Season 3, Episode 10: In this episode of No Cap, Jack Stone and Alex Gornik talk with Jon Siegel—Partner and CIO at RailField—about building through one of the toughest market cycles, what went wrong after early success, and why staying active matters more than ever.

They also get into the private credit boom, the myth of distress deals, and where real opportunities still exist.

TOPICS

00:09 – Opening and Jon’s Background

04:22 – Starting RailField with $50M of Institutional Capital

06:03 – Early Deals and Gaining Credibility

10:18 – The Rise of Preferred Equity and Private Credit

14:15 – Why Distress Hasn’t Hit and What Happens Next

20:00 – Market Timing, Cycles, and Staying in the Game

24:08 – Vintage Deals, Underwriting, and What Still Works

27:00 – Portfolio Strategy and Working with Institutional Capital

32:58 – Long-Term Bullishness on Multifamily

36:41 – Final Thoughts and Outlook for 2025

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 9: Craig Deitelzweig is redefining office real estate—one scent, doorman, and house car at a time.

In this episode, the CEO of Marx Realty shares how he's leading the hotelization of office buildings—and why most landlords are stuck in the past. From signature scents and concierge-level service to rooftop lounges and Porsche house cars, Craig explains how his team is turning tired Class B assets into high-demand, high-rent destinations.

TOPICS

00:00 – Alec Baldwin and Barber Chair Banter

02:00 – From Lawyer to CEO: Craig’s Path to Marx Realty

07:15 – 10 Grand Central: Turning a Drag Into a Destination

14:00 – House Cars, Gelato, and Hospitality That Converts

19:00 – How Amenities Deliver ROI (and Surprise Revenue)

23:00 – Baccarat Branding and the “Club” Office Experience

28:00 – Midtown’s Strength vs Downtown’s Struggles

33:00 – DC’s Turnaround and What It Means for CRE

42:00 – Retail Expansion and What’s Powering It

48:00 – Capital Markets Outlook and the Return of LPs

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.

In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market.

We discuss:

– Sage’s shift from ownership to brand identity

– Lessons from leasing, portfolio resets, and UK exits

– Workplace services that actually matter to tenants

– The real reason gyms and lounges often fail

TOPICS

00:00 – Cold open and NYC credibility

03:10 – Family roots in New York real estate

11:00 – Taking the long road to Sage

21:00 – Building UrbanGrad and early Facebook ads

28:30 – The conversation that changed everything

35:15 – Refocusing the portfolio on NYC office

43:20 – Lessons from WeWork and building a brand

50:15 – Turning Sage into a tenant-first platform

58:00 – How Sage personalizes service at scale

1:07:00 – Final thoughts on hospitality and vision

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.

In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.

We discuss:

– Her journey from flipping homes to building WWC

– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)

– How her 83-point checklist drives fast, repeatable value-adds

– Why she vertically integrated WWC during COVID in just 26 days

– The first deal she’s bought in three years—and why it's 43% below replacement cost

TOPICS

00:00 – Janet’s Start: From Coder to First Flip

05:00 – Flipping Homes While Working a 9-to-5

12:00 – Buying 23 Units 26 Days Before Birth

18:00 – Scaling Through Systems and Syndication

25:00 – Raising Millions and Launching WWC

32:00 – The Washer-Dryer Strategy That Changed Everything

38:00 – Breaking Into Texas and Going Institutional

45:00 – Vertical Integration and COVID Shifts

51:00 – Lessons from Rate Hikes and Bridge Debt

55:00 – New Opportunities: Buying 43% Below Replacement

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.

With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.

We discuss:

– Why “retail is dead” doesn’t hold up in the data

– The problem with chasing national tenants

– How to convert retail boxes into healthcare and entertainment

– Why CMBS debt caused lasting damage to retail.

