The Promote Podcast

This week, we break down the outsized life & career of seminal Atlanta developer Tom Cousins: skyline-shaper, quail hunter, Ted Turner lender, Buffett buddy – an honest-to-goodness Man in Full. We trace his origins from selling tract homes to setting the stage for the modern Atlanta skyline, and examine his broader cultural impact on real estate. We then dive into the zany case of the late CRE mogul Jacob Chetrit, who left behind just $500K in cash but $800M in CRE stakes – that estate is now the focus of fierce litigation among name-brand NYC players from Richard Mack to Maverick.

Further Reading:

https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#postscript-tom-cousins-a-man-in-ful
https://www.thepromote.com/p/bxp-s-vertical-limit-chetrit-s-800m-estate#what-did-jacob-chetrit-leave-behind
https://www.thepromote.com/p/heat-on-chetrit-hud-in-the-mud#can-chetrit-beat-the-heat
https://www.ajc.com/news/2025/07/tom-cousins-seminal-atlanta-developer-and-philanthropist-dies/?utm_campaign=bxp-s-vertical-limit-chetrit-s-800m-estate&utm_medium=referral&utm_source=www.thepromote.com

This week, we dive into how private credit mega-managers such as Blackstone, KKR & Blue Owl have been setting the stage for a potentially huge new pool of capital: 401(k)s. With the Trump administration’s eagerness to push more retirement savings into PE, players have been forming alliances with the biggest 401(k) managers in a move that could mean a far bigger CRE private-credit war chest. We then dive into the singular life and career of Donald Soffer, the visionary behind Aventura and a serious man-about-town.

Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to https://vesto.com/ to learn more.

Further reading:

https://www.bloomberg.com/news/articles/2025-07-24/private-credit-firms-from-kkr-to-blackstone-ready-for-401-k-win?utm_campaign=private-credit-s-old-gold-another-rabsky-riddle&utm_medium=referral&utm_source=www.thepromote.com

https://www.thepromote.com/p/private-credit-s-old-gold-another-rabsky-riddle#old-is-private-credit-gold

https://www.thepromote.com/p/landau-s-stalking-horse-dusty-dan-s-greystone-exit#insurance-juicing-private-credit-bo

https://www.vanityfair.com/news/1987/09/gary-hart-failed-presidential-campaign?srsltid=AfmBOoqQ3goufXX7T8B6NjVZJSKctEHacpKaJo0Y7pIUycKTgZV2FjLT

https://web.archive.org/web/20180326202536/http://www.biscaynetimes.com/index.php?option=com_content&id=1051%3Afamily-a-fortune&utm_campaign=nahla-s-raleigh-play-a-data-center-kingpin-s-exit&utm_medium=referral&utm_source=www.thepromote.com

In this special episode of The Promote Podcast, we dive deep into Related Companies' de-risking playbook at its Hudson Yards megaproject. How they're pulling off a $25 billion, 18 million-square-foot undertaking in New York City while continuously taking chips off the table through creative financing structures, global capital sources, equity partners and tax breaks. We look at how Steve Ross spent 4 decades shoring up Related's balance sheet to take huge swings, and what other CRE hopefuls can learn from his approach to big-ticket development.

Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.

Further reading:

https://fortune.com/2013/08/29/the-man-behind-the-largest-real-estate-project-in-u-s-history/

https://www.amazon.ca/Other-Peoples-Money-Housing-Greatest/dp/0142180718

Chris Hohn of TCI: https://www.judiciary.uk/wp-content/uploads/2014/12/hohn-judgment.pdf

https://www.thepromote.com/p/the-promote-fbi-comes-at-arbor-steve-ross-hof-dealmaking#goat-exits-stage-south

https://therealdeal.com/new-york/2013/08/16/anatomy-of-a-deal-inside-relatedoxfords-unusual-hudson-yards-financing/

https://therealdeal.com/new-york/2025/07/01/how-related-companies-got-hudson-yards-approved-and-saved-2b

https://www.economicpolicyresearch.org/images/docs/research/political_economy/Cost_of_Hudson_Yards_WP_11.5.18.pdf

https://therealdeal.com/new-york/2016/08/24/inside-the-hudson-yards-financing-playbook/

https://www.hudsonyardsnewyork.com/press-media/press-releases/related-companies-and-oxford-properties-group-close-on-nearly-1-4-billion-in-equity-and-debt-investments-for-hudson-yards

This week, we discuss JPMorgan's age of empires, its play for the Roosevelt Hotel as part of a potentially 7 million square foot campus in the heart of New York. We dive into why 2 multifamily giants, Cortland and Bell Partners, are shopping for suitors and explore the capital landscape for large apartment owners. Finally, we do a quick-and-dirty breakdown of the Starwood-Fundamental $2.2B deal, and why a NNN lease isn't always mailbox money.

Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.

Further reading:

https://www.thepromote.com/p/jpmorgan-s-roosevelt-play

https://www.thepromote.com/p/attack-of-the-nepo-babies-ballast-s-clean-up-crew#for-whom-the-bell-tolls

https://www.nytimes.com/2000/06/01/nyregion/judge-rules-against-milsteins-in-roosevelt-hotel-dispute.html

https://www.newyorker.com/magazine/2025/01/27/norman-foster-profile

https://www.bloomberg.com/news/articles/2025-07-16/starwood-strikes-2-2-billion-real-estate-deal-with-brookfield

This week, we discuss the great changing of the guard at real estate dynasties – the 2nd and 3rd gens are taking the helm of some of the industry's most prominent families and are doing their best to position themselves as serious people. We then head west for some California love – CEQA, the environmental law that was turned into a tool to torpedo new developments, has been gutted. And finally, we chronicle the taking of 625 Madison Ave, an office tower that became a battleground for some of New York's biggest titans, from Ben Ashkenazy to Related.

Sponsor: This episode is sponsored by Vesto, which gives CRE players a single, clear point of access for all their bank accounts. Go to vesto.com to learn more.

Further reading:
CEQA: https://www.latimes.com/homeless-housing/story/2025-07-01/what-will-the-new-change-to-ceqa-do
625 Madison: https://www.thepromote.com/p/the-promote-arbor-responds-wire-fraud-nostalgia#the-taking-of-madison-six-two-five
https://www.wsj.com/real-estate/commercial/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32
Nepo Babies: https://www.thepromote.com/p/elliott-backing-rxr-megadeal-shvo-business-in-miami-beach#run-rudin-run
https://therealdeal.com/magazine/june-2025/the-house-of-rudin/
https://commercialobserver.com/2025/05/samantah-rudin-michael-rudin-100-years/

We break down CRE's fear & loathing stemming from Zohran Mamdani’s improbable win in the New York City mayoral primary. Players have pulled the plug on deals and are devising a "retreat & resist" strategy. We then dive into the mechanics of a particularly juicy offshore hotel transaction – Hyatt is selling Playa Properties in a $2 billion asset-light megadeal. And finally, we head back to New York: a coveted casino license is up for grabs, and developers are doing whatever they can to score it.

Favors:
1) Write us a review: On Apple, Spotify, or wherever you get your pods
2) Tell Prof G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/
3) Tell your CRE junkie friends about us

Further reading:

1) https://www.thepromote.com/p/cre-s-mamdani-triage-fbi-comes-at-syndicator#retreat-resist-cr-es-mamdani-triage
2) https://www.wsj.com/us-news/nyc-real-estate-mayor-eric-adams-zohran-mamdani-21cf617f 
3) https://therealdeal.com/new-york/2025/06/27/eight-bidders-submit-new-york-casino-bids/ 
4) https://therealdeal.com/magazine/new-york-march-2017/day-in-the-life-of-ryan-williams/ 

This week, we dive into Carlyle's attempt to stitch together an empire of Brooklyn walk-ups and how it illustrates the REPE giant's playbook. We then examine mortgage fraudster Barry Drillman's get-out-of-jail-free card, a feat of game theory and cooperation with the feds. We hit the real estate battlefields in the war between luxury leaders LVMH and Kering, looking at their race to snap up the world's most coveted corners (and hotel chains). Finally, we head north to the TSX to riff on Meyer Orbach & Josh Gotlib's attempt to IPO a prime Manhattan residential portfolio.

Favors:
1) Leave us a review: On Apple, Spotify, or wherever you get your pods
2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/
3) Tell your CRE junkie friends about us

Further reading:

https://www.thepromote.com/p/madison-s-fannie-absolution-carlyle-s-walk-up-wonder#carlyles-walk-up-wonder
https://www.thepromote.com/p/drillman-s-great-escape-the-magnificent-chapter-seven
https://www.thepromote.com/p/the-usual-suspects
https://www.thepromote.com/p/the-promote-sutton-in-his-fifth-element-syndicators-in-default-city#sutton-in-his-fifth-element
https://www.wsj.com/real-estate/commercial/louis-vuitton-lvmh-real-estate-communities-47aa1d55?gaa_at=eafs&gaa_n=ASWzDAhyKkxce1gly_M_2dLfZa3eLrYtoIUQfyBH9nxqu-dwt-w0KBoOwgc5u-eo6Mc%3D&gaa_ts=6864d777&gaa_sig=LETuj6u5U5dynKdSfuWScyQUv4SZlE__W5l3whZ1vnuFjVt4r07yB_t5-U0knv-MRtPj-vCgxfBDByp3_mWpqA%3D%3D
https://www.thepromote.com/p/the-promote-multi-megabets-lvmh-s-re-weaponry#lvm-hs-real-estate-artillery
https://www.bloomberg.com/features/2024-lvmh-bernard-arnault/?srnd=homepage-americas&utm_campaign=multi-megabets-lvmh-s-re-weaponry&utm_medium=referral&utm_source=www.thepromote.com
https://www.thepromote.com/p/orbach-gotlib-s-loonie-tunes-mamdani-s-comrade-capitalism#loonie-tunes-orbach-gotlib-head-to-

