The TreppWire Podcast: A Commercial Real Estate Show

In this special guest episode of The TreppWire Podcast, we’re joined by Barrett Linburg, Founding Partner of Savoy Companies, a vertically integrated Texas multifamily platform. Barrett dives into Opportunity Zones 1.0 and 2.0, discussing his path into this type of investing, the tax benefits that have driven adoption, and what a permanent program could mean for investors, wealth managers, and future development. He also highlights Savoy’s Bishop Ridge redevelopment project in Dallas as a case study in transforming a neighborhood through urban infill development and heavy value-add renovations. We discuss Savoy’s use of AI and proprietary technology to streamline property management operations, and the lessons Barrett has learned while scaling a multifamily platform. Tune in now.  

Episode Notes 

• From mortgage broker to multifamily investor: lessons from the GFC (1:41) 

• Gut renovations vs. light value-add (6:20) 

• Opportunity Zones explained and the Bishop Ridge case study (9:06) 

• Opportunity Zones 2.0 and permanent OZ legislation (15:52) 

• Building Savoy as a vertically integrated platform (19:25) 

• AI, geofencing, and the Savoy Operating System (25:28) 

• Lessons learned and closing remarks (31:40) 

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In this week's episode of The TreppWire Podcast, we unpack a week of conflicting economic signals as hotter-than-expected inflation readings collide with a surprisingly rally in Treasury yields. We discuss the latest bank earnings results, highlighting strong loan growth alongside rising funding costs, and signs of softness in capital markets activity. In Digging Through the Data, we examine $2.9 billion in securitized CRE debt exposure across Hurricane Isaias-affected Florida counties, highlighting key geographic and property-type concentrations. We also cover several notable property stories, including the $235 million acquisition of the Chrysler Building leasehold interest in New York, Publix's ongoing strategy of acquiring shopping centers anchored by its grocery stores, and the sale of a Four Seasons resort in Scottsdale. Tune in now.

Episode notes:

- Economic Update: Inflation, Rates & Markets (0:00)

- Bank Earnings Breakdown (12:57)

- Florida CRE Risk & Hurricane Exposure (21:28)

- Chrysler Building Deal (30:53)

- Publix Acquisition Strategy (36:48)

- Scottsdale Resort Sale (39:38)

- Programming Notes (49:49)

- Shoutouts (52:10)

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In this week's episode of The TreppWire Podcast, we examine what higher financing costs mean for borrowers and investors. We break down the latest jobs and manufacturing data, pressure on Treasury yields, and what lenders are saying about leverage, underwriting, and borrowers bringing more equity to the table. We widen our look at CMBS hard maturities to the next five quarters, with roughly $78 billion coming due through the end of 2027 and $22 billion carrying debt yields at or below 8%. We discuss how a borrower can remain current and still face a refinancing gap, where maturity pressure is concentrated, and several loans we're watching. We also dig into positive and negative leverage, including why comparing cap rates with interest rates doesn't tell the whole story. We close with a $127 million multifamily construction takeout in Fort Lauderdale and Federal Realty's $508 million acquisition of The Summit in Birmingham. Tune in now.

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In this special guest episode of The TreppWire Podcast, we are joined by Stefanie Stewart, Senior Vice President and Head of Real Estate Investments at Voya Investment Management. Drawing on nearly two decades of CRE lending experience, Stefanie discusses how lessons from the GFC continue to shape lending decisions and how Voya’s platform has evolved to meet today’s market. She shares the firm’s approach to deploying capital across stabilized, transitional, and floating-rate debt strategies, why industrial remains a core conviction, and why today’s market requires a stressed-sponsor rather than a stressed-asset approach. We also explore opportunities and headwinds across office and data center lending, as well as the growing role of AI in market analysis and investment decision-making. Tune in now.

Episode Notes

• CRE lending through market cycles (2:51)
• Stressed assets vs. stressed sponsors (7:07)
• Evolution of insurance company lending (8:15)
• Bridge, transitional, and core debt strategies (10:36)
• Office market risks and recovery outlook (14:47)
• Industrial real estate opportunities (18:01)
• Capital markets and borrower flexibility (21:24)
• Career advice, relationships, and industry shoutouts (23:29)
• AI and technology in CRE finance (25:43)
• Closing remarks and contact information (27:13)

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In this week's episode of The TreppWire Podcast, we explore the latest economic data and what rising Treasury yields could mean for commercial real estate as the Fed weighs its next move. We dig into Bain's estimate of a $4.2 trillion AI revenue gap and what it could mean for the data center boom, revisit New York City's pied-à-terre tax, and examine how rising construction costs are putting development projects on hold. In Digging Through the Data, we analyze $4.7 billion in October CMBS hard maturities, including the growing disconnect between loans that remain current today and those that may face refinancing challenges ahead. We close with the latest deals, including Torchlight's $238 million Doral financing, Morgan Stanley's major Dallas expansion, the Apple Sunnyvale maturity default, and an 81% loss severity on a Houston office loan.