TOPICS

00:00 – Cold Open and Retail Misconceptions

02:20 – Andy’s Path and RockStep’s Strategy

07:00 – The Retail Apocalypse Was Overblown

10:30 – Picking Markets and Making Malls Work

15:45 – Why Big Boxes Can Hurt NOI

20:10 – CMBS Mistakes and Risk Discipline

26:00 – Repurposing Retail Into Healthcare and Entertainment

32:00 – Leasing Timelines and Tenant Credit Today

37:50 – Anchor Replacements and Nontraditional Uses

44:30 – Pricing Gaps, Cap Rates, and Lender Pullback

50:00 – What’s Next for Retail in 2025

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.

From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.

We discuss:

– Why self-storage outperformed during the GFC

– How lease-up timelines have doubled post-COVID

– What most operators miss about private credit

– Wild stories from inside storage units

Brian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.

TOPICS

00:00 – Intro and Sleep Tech Rant

02:00 – From Tishman Speyer to Self-Storage

06:00 – Lack of Sophistication in Early Storage Industry

10:00 – Lease-Up Timelines and Developer Distress

14:30 – Loan Acquisitions and Launching a Lending Platform

19:00 – Why They Avoid Third-Party Management

22:30 – Drug Busts, Guns, and Other Storage Finds

26:00 – The Car Wash Thesis and Token Economics

30:00 – AI Tools and Andover’s Data Strategy

34:00 – Buying 50% Below Replacement Cost

38:00 – Cycle Outlook and What’s Next for Andover

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.

With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.

We discuss:

– Why debt is suddenly back in favor

– What’s fueling (and threatening) the data center boom

– Where office sentiment is quietly shifting

– The truth behind the “housing shortage” narrative

Rich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.

TOPICS

00:00 – Intro & Birthday Surprise

03:00 – Rich’s Career Path + Joining Principal

06:00 – How Principal Allocates Capital in Today’s Market

10:30 – Debt, Construction Lending, and CMBS Strategy

15:40 – Data Centers, AI Demand, and Market Caution

22:30 – Office Outlook and Why Originations Are Ticking Up

28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing

33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy

39:20 – Tariffs, Onshoring, and Resilient Cash Flows

43:00 – Return Expectations for CRE in 2025 and Beyond

47:00 – Final Thoughts on Alternatives and Outlook

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.

Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.

We discuss:

– The return of institutional investors and what it means for deal flow

– Execution risk and capital stack dynamics in today’s market

– Why distressed deals might not be the opportunity everyone thinks

– The illusion of “risk-free” Treasuries and potential cracks in the system

Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.

TOPICS

00:00 – Introduction

05:00 – CRE Pipeline Activity and Investor Sentiment

10:00 – Managing Relationships and Finding Real Opportunity

15:00 – Office Skepticism and Repositioning Challenges

20:02 – What the Capital Markets Team Is Seeing Nationwide

25:00 – Risk, Return, and Raising Capital in Today’s Climate

30:00 – Creative Structuring and Non-Traditional Capital

35:00 – What LPs Care About in 2025

40:00 – Regional Plays, Execution Risk, and Exit Timing

45:00 – What Makes a Deal Worth Saying No To

50:00 – Advice for the Next Generation of Real Estate Leaders

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.

The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.

TOPICS

00:00 - Introduction

05:00 - The Nightingale Fraud Scandal

10:00 - John's Background and Expansion Vision

15:00 - Due Diligence and Sponsor Vetting

20:00 - Technology Updates and Brand Strategy

25:00 - Building Trust Without Financial Advisors

30:00 - AI Integration and Portfolio Management

35:00 - Multifamily and Retail

40:00 - Conservative Leverage and Credit Approach

44:00 - Fall Launch Timeline for Private Markets

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.

Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.

Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.

TOPICS

00:00 – Introduction

05:47 – From Fed to JP Morgan

12:15 – JP Morgan's Bold CRE Prediction

18:32 – How Deglobalization Changes Everything

25:16 – Multifamily: The Most Obvious Investment Play

32:45 – Data Centers: Real Estate or Infrastructure?

38:12 – The Death of 60/40 and Rise of Alternatives

44:28 – Immigration, AI, and Labor Market Disruption

49:15 – Interest Rates and Fed Independence

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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.