This week, data center pioneer and DigitalBridge CEO Marc Ganzi walks Will & Hiten through 2 defining transactions in the space: The $11B take-private of Switch, and the "metaphorical lockbox" financing for cloud-computing player CoreWeave, one of the largest-ever private debt financings. Ganzi gives us an insider look at the numbers, real estate intricacies and capital markets maneuvers that went into both deals – this is "how the sausage gets made" stuff in one of the fastest-growing and least-understood corners of the business.

A shout-out to our sponsor for this episode, NYC-focused developer MADDPROJECT. They've launched a New York resi development fund open to accredited investors, and you can reach out to [email protected] for more information on it.

Further reading

https://www.wsj.com/tech/ai/coreweave-raises-7-5-billion-in-debt-for-ai-computing-push-99fd2241
https://www.datacenterdynamics.com/en/news/digitalbridges-switch-exploring-40-billion-ipo-report/
https://www.digitalbridge.com/news/2022-12-06-digitalbridge-and-ifm-investors-complete-11-billion-take-private-of-switch
https://therealdeal.com/new-york/2021/05/18/how-marc-ganzi-bet-colony-capitals-future-on-the-next-gen-economy/

This week, Will & Hiten dive deep into the movement of the moment: AUM gobbling ™️ We break down the Sixth Street/L+M transaction, and how allocator preferences are driving this wave of M&A in commercial real estate. We then look at restaurateur Greg Flynn’s 🌮 basis bets in the SF CRE market – a man w/ deep pockets ™️ taking advantage of the bargains by the Bay. And finally, we tackle the financialization of the American Dream – i.e. a new lender-assisted EB-5 vehicle.

Favors:
1) Leave us a review: On Apple, Spotify, or wherever you get your pods
2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/
3) Tell your CRE junkie friends about us

Further reading:

https://commercialobserver.com/2025/06/sixth-street-l-m/
https://www.crainsnewyork.com/article/20170611/REAL_ESTATE/170609858/ron-moelis-is-the-king-of-affordable-housing-but-his-ties-to-nyc-deputy-mayor-alicia-glen-made-him-a-target
https://www.thepromote.com/p/warehouse-lender-lifelines-cre-s-m-a-consiglieres#real-estates-ma-consiglieres
https://www.thepromote.com/p/syndicator-extremes-a-kushy-eb-5-triumph#kushner-taps-new-eb-5-lender-assist
https://www.thepromote.com/p/trump-s-eb-5-killer-ross-drunken-sailor-playbook#potus-eb-5-out-gold-card-in
https://sfstandard.com/2025/05/30/greg-flynn-san-francisco-market-center-sale/
https://www.thepromote.com/p/men-with-deep-pockets-realpage-s-federal-lifeline#men-with-deep-pockets

This week, Hiten & Will are joined by Benefit Street Partners' Michael Comparato, who gives us an insider's look into the wild world of lending to multifamily syndicators. Comparato provides unvarnished, behind-the-scenes details on the conversations, numbers and battles that define lending in such a high-octane space – it's a level of candor and color that we rarely see from active lenders. He then walks us through BSP's headline-grabbing $425M acquisition of agency lender NewPoint, and the opportunities in that space.

Favors:
1) Leave us a review: On Apple, Spotify, or wherever you get your pods
2) Tell Scotty G about us: Go to ProfG's Reddit page and tell him he's gotta have us on to talk CRE: https://www.reddit.com/r/ScottGalloway/
3) Tell your CRE junkie friends about us

Further reading:

https://www.thepromote.com/p/hfc-post-mortem-nuveen-s-american-nightmare
https://www.thepromote.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#baby-did-a-bad-bad-thing
https://www.thepromote.com/p/anatomy-of-the-newpoint-deal-the-big-bank-battle-of-chetritstan#anatomy-of-a-deal-bsp-new-point
https://www.thepromote.com/p/the-promote-quiet-kings-of-capital-pt-ii-nycb-s-multi-mess

Find Michael Comparato at LinkedIn https://www.linkedin.com/in/michael-comparato-b2126b172/ or at Benefit Street Partners https://benefitstreetpartners.com/