No Cap by CRE Daily

The Holy Trinity: Sanjay Chandra on Leading Investors to $7B in Deals

Season 1, Episode 6: Sanjay Chandra is the Principal and Managing Partner at Trinity Investors, a Texas-based private equity and real estate firm he co-founded in 2006. Sanjay has led Trinity investors to over $7 billion in deals, building a portfolio that includes 160 commercial real estate assets and 19 operating companies.  
But Sanjay’s journey didn’t start in real estate. As a first-generation immigrant with an engineering background, he began his career founding American Leather before transitioning into private equity. In this episode of No Cap by CRE Daily, Jack and Alex peel back the curtains on one of Texas's most recognized investors, exploring Chandra’s entrepreneurial journey and his transition into real estate.
 
TOPICS
0:38 — Sanjay’s background7:59 — Moving into private equity and founding Trinity14:08 — The private equity business today16:48 — How Sanjay is approaching portfolio allocation 22:45 — What makes a good OpCo investment?25:30 — What makes a good real estate deal? 28:00 — What Sanjay looks for in partners31:50 — The risks of the past few years Sanjay wasn’t prepared for36:30 — The effect of current market conditions on Sanjay’s business38:25 — Is there a rate cut coming?41:33 — Sanjay’s thoughts on bank liquidity45:18 — Sanjay talks UT and why Austin might be a better living city than Dallas47:59 — Sanjay’s thoughts on Miami51:09 — Conclusion 
 
We want to thank our sponsor Viking Capital. 
 
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
 
About Our Guest
SANJAY CHANDRA
Sanjay serves as a principal and managing partner at Trinity and its affiliated companies in a variety of roles and responsibilities on a full time and active basis. Sanjay brings to Trinity over 30 years of experience as a successful entrepreneur and an active private investor. In addition to his day to day role at Trinity, Sanjay serves as a board member for American Leather, which he co-founded in 1990, and where he was formerly president and CFO. He is a board member for Robokind LLC, ELB Learning, Nuclein LLC, Falcon Structures LLC, Bentwood Kitchens Inc and other affiliate companies, as well as the Longhorn Council of the Boy Scouts of America, where he serves as Vice President of Development. Sanjay is a Special Advisor to Urban Genesis, Capital Boutiq and AllTrades, and serves as Chairman on the Engineering Advisory Board for the Cockrell School of Engineering at the University of Texas at Austin.
 
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 Mandel on Leveraging AI to Transform CRE Transparency

Season 1, Episode 5: In this episode of "No Cap by CRE Daily," we sit down with Michael Mandel, a former broker and the visionary founder of CompStak, to dive into the power of data and AI in the commercial real estate industry. Michael shares his journey as a broker and the issues he encountered that led him to build CompStak. We also discuss how AI and machine learning are revolutionizing data collection, analysis, and utilization in the CRE industry. 
 
TOPICS
0:31 — Introduction
6:55 — How Compstak incorporated AI & machine learning tech into their stack
11:31 — Making brokers' lives easier using technology
13:40 — How the data verification process works
17:31 — The scoring and credit system to incentivize people to contribute data
18:05 — What will the actual effects of AI be on the real estate market?
22:46 — Pet peeves as a broker
24:59 — AI tools for architecture
28:34 — New insights into client data
30:11 — Are we going to be “owned” by AI?
33:10 — Jack & ChatGPT 
35:53 — What are use cases of AI & what’s the effect of deep fakes?
37:15 — Will the vast majority of real estate jobs be automated?
42:50 — Conclusion
 
We want to thank our sponsor Viking Capital. 
 
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
 
About Our Guest
Michael Mandel
https://www.linkedin.com/in/mmandel/
Michael is the Co-Founder & CEO of CompStak, a marketplace for commercial real estate information. CompStak uses a crowd-sourced model to gather real information that is hard to find, difficult to compile or otherwise unavailable. Our first product is a marketplace for the exchange of commercial lease comparables. Users add the comps they have to find the comps they need. CompStak was born out of Michael's experience as a commercial leasing broker in Manhattan. He has been recognized for his success as Grubb & Ellis’ National Rookie of the Year in 2007 and Real Estate New York’s 30 under 30 in 2008. CompStak has been featured in The Wall Street Journal, The Real Deal, Forbes, Bloomberg, AG Beat and more.
 
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
 
About CRE Daily 
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

How Brad Sumrok Became the Tony Robbins of Multifamily Investing

Season 1, Episode 4: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik dive into the journey of Brad Sumrok, famously known as the "Apartment King" in the multifamily real estate world. Starting with his first investment in a 32-unit apartment building in 2002, Brad replaced his 9 to 5 job income by 2005 and retired at the age of 38. Since then, he has invested in over 4,200 apartment units, and his mentoring students have collectively purchased over $2 billion worth of apartment buildings.
Brad shares his transition from a career in chemical engineering to becoming a prominent investor and coach in multifamily real estate. He discusses Tony Robbins's influence on his mindset and reveals how being fired from his corporate job spurred him to become a public speaker in real estate. Brad also shares his thoughts on handling the haters and provides insights into the risks associated with investing in syndication.
 
