TurnaroundFor 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.

How Bridge Investment Group Is Underwriting Multifamily Deals After the Supply Shock

Season 5, Episode 1: We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong. This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to institutional capital while continuing to operate as a standalone real estate business within Apollo.Colin breaks down how Bridge evaluates dislocation, why capital is behaving the way it is, where they’re still finding opportunity, and what separates durable operators from those getting washed out. If you want a clear read on how one of the most active institutional investors is navigating this cycle, this episode delivers.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – Introduction01:40 – Colin’s Path Into Real Estate and Joining Bridge04:18 – Building Bridge’s Platform Across Strategies08:20 – Growth Drivers: Class B/C, Supply, and Rents10:40 – Coastal vs. Sun Belt and What “Back” Really Means14:34 – Sun Belt Check: Cap Rates, Supply, and Patience18:40 – Underwriting With Higher Expenses21:00 – Navigating the Cycle and Protecting Downside26:40 – Cap Rates, Return Hurdles, and 2026–27 Outlook31:30 – Advice for Young Investors and Finding OpportunityFor 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.

Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz

Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed.TOPICS00:00 – Introduction02:10 – Early Career and Founding Onyx Equities06:15 – Navigating Market Cycles and Value Creation09:30 – Office Market Shifts and Tenant Demand12:45 – Life Sciences and Medical Office Expansion17:40 – Inside the Data Center Gold Rush22:15 – Rates, Debt, and Opportunities Ahead27:48 – Tri-State vs. Sun Belt Market Dynamics34:05 – Leadership, Adaptability, and Lessons Learned42:30 – Building a Brand Tenants TrustShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.

What It Takes to Modernize Commercial Real Estate Finance w/ Yaakov Zar, Lev

Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners. Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with AI and automation to simplify how investors and developers secure financing. He shares the story behind Lev’s pivot from brokerage to software, what’s next for AI in real estate, and how data and design will define the next generation of real estate technology.TOPICS00:00 – Introduction03:00 – Startup Roots and Dispatch Exit08:44 – How Mortgage Frustration Became Lev’s Origin14:25 – Digitizing the Financing Experience19:45 – AI and the Future of CRE Software25:02 – How Lev Memo Is Changing Deal Execution31:10 – Agentic AI and Workflow Automation36:47 – Harnessing Data and Unstructured Information41:00 – Brokers, Efficiency and Industry Adoption45:18 – Building Great Software and Leading Through ChangeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.

He Built AREA15: Winston Fisher on the Future of Entertainment, Real Estate, and Las Vegas

Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline.Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projects like AREA15, the immersive entertainment destination in Las Vegas. He discusses innovation inside a legacy business, what it takes to keep a century-old brand relevant, and why experience is becoming real estate’s most valuable asset.TOPICS00:00 – Introduction02:18 – Growing Up in a Real Estate Legacy06:47 – Lessons From Family Leadership11:34 – Reinventing Fisher Brothers for the Future15:29 – The Story Behind AREA1521:02 – Real Estate Meets Experience and Culture26:48 – Why Creativity Drives Modern Development33:17 – Balancing Risk, Tradition, and Innovation39:10 – The Future of New York’s Urban Core45:26 – Leadership, Legacy, and Next-Gen VisionShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.

Seth Weissman On Building Urban Standard Capital: Relationships That Pay Dividends

Season 4, Episode 9: Jack Stone and Alex Gornik sit down with Seth Weissman, Founder and Managing Partner of Urban Standard Capital, to unpack how a former Goldman Sachs and Perry Capital investor built one of New York’s leading private-credit and development platforms. Weissman shares how his equity background shaped Urban Standard’s design-driven, relationship-first approach to lending—and why committed, discretionary capital wins in the middle market. He also reflects on his early West Chelsea bets, the transition from developer to lender, and how disciplined underwriting and creative structuring define USC’s edge today.TOPICS00:00 – Introduction05:04 – From Goldman Sachs to Perry Capital07:44 – First Deals and the West Chelsea Strategy13:32 – Raising Capital and Building Investor Confidence18:03 – Why Committed Capital Changes the Game21:59 – Inside the Middle-Market Lending Opportunity27:23 – Private Credit’s Rise and USC’s Playbook32:05 – Efficiency and Equity DNA in Underwriting35:11 – Market Volatility and the Case for Credit43:34 – Equity Returns with Credit Risk Protection47:32 – Culture, Partnerships, and Bean the Office DogShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.

Politics vs Housing: How NYC’s Mayoral Race Became a Battle for Affordability

Season 4, Episode 8: Jack Stone and Alex Gornik sit down with Alicia Glen, Founder of M Squared, former Deputy Mayor for Housing and Economic Development in NYC, and Co-Chair of the Gateway Development Commission, to unpack what it really takes to get housing and infrastructure built in America. Glen brings a rare insider view on how public and private sectors collide, the realities of financing affordable housing, and the lessons she learned managing the country’s most complex urban markets.She also shares how M Squared is reimagining capital to drive social impact while staying commercially disciplined, and what cities must do now to stay livable and competitive.TOPICS00:00 – Introduction02:10 – From Goldman Sachs to City Hall06:28 – Inside NYC’s Housing Agenda and Early Lessons10:15 – Building M Squared and Its Mission14:47 – Politics and Production of Affordable Housing18:59 – When Public and Private Sectors Collide23:40 – The Gateway Project and Federal Funding Realities28:22 – Market Constraints, Zoning Reform and Affordability33:31 – Structuring Capital for Impact and Scale38:26 – Lessons From City Hall and Cross-Sector Leadership47:51 – The Next Chapter for Cities and Urban DevelopmentShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.

Inside NMHC: The Fight to Build More Affordable Housing in the U.S.

Season 4, Episode 7: Jack Stone and Alex Gornik sit down with Sharon Wilson Géno, President of the National Multifamily Housing Council (NMHC), the leading voice for America’s apartment industry in Washington. She explains how NMHC is tackling today’s biggest issues—affordability, regulation, and capital—while separating signal from noise on rent control, tax policy, and the GSE debate. Expect practical policy ideas cities are using now (single-stair, fast-track permitting, Florida’s “Live Local”), why Section 8 modernization matters, and what’s really driving insurance and operating costs.TOPICS00:00 – Introduction01:12 – Career arc and why housing policy became the mission06:03 – What NMHC does and who it represents08:14 – NMHC–NAA partnership and three-level advocacy (federal/state/local)11:01 – Public perception, renters, and reframing the “American Dream”21:04 – Tax policy: carried interest context and a doubled LIHTC26:26 – Rent control myths and the Housing Solutions Coalition playbook33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local49:42 – GSE privatization chatter: constraints and market timing55:56 – Insurance, taxes, labor and the tech/industrialized construction edgeShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For 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.