No Cap by CRE Daily

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No Cap by CRE Daily episodes

October 19, 2025 Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate
Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate.

Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navigating market cycles, rising interest rates, and fierce capital competition, all while avoiding the hype around single-tenant Amazon assets. Expect insider insights on cold storage, flexible industrial, and how relationships still matter in a crowded landscape.

TOPICS

0:00 Introduction
4:15 From antiques in Montreal to Dallas industrial real estate
9:45 Building Westmount before e-commerce
15:30 Avoiding Amazon single-tenant hype
22:10 Market cycles and rising rates
28:55 Cold storage and infill industrial
33:40 Capital flood and competition
38:15 Relationships and integrity in deals
43:00 Industrial market outlook and leadership

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.
53 min
October 16, 2025 Special Feature: In The Loop – Green is the New Gold Standard with Jordan Goldstein
Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts.
----more----
How can workplaces endure ecologically, financially, and socially?
In this episode of In the Loop, Jordan Goldstein, co-CEO of Gensler, explores the future of sustainable and resilient office design. From global design trends and innovative materials to the role of AI in commercial real estate, Jordan shares how the industry is rethinking sustainability. You’ll learn why repositioning existing buildings matters, how policy and incentives drive real change, and what it takes to create workplaces built for tomorrow.
In the Loop is LoopNet’s commercial real estate podcast highlighting the people, ideas, and innovations shaping the future of work. For bonus video content, check out their YouTube channel: https://www.youtube.com/@loopnet
Follow their podcast where you listen: https://lnk.to/intheloop
View spaces designed by Gensler: https://bit.ly/3JdT7dY
40 min
October 12, 2025 Behind Fundrise’s Vertical Integration Strategy In Real Estate
Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets.

Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and what drives the build-to-rent housing wave. He breaks down the latest on private credit, multifamily, and AI in real estate investment management. Plus, find out how Fundrise’s digital platform is making real estate crowdfunding accessible to millions.

TOPICS

00:00 Meet Ben Miller
04:45 How Fundrise democratized real estate investing
12:30 Macro trends driving commercial real estate returns
19:55 Build-to-rent strategies and platform innovation
26:40 Private credit and multifamily market shifts
34:10 Securitization and institutional investor trends
41:45 AI’s impact on CRE investment and management
49:10 Fundrise’s outlook for private markets in 2025

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.
55 min
October 05, 2025 Is Traditional CRE Falling Behind Alternatives? w/ Brian Pieracci
Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets.

Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He breaks down what drives demand in these sectors, the challenge facing office real estate, and how institutional investors are changing their strategies in response. Brian also explains Heitman’s global approach to alternative assets and the importance of diversification in today’s market.

TOPICS

00:00 Meet Brian Pieracci
05:15 Early bets on alternatives
13:00 Office real estate vs alternatives
21:40 Self-storage and senior housing
29:30 Strategies for global expansion into alternative sectors
37:00 Balancing core, value-add, and alternative assets
44:30 What institutional investors demand from alternative investments
52:10 The future of CRE beyond the office

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.
53 min
September 28, 2025 Revolutionizing Real Estate Syndication Through InvestNext w/ Kevin Heras
Season 4, Episode 3: Jack Stone and Alex Gornik sit down with Kevin Heras, CEO of InvestNext, to explore how a Detroit-built platform is reshaping how real estate firms raise and manage capital.

Kevin shares his path from Spain to Michigan Tech to the early Handshake days, then explains the first InvestNext prototype and why standardizing subscriptions, funding, and reporting matters for both GPs and LPs. He breaks down sponsor best practices, the case for partnerships over vertical integration, and where proptech is heading as data and building connectivity unlock better decisions. He also previews what’s next at InvestNext and how potential accreditation changes could expand access to private real estate.

