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.

TOPICS

01:00 – Alex’s Path to CW Capital and the GFC

06:29 – How Special Servicing and CMBS Work

08:35 – B-Piece Control and Servicer Power

14:20 – Why This Cycle Is Different

16:15 – Multifamily Stress in the Sun Belt

21:10 – Tenant Fraud, Insurance, and NOI

24:50 – Workout Decisions vs. Asset Takebacks

26:40 – Office Distress and Capital Costs

38:45 – Private Credit and Quiet Extensions

42:35 – The Metrics CW Capital Tracks

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.

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.

TOPICS

00:00 – VICI’s Origin Story

03:10 – Ed’s Path to the CEO Seat

11:06 – Caesars Bankruptcy and the VICI Spin

21:09 – Wall Street Skepticism Around Gaming

25:29 – Cap Rates, Net Lease, and Scale

31:00 – The Venetian Deal with Apollo

37:58 – Cycles, Pricing, and Operator Power

43:26 – Experiential Assets Beyond Vegas

48:26 – College Sports and New Sale-Leaseback Models

51:10 – Mission-Critical Real Estate

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 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.

TOPICS

00:00 – Introduction

03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors

05:02 – Media Narratives vs. Real REIT Fundamentals

07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite

11:28 – The REIT Dividend Machine and Long-Term Compounding

17:01 – SL Green Case Study and Smart-Money Office Signals

22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers

25:21 – NAV Discounts, M&A Activity, and REIT Consolidation

33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates

43:18 – Mortgage REITs, Preferreds, and Signs of Market Turnaround

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 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.

TOPICS

00:00 – Introduction

01:40 – Colin’s Path Into Real Estate and Joining Bridge

04:18 – Building Bridge’s Platform Across Strategies

08:20 – Growth Drivers: Class B/C, Supply, and Rents

10:40 – Coastal vs. Sun Belt and What “Back” Really Means

14:34 – Sun Belt Check: Cap Rates, Supply, and Patience

18:40 – Underwriting With Higher Expenses

21:00 – Navigating the Cycle and Protecting Downside

26:40 – Cap Rates, Return Hurdles, and 2026–27 Outlook

31:30 – Advice for Young Investors and Finding Opportunity

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 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.

TOPICS

00:00 – Introduction

02:10 – Early Career and Founding Onyx Equities

06:15 – Navigating Market Cycles and Value Creation

09:30 – Office Market Shifts and Tenant Demand

12:45 – Life Sciences and Medical Office Expansion

17:40 – Inside the Data Center Gold Rush

22:15 – Rates, Debt, and Opportunities Ahead

27:48 – Tri-State vs. Sun Belt Market Dynamics

34:05 – Leadership, Adaptability, and Lessons Learned

42:30 – Building a Brand Tenants Trust

Shoutout 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/@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 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.

TOPICS

00:00 – Introduction

03:00 – Startup Roots and Dispatch Exit

08:44 – How Mortgage Frustration Became Lev’s Origin

14:25 – Digitizing the Financing Experience

19:45 – AI and the Future of CRE Software

25:02 – How Lev Memo Is Changing Deal Execution

31:10 – Agentic AI and Workflow Automation

36:47 – Harnessing Data and Unstructured Information

41:00 – Brokers, Efficiency and Industry Adoption

45:18 – Building Great Software and Leading Through Change

Shoutout 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/@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 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.

TOPICS

00:00 – Introduction

02:18 – Growing Up in a Real Estate Legacy

06:47 – Lessons From Family Leadership

11:34 – Reinventing Fisher Brothers for the Future

15:29 – The Story Behind AREA15

21:02 – Real Estate Meets Experience and Culture

26:48 – Why Creativity Drives Modern Development

33:17 – Balancing Risk, Tradition, and Innovation

39:10 – The Future of New York’s Urban Core

45:26 – Leadership, Legacy, and Next-Gen Vision

Shoutout 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/@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 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.

TOPICS

00:00 – Introduction

05:04 – From Goldman Sachs to Perry Capital

07:44 – First Deals and the West Chelsea Strategy

13:32 – Raising Capital and Building Investor Confidence

18:03 – Why Committed Capital Changes the Game

21:59 – Inside the Middle-Market Lending Opportunity

27:23 – Private Credit’s Rise and USC’s Playbook

32:05 – Efficiency and Equity DNA in Underwriting

35:11 – Market Volatility and the Case for Credit

43:34 – Equity Returns with Credit Risk Protection

47:32 – Culture, Partnerships, and Bean the Office Dog

Shoutout 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/@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 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.

TOPICS

00:00 – Introduction

02:10 – From Goldman Sachs to City Hall

06:28 – Inside NYC’s Housing Agenda and Early Lessons

10:15 – Building M Squared and Its Mission

14:47 – Politics and Production of Affordable Housing

18:59 – When Public and Private Sectors Collide

23:40 – The Gateway Project and Federal Funding Realities

28:22 – Market Constraints, Zoning Reform and Affordability

33:31 – Structuring Capital for Impact and Scale

38:26 – Lessons From City Hall and Cross-Sector Leadership

47:51 – The Next Chapter for Cities and Urban Development

Shoutout 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/@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 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.

TOPICS

00:00 – Introduction

01:12 – Career arc and why housing policy became the mission

06:03 – What NMHC does and who it represents

08:14 – 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 LIHTC

26:26 – Rent control myths and the Housing Solutions Coalition playbook

33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local

49:42 – GSE privatization chatter: constraints and market timing

55:56 – Insurance, taxes, labor and the tech/industrialized construction edge

Shoutout 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/@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.