No Cap by CRE Daily

C-PACE Financing: The Best-Kept Secret in Real Estate?

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 - Introduction3:23 - Barry Stern's Return of Starwood Hotels10:11 - Chrysler Building Leasehold Loss15:31 - Loan Modifications and Financing Trends19:47 - What is C-PACE Financing?26:57 - Sound Stage in St. Louis29:36 - Downtown LA Office Tower36:17 - Getting in Touch with Robbie PinkasWe 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/@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.

Is Converting Old Offices into Apartments THE BEST Solution to Housing Shortages?

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.TOPICS0:00 - Introduction2:15 - Civic Support In Adaptive Reuse6:00 - Federal Government’s Role In Conversions9:47 - Hudson Yards Casino Bid & Zoning12:00 - Office-To-Home Challenges In NYC14:00 - Insights On Adaptive Reuse19:13 - Office To Residential Shift24:34 - Success Stories31:28 - Adaptive Reuse Obstacles36:18 - Financial Hurdles & Due Diligence41:00 - Future Of Adaptive ReuseWe 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/@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.

Fannie & Freddie’s Future, Trump’s 2025 Policies & LA's Insurance Crisis

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.

Opportunities in Lending & Real Estate Debt w/ Richard Byrne, President, Benefit Street Partners

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
 
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.

Jilliene Helman on Building RealtyMogul & Real Estate Syndication

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 — Intro00:47 — Jilliene’s background and what led to creating RealtyMogul02:19 — RealtyMogul’s first deal04:10 — What RealtyMogul is, and the 3 businesses that make it up05:43 — The value RealtyMogul brings to the table07:10 — What RealtyMogul looks for in sponsors09:05 — The first iteration of RealtyMogul, and how it got crowdfunded12:50 — How crowdfunding worked in its earliest stages14:35 — What the 2012 Jobs Act changed, and what stayed the same19:03 — How RealtyMogul handled capital calls20:46 — What a REIT is, and why RealtyMogul got into them23:20 — The future of RealtyMogul25:26 — Why balancing investors and deals is so challenging29:35 — What sponsors should be looking for31:18 — The secret to RealtyMogul’s longevity32:34 — Jilliene’s family background34:17 — What Burning Man is like, and why so many successful people attend37:50 — How Jilliene stays creative39:23 — Jilliene’s favorite travel destinations, and what she loves about Japan40:43 — The potential of the new city being built outside San Francisco43:40 — Why RealtyMogul is bullish on Columbus, Ohio46:18 — The future of crowdfunding in real estate
 
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.

Revolutionizing Construction with Cuby Co-Founder Aleksandr Gampel

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 - Introduction00:00:42 - The Story Behind Alex and Alex’s First Meeting00:03:35 - 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 Homes00:12:43 - Addressing the Crisis: The Lack of Affordable Housing00:14:17 - Waste in Construction: Why the Industry Produces So Much Waste00:15:26 - Technology Insight: What Exactly is a Digital Twin?00:16:51 - Building for the Future: The Machine That Builds the Machine00:19:12 - How Cuby Can Streamline Your Construction Projects00:27:33 - A Deep Dive into Cuby’s Software and Its Capabilities00:30:02 - Understanding Cuby’s Operating System and Its Functionality00:36:28 - Why Cuby? The Value Proposition for Working With Cuby00:38:54 - “The Best Construction Companies Are Supply Chain Companies”00:44:12 - Cuby Today: Current Status and Milestones00:52:00 - Expanding Horizons: Cuby’s Market Expansion Strategy00:56:09 - The Role of Venture-Backed Companies in the Defense Space00:58:35 - 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.

Jonathon Barkl: Building AirGarage from 'Airbnb for Driveways' to Parking Powerhouse

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 - Intro01:26 - Solving for Parking on Campus05:10 - Learning How to Sell is the Most Important Skill09:49 - Growing Up with Entrepreneurs12:17 - Renting Out Parking Lots16:56 - Downloading an App to Park?19:53 - Making Parking Seamless22:34 - First-Principles Approach to Parking26:06 - Developing Full-Stack Technology for Parking29:26 - Why Understanding Your Parking Occupancy is Important34:34 - Challenges to Adoption for AirGarage41:15 - Technology Approach to Parking Lot Property Management44:55 - How Not to Get Lost in a Parking Lot46:28 - AirGarage’s Process of Scaling54:42 - 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.

Michael Santora: Revolutionizing Warehouses Through Digital Twins and Mobile Robots

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 — Intro00:52 — How Alex & Michael Met02:15 — Michael’s Early Architectural Background04:15 — How the 2008 Market Crash Impacted Michael05:53 — Michael’s Journey into Industrial Design06:41 — Solving for Spatial Efficiency in Warehouses09:35 — Are the Robots Running the Warehouses?11:06 — How Much is Wasted Using Forklifts?13:06 — Logic’s Initial Company Focus15:48 — Replacing Aisles in Warehouses21:45 — Charging Docks for Logic’s Pallets25:52 — Inefficiency of Delivery Trucks in Big Cities28:40 — Michael on Going Back to School30:09 — Consulting With Space Force32:44 — Logic’s Commercial and Defense Operations37:10 — Logic’s Pallets Loading C-130 Hercules37:50 — Logic’s Pallet Composition40:12 — Logic Pallet Delivering Pizza43:45 — 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.

Welcome to Y'all Street, Multifamily Fraud, and US Retail Store Closings

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.

Vikram Raya CEO @ Viking Capital: From Medicine to $800M+ in Multifamily

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 — Introduction4:25 — Vikram’s background: coming from India and growing up with an engineer father turned entrepreneur8:15 — Vikram’s personal reasons for getting into medicine and cardiology9:35 — Exploring different business opportunities outside of the traditional doctor career trajectory12:14 — Branching from cardiology to options trading14:59 — Vikram buys his first home, a $20k rambler16:08 — Meeting the cofounder of Viking Capital, Ravi17:31 — Launching Viking Capital in the Tesla showroom18:01 — Mechanics of launching and funding the business21:15 — An insane deal with one major issue to risk manage24:20 — Turning a large cash exit into an innovative health clinic27:49 — Why specialized professionals like doctors often aren’t good investors30:49 — Viking Capital’s first time getting punched in the face34:54 — The importance of timing in investing35:40 — Alex passes on a huge deal in Kansas City39:57 — What is Viking Capital currently looking for in investments?45:59 — Vikram’s secrets to getting quality sleep and biohacking54:58 — Vikram’s hike and realization on Mt. Kilimanjaro56:48 — Why real estate is a mind game and how to create a successful investor physiology58:53 — Stupid mistakes made as an investor1:00:24 — 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.