Episode notes:

• Introduction

• Economic Data & Treasury

• Avalon Bay Merger Repricing Discussion

• AI Infrastructure Investment Revenue Gap

• NYC Luxury Tax Ruling Update

• Construction Cost Impact

• Digging Through the Data: CMBS Hard Maturities Analysis

• Recent Deals

• Programming Notes & Shoutouts

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In this week’s episode of The TreppWire Podcast, we break down the 10-year Treasury moving above 5%, rising oil and diesel prices, persistent inflation, and the latest Fed commentary. We also dig into growing resistance around the AI buildout, from wider spreads on AI-related debt to Texas pausing state-issued data center permits.

In Digging Through the Data, we compare Marriott- and Hilton-flagged hotels to see what’s really driving loan performance. We also cover a $180 million student housing refinancing, a dramatic Chicago office appraisal decline, BREIT’s proposed $1.71 billion industrial refinancing, two highly occupied malls facing very different financing outcomes, and a Hyatt loan entering special servicing. Tune in now.

Episode notes:

• Intro
• Economic Update
• Diesel Prices & Fed Commentary
• AI Debt & Data Center Pushback
• Marriott & Hilton Hotel Loans
• Student Housing & Office Stories
• Industrial, Retail & Lodging
• Programming Notes & Shoutouts

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In this special guest episode of the TreppWire Podcast, we are joined by Joey Chilelli, partner at Vanbarton Group and one of New York City's most active office-to-residential conversion developers. Joey makes the case that the split between Class A space and everything else is structural rather than cyclical, walks through how Vanbarton has underwritten conversions since 2011, and explains what actually determines whether a building pencils, from going-in basis to exit on a per-unit level. He also covers the timeline advantage over ground-up development, how the lender group has widened from a handful to dozens, the role of City of Yes and 467M in growing the pipeline, and why he believes conversions are here for the long term. Tune in now.

Episode Notes

• (00:00) Intro
• (01:19) Joey's Path into CRE
• (02:50) State of the Office Market
• (07:10) Conversion Pipeline & NYC Incentives
• (16:13) Underwriting & Financing
• (21:59) Resident Experience & Renewals
• (25:20) Which Buildings Convert & the Vanbarton Team
• (32:28) The Next Five Years & Outro

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In this week's episode of The TreppWire Podcast, we break down the Fed's unanimous 25-basis-point hike, its first increase in three years, and what a 10-year Treasury above 5% means for CRE when oil, not demand, is driving inflation. We cover a robust retail sales report, businesses struggling to set prices, and new termination risk in GSA leases from anti-DEI provisions. We dig into new Trepp research on $6.6 billion of industrial CMBS exposure tied to Amazon and FedEx, including FedEx lease rollover ahead of loan maturity. We also discuss Hines and Rialto's $1.1 billion office credit fund, a partial office-to-residential conversion in Lower Manhattan, a major LA office extension, a Manhattan office transfer to special servicing, and new data center and retail deals. Tune in now.

Episode notes:

• (00:00) Intro & Economic Update
• (22:38) Federal Government Lease Risk
• (27:37) Hines & Rialto $1.1B Office Fund
• (30:22) Amazon & FedEx Industrial Exposure
• (41:04) Office: Conversion, Extension & Transfer
• (49:10) Data Center & Retail Deals
• (54:25) Programming Notes
• (56:27) Shoutouts

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In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, we dig into why today’s CRE market can seem so contradictory and what the data says when you look beyond the national headlines. We break down the three clocks driving CRE today: property performance, capital markets, and credit. We examine the uneven Western office recovery, life sciences distress, why Western multifamily is outperforming the Sun Belt despite a $30.6 billion maturity test, and whether self-storage is flashing an early warning for housing. Plus, we follow two properties through very different cycles to show how performance, value, and credit can tell completely different stories. Tune in now.

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In this special guest episode of The TreppWire Podcast, we are joined by Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE and host of CBRE's podcast, The Weekly Take. Spencer shares how his diverse career spanning law, investment banking, and capital markets shapes his perspective on the commercial real estate industry and the trends influencing today's market.

Throughout the conversation, Spencer emphasizes the value of relationships, communication, and strategic thinking, particularly in landlord-tenant dynamics and business decision-making. He offers insights into the current commercial real estate environment, discussing the impact of sustained high interest rates and the industry's growing focus on NOI growth and revenue generation over exit cap rates. Spencer also explores the power of storytelling, drawing on his experience hosting The Weekly Take, and explains how podcasting has expanded his network, credibility, and reach across the industry. Tune in now.

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