Eric Smith is a CMBS loan originator at Deutsche Bank. Over the past 28 years, he has closed more than 1,300 CMBS loans. 

Our conversation covered many topics, including:

- What is CMBS and how does it work?
- Why is there a higher concentration of multifamily in CMBS pools today?
- What's the role and impact of CMBS rating agencies?
- Why is Fitch the primary rating agency?
- What is a B-piece?
- History of CMBS (1.0 vs. today)
- Is CMBS becoming more borrower-friendly post-closing?
- What are the most common asset types for CMBS? 
- What are the typical loan sizes, leverage, and pricing?
- What are the primary benefits for a borrower?
- Takeaways from MBA CREF in San Diego

If you have any questions, please send me an email at [email protected].

Check out www.crecapitalinsights.com for my weekly capital markets newsletter.

Alex Tartaglia is part of IPA's multifamily investment sales team in Northern California. They've sold approximately 50% of all institutional multifamily sales in the Bay Area over the past 10 years, including $2B in 2025.  Our conversation covered many topics, such as:

- 2025 recap & what's driving more sale transactions
- Buyer profiles and target returns
- How NOAH deals work  (Property Tax Welfare Exemption)
- Submarkets in highest demand
- Property performance trends 
- Demand drivers in the Bay Area
- Undewriting (rent growth, exit caps, etc.) 
- Acquisition financing 
- NMHC recap
- Rent-to-income ratios
- 2026 forecast

If you have any questions, please send me an email at [email protected].

Stephen Siri is Co-Managing Principal of The Martin Group, a privately held real estate investment firm located in Oakland, CA. Founded in 1984, the company has acquired, developed, and invested in more than 24 million square feet. The firm specializes in multifamily, student housing, and mixed-use real estate projects throughout California.

Our conversation covers many topics, including:

- The Martin Group's investment strategy

- Starting a GP fund (benefits, lessons learned, etc.)

- State of the market in Oakland

- Recent deals in Oakland, Berkeley, and San Mateo

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If you’d like to receive market updates that cover my weekly conversations with various capital providers, visit www.crecapitalinsights.com

Joe Pizzutelli is the Head of National Production for M&T's agency platform, as well as their on-balance sheet multifamily bridge platform focused on transitional and lease-up multifamily assets across the country.

Our conversation covers many topics, including:

- Lending programs

- Loan modifications

- Outlook for 2026

If you’d like to receive my weekly market update based on lender conversations, visit www.crecapitalinsights.com

Ryan Sudeck is the CEO of Sage Investment Group, which is a development company that specializes in converting hotels to multifamily and now manages 2,671 units across six states. 

Our conversation covers how they execute their business model from start to finish and includes: 

- Market Selection

- Deal Sourcing

- Underwriting

- Capital Raising

- Construction management

- Lease-up

If you're an investor that'd like to explore investment opportunities with Sage, please visit their website: https://sageinvestment.com/

Bo Diamond is the co-founder of Caisson Capital Partners, which is a multifamily investment and development company based in Arkansas. Prior to starting this new company, Bo held roles at Ackman-Ziff, UBS, Barclays, and Wells Fargo Securities.

Our conversation covered the steps he took to go from a successful investment banking and brokerage career, to founding his own real estate company and buying large apartment communities. This includes:

- Caisson's Strategic Focus

- Deal Sourcing

- Acquisition Due Diligence

- Capital Raising

- Asset Management

If you're an investor that'd like to reach Bo so you can explore his future investment opportunities, you can email him at [email protected].

Paul Lewis is the National Director of Agency Financing for IPA Capital Markets.  Prior to joining IPA, Paul spent over 23 years at Fannie Mae heading several production and credit teams that support its multifamily lenders.

Our conversation covered many topics, such as:

- Overview of Fannie Mae and Freddie Mac
- The asset types they'll finance
- How the securitization process works
- Agency underwriting
- Factors that influence pricing
- How the agencies treat ground leases, PACE, and preferred equity
- Lease-up deals
- Supplemental loans
- Guarantor requirements
- Operating covenants
- Rate buydowns
- Loan documentation
- What the agencies are especially focused on today

If you have any questions, please send me an email at [email protected].

Alex Tartaglia is part of IPA's multifamily investment sales team in Northern California. They've sold approximately 50% of all institutional multifamily sales in the Bay Area over the past 10 years, including nearly $400M year-to-date.  Our conversation covered many topics, such as:

- Current BOV, tour, and bid activity compared to 2023
- Going-in vs stabilized cap rates by risk profile
- How buyers are thinking about negative leverage
- Buyer demand for different regions of the Bay Area
- Where buyers are getting more aggressive on their underwriting
- Seller motivation and priorities
- Distressed sales
- Impact of affordability restrictions
- When deal volume will be back to pre-pandemic levels

If you have any questions, please send me an email at [email protected].

Max Nipon is a principal with Montgomery Street Partners, as well as the president of their ground lease vehicle called Ground Lease REIT.  Our conversation covers the following topics:

- Overview of Montgomery Street Partners and Ground Lease REIT
- How ground leases are used as a financing tool
- How their ground leases are sized, priced, and structured
- Common scenarios where sponsors are using ground leases today
- Scenarios that do not work well for their program
- Which senior lenders are comfortable with ground leases
- How the ground lease industry will evolve going forward

Max can be reached at [email protected].

Chris Robbins is the co-founder of GreenRock and is one of the leaders in the C-PACE industry having closed nearly $500M in C-PACE transactions.  Our conversation answers the following questions about PACE financing:

- What is it?
- What are the primary benefits?
- What are the three most common use cases?
- What are PACE eligible measures?
- How is the amount of capital determined?
- How is it priced?
- What is the typical closing process and timeline?
- Which senior lenders are open to it?
- How has the PACE market evolved and where is it headed?

If you have questions about C-PACE, Chris can be reached at: [email protected]