No Cap by CRE Daily

Are Car Washes the Most Overlooked Asset Class in CRE?

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs.The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – Intro And Why QC Invests Across Verticals04:36 – Chris’ Background And How QC Capital Started08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record12:47 – Why QC Moved Beyond Multifamily13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration16:44 – Why Multifamily Could Stay Tough Over The Next Cycle19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating UpFor 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.

Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – Intro And Canyon’s Role In Real Estate Credit02:50 – Matt’s Path Into Real Estate And The GFC Years06:00 – From Walton Street To Angelo Gordon To Canyon09:40 – How Canyon Thinks About Credit Vs Equity14:10 – What LPs Are Looking For Right Now18:20 – The Wall Of Maturities And Private Credit Demand23:40 – Macro Vs Micro Data And Reading The Market28:10 – Multifamily, Housing, And Quiet Distress33:20 – Structuring Capital Solutions In Today’s Market39:20 – 2026 Outlook, Refis, Recaps, And What Comes NextFor 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.

Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS00:00 – Intro and Setting the Stage05:20 – Alex’s Nontraditional Path Into Development09:40 – Early Deals and Learning Through Adaptive Reuse15:30 – Why Complexity Became the Strategy21:10 – Capital Stacks, Risk, and Creative Structuring27:40 – Scaling From Local Projects to a National Platform33:50 – Markets, Mistakes, and Hard Lessons40:20 – Where Adaptive Reuse Still Works46:30 – What Development Looks Like From HereFor 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 Trimont Became the Nation’s Largest Loan Servicer

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle.Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.TOPICS01:00 – Bill’s Background and Entry Into Credit06:30 – What Loan Servicers Actually Do10:00 – Private vs. Public Credit Servicing18:55 – Multifamily Stress Signals26:40 – Office Risk and Capital Costs31:40 – Lodging and Other Trouble Spots38:45 – Extensions, Refinancing, and the Data41:00 – Where We Are in the Cycle46:50 – Culture, Scale, and Building TrimontFor 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 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.