TOPICS

0:09 – From Spain to Detroit and Early Influences
3:06 – Handshake Lessons and Startup Bug
5:57 – Corporate Consulting to Entrepreneurship
9:21 – What InvestNext Is and Who It Serves
11:02 – Standardizing Subscriptions, Funding, Reporting
12:01 – One Portal for LPs Across Sponsors
17:32 – What Makes a Good Sponsor vs a Bad Sponsor
21:02 – Partnerships Over Vertical Integration
29:37 – Proptech Outlook and Market Discipline
35:24 – What’s Next for InvestNext and Access to Capital

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.
35 min
September 21, 2025 What the New CRE Cycle Could Mean for Investors w/ Rick Schaupp
Season 4, Episode 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers.

Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle.

TOPICS

00:09 – Rick’s Architecture Roots and Move to Clarion
02:00 – Asset Management During the Tech Bust and 9/11
06:10 – Shifting From Institutional to Private Wealth
07:20 – Semi-Liquid Fund Structure and Daily NAV
12:01 – Investment Themes Across Housing, Industrial, Healthcare
15:30 – Office Reality vs. Winners and Losers
20:30 – Alternatives Like IOS, Self Storage, Senior Housing
25:51 – How Clarion Allocates Across Credit, Equity, Regions
31:14 – Capital Strategy and New Products
35:00 – Where We Are in the Cycle
38:34 – Career Advice for Recent Grads

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.
43 min
September 14, 2025 BXP CEO on Office Comeback, Hybrid Work and Boosting Productivity
Season 4, Episode 1:
We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.

From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space.

TOPICS

00:10 – Introduction
01:00 – From Virginia roots to Morgan Stanley Real Estate
04:33 – Leading in Asia and the 2008 financial crisis
06:15 – Lehman Brothers board and the largest bankruptcy in history
14:36 – Rise of REITs and capital markets
15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman
21:05 – Office demand, work-from-home, and hybrid dynamics
30:00 – Gateway markets, regional differences, and 343 Madison
41:00 – Development challenges and suburban vs. urban performance
47:32 – AI’s impact, leadership lessons, and the future of BXP

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.
54 min
August 25, 2025 Brookfield’s Strategy to DOMINATING Alternative Investments w/ Ben Brown
Season 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.

From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and Forest City, Ben shares the lessons learned, the risks taken, and the culture that keeps Brookfield ahead in a shifting real estate market. He also opens up about where he sees opportunity today, from retail and housing to data centers and hospitality.

TOPICS

00:10 – Introduction
01:39 – Early career and first steps in real estate
07:58 – Joining Brookfield during the financial crisis
12:30 – Why 2018 became a record year of deals
15:05 – Inside the GGP acquisition and retail strategy
25:00 – How Brookfield structures capital
29:33 – Forest City and investing in urban cores
36:57 – Shifts in apartments, logistics, and strategy
42:28 – Where Ben sees opportunity now
49:00 – Hospitality plays in the US, India, and Europe
53:42 – Brookfield’s edge in capital markets
59:02 – Culture and teamwork at scale

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.
1 hr 1 min
August 17, 2025 The Art of Placemaking in NYC w/ MaryAnne Gilmartin, MAG Partners
Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline.

From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what it takes to lead in real estate’s most competitive market, how she approaches affordable housing, and where she still sees opportunity when others hesitate.

TOPICS

00:09 – Introduction
00:42 – Brooklyn roots and early career steps
02:51 – Koch era New York and the public sector
04:59 – Why retail matters to a project’s success
10:21 – The West Side before Hudson Yards
12:18 – Bruce Ratner and the Forest City years
21:06 – Leading through high-stakes moments
29:49 – Mentors and management lessons
43:18 – Working with communities and affordable housing
47:21 – Closing and thank you

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.

48 min
August 10, 2025 Fannie Mae to Half a Billion: Jon Siegel on Surviving and Thriving in Multifamily
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.
39 min

About No Cap by CRE Daily

From the publisher's feed

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…