TOPICS
1:15 — Brad’s transition from chemical engineering to real estate5:20 — Getting fired from corporate America6:25 — Breaking into the world of real estate through seminars8:34 — Brad’s first property13:07 — Are motivational speakers and business coaches cheesy, or authentic?15:17 — Becoming the Tony Robbins of the multifamily syndication industry16:54 — Mentoring at Lifestyles Unlimited20:18 — Surviving 2008-201124:07 — What's a “good project for Brad” in 2024?26:11 — How many investors & LPs does Brad have on a typical deal?34:20 — What brings investors to the table36:52 — Effects of the presidential race on the economy and tax code37:38 — WSJ article on Brad & former students41:43 — Closing remarks from Brad 
 
We want to thank our sponsor Viking Capital. 
 
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
 
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
 
About CRE Daily 
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
 
 
 
 

5% Rent Cap is No Cap

Season 1, Episode 3: Jack and Alex delve into the latest commercial real estate headlines, including Biden's Rent Control Proposal, which aims to introduce a 5% annual cap on rent increases for major apartment landlords in order to maintain federal tax breaks. Plus, delinquencies and special servicing of multifamily loans backed by commercial mortgage-backed securities surged 185% in the past six months. 
 
TOPICS
0:20 Introduction
4:03 Multifamily loans have surged 185%
7:27 Tides Equities' recent foreclosures
11:06 Student housing pre-leasing for Fall 2024
13:34 The effects of reevaluating college degrees
15:01 Vacancies in the retail market
18:10 Brookfield's future CEO
19:36 The effects of Joe Biden stepping down
26:15 How do owners react to a 5% cap?
28:54 SASB loans
37:14 RealPage forecasts rent growth
46:32 Federal Reserve's likely rate cuts
 
We want to thank our sponsor Viking Capital. 
 
 
 
 
 
 

The King of HUD: Josh Sasouness on Multifamily Lending

Season 1, Episode 2: Welcome to No Cap by CRE Daily. Today, we're joined by Josh Sasouness, co-CEO of Dwight Capital, the nation's leading multifamily FHA/HUD lender.In this episode, we dive into Josh’s family background and upbringing, exploring the origins and rapid growth of Dwight Capital. We discuss the differences between HUD and agency financing and Josh’s transition from Greystone to Dwight, including personal stories about the two worst days of his life. Josh shares insights into Dwight Funding, the current market state, and opportunities in multifamily, healthcare investments, and development. We also cover geographic markets Josh is bullish on, predictions for the American economy, and media coverage. 
Key takeaways in the episode:
 
01:29 — Intros
02:20 — Josh’s family background and upbringing
04:16 — Origins of Dwight Capital
07:19 — The secrets to growing Dwight Capital
08:39 — Difference between HUD and agency financing
11:24 — Transitioning from Greystone to Dwight
12:32 — The two worst days of Josh’s life were…
16:29 — What was day one at Dwight Capital like?
20:18 — Behind the magic of Dwight Funding
21:56 — State of the market and areas of opportunity
27:52 — Anticipating rate cuts and state of the American economy
31:22 — Performance of multi-family and healthcare investments
31:56 — Emerging opportunities in the development space
34:43 — Geographic markets Josh is bullish on
36:37 — Is media coverage overly negative?
42:51 — Predictions for the next 18 months
46:04 — Conclusion 
We want to thank our sponsor Viking Capital. Tune in for insights, expert opinions, and a deep dive into the stories shaping commercial real estate today and tomorrow. 

KKR's Big Bet on Apartments, Banks Unload Troubled CRE Loans

Season 1, Episode 1: Welcome to No Cap by CRE Daily, the commercial real estate podcast that gives you an unfiltered look into the biggest trends in the industry and the money game behind it. Each week, co-hosts Jack Stone and Alex Gornik will break down the latest news from CRE Daily with some of the most influential and entertaining figures in commercial real estate.
 
Topics discussed: 
0:00 - Introduction and Expectations
0:52 - Thoughts on “No Cap”
1:47 - The Goal of the Podcast
3:02 - KKR in the Market
4:55 - A huge hit for multi families
7:19 - Spending on Rent vs Owning
11:40 - Viking Capital
12:46 - Thoughts on underperforming CRE loans
15:11 - Pretend and extend
17:56 - San Francisco Office Market
23:48 - Viking Capital
24:14 - Goldman One’s Fundraise
28:57 - Dallas Office Market
31:21 - Work from Home Dynamics
35:47 - Bankruptcy of National Trucker U.S Logistics
39:12 - US Retail Leasing Market
43:34 - Fed’s Stress Test
We want to thank our sponsor Viking Capital. Tune in for insights, expert opinions, and a deep dive into the stories shaping commercial real estate today and tomorrow.