In this week's episode of The TreppWire Podcast, we discussthe recent economic headlines we’ve seen week after week – including inflation, tariffs and immigration – to continue to bring you fresh perspectives on why matter for the commercial real estate (CRE) markets. We discuss the GSA office property data behind the properties they want might want to sell, analyze the impact of the trade wars on the industrial market, and do a deep dive into the concept of anticipatory value. We share our latest CMBS Delinquency numbers before turning to notable credit stories from the week, including crabgrass and green shoot office stories, as well as retail and mixed-used property stories. Tune in now.

This episode is sponsored by ⁠BetterPitch.⁠ 

Episode Notes

- Economic Update: Inflation, Tariffs, ADP Job Report, Beige Book (0:27)

- GSA Office Property Data (9:59)

- Impact of Trade War on Industrial (15:34)

- Anticipatory Value 101 Segment (18:55)

- Trepp February Delinquency Report (23:33)

- Office Stories: Crabgrass & Green shoots (29:08)

- Retail Stories: Target, Staples, Natick Mall Loan (35:19)

- Mixed-Use Property Loan Extension (40:35)

- Programming Notes (41:58)

- Shoutouts (45:00)

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In a special guest episode of The TreppWire Podcast, we welcome Bill Sexton, CEO of Trimont, to discuss Trimont's landmark acquisition of Wells Fargo’s non-agency third-party commercial mortgage servicing business. This deal makes Trimont the largest loan servicer in the U.S., managing approximately 11% of all U.S. commercial real estate (CRE) debt. Bill provides insights into why this acquisition was a strategic move, how it reshapes the competitive landscape, and what it means for bondholders, investors, and the broader CRE market. He also shares perspectives on the evolving role of AI, data aggregation, and technology in loan servicing, as well as the challenges and opportunities in today’s CRE finance environment. Visit https://trimont.com/ today to learn more. Tune in now.

Episode Notes:

• Bill Sexton Background (0:23)
• Trimont’s Acquisition of Wells Fargo’s Servicing Business (1:16)
• Impact of the Acquisition on CRE Market (4:27)
• Technology & AI in Loan Servicing (6:26)
• Future Strategy, Growth, & Organizational Changes (9:46)
• Careers in Loan Servicing & Global Opportunities (15:48)
• Lessons from the Acquisition (23:45)
• Market Outlook (27:56)

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In this week's episode of The TreppWire Podcast, we analyze recent economic indicators showing mixed signals, including declining consumer confidence at an 8-month low and the Fed's expected rate path through 2025. We examine the impact of new tariffs on market volatility and discuss recent high-profile CRE deals, including Apollo's acquisition of Bridge Investment Group. We break down notable appraisal value reductions across office, mixed-use, and retail sectors, the latest Mall of America appraisal showing a 14% reduction. We also review Microsoft's pullback from datacenter leasing amid their quantum computing breakthrough and analyze a flurry of industrial sector activity across the U.S. Tune in now.

 This episode is sponsored by ⁠BetterPitch

Episode Notes

- Economic Update - Consumer Confidence & Market Uncertainty (0:29)

- Mixed-Use Atlanta Value Reduction (23:41)

- Retail Value Reductions in Denver and Bloomington, MN, and a $30M transaction in Braintree, MA (29:06) 

- Office: $49M financing for a midtown Manhattan office and a $38M transaction in Irvine, CA (35:06)

- Industrial: acquisitions in Uxbridge, MA, Sumner, WA, Las Vegas, Nashua, NH, and Weston, FL (37:55) 

- Programming Notes (43:52)

- Shoutouts (45:19)

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In this special guest episode of The TreppWire Podcast, we are joined by Michael Bull, founder and CEO of Bull Realty, and host of America’s Commercial Real Estate Show. With over 35 years in commercial real estate and more than $8 billion in transactions, Michael shares insights from his journey from leasing apartments while in college to running a successful brokerage licensed in 8 states. We discuss how integrity and quality service have been the cornerstones of his business through multiple market cycles, and how creative problem-solving helps close complex deals. Michael offers his perspective on the current office market, predicting it may be "the buy of the decade" despite current challenges. We also explore his experience hosting America's Commercial Real Estate Show for over 14 years, and how it has sharpened his industry expertise. Tune in now.

Episode Notes:

- Michael's Journey into Commercial Real Estate (01:24)

- Building a Brokerage on Integrity (3:30)

- Navigating Market Downturns (6:29)

- The Future of the Office Market (13:35)

- Hosting America's Commercial Real Estate Show (20:27)

- Life Outside of Real Estate (24:47)

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In this week’s episode of The TreppWire Podcast, we examine the Fed's latest signals on interest rates, covering the evolving inflation landscape and newly proposed bank capital requirements that could reshape CRE lending. We review Walmart's lower-than-expected 2026 fiscal guidance and potential impacts of tariffs on retail spending. We explore DOGE's aggressive push on government lease terminations and analyze GSA data showing over 2.3 million square feet of terminated space. We dive into several notable special servicing transfers for office and lodging and an office value reduction. We also discuss CMBS maturities and issuance in 2025 and recent retail store closures. Tune in now.

Episode Notes

- Economic Update (1:25)

- Walmart Earnings & Retail Outlook (3:59)

- GSA Lease Developments & DOGE’s Aggressive Push (7:59)

- Trepp Connect (in NYC) Conference (16:30)

- CMBS Maturities & Issuance in 2025 Report (20:04)

- Office Trading Alerts: Chicago & Philadelphia Loans Transferred to Special Servicing, & Another Chicago Loan Reappraisal (30:59)

- Lodging Trading Alert: Midtown Manhattan Loan Transferred to Special Servicing (39:48)

- Retail Updates & Forever 21 Store Closures (41:37)

- Programming Notes (44:45) 

-Shoutouts (46:16)

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In this week's episode of The TreppWire Podcast, we analyze January's hotter-than-expected CPI print and Fed Chair Powell's Congressional testimony on rate cuts. We break down the mechanics of recourse loans and personal guarantees in distressed deals, like The Hotel Carter near Times Square. We then examine three major office refinancing deals in Midtown Manhattan totaling over $2.8 billion. We also dig into DOGE's federal real estate reduction strategy and its implications for commercial real estate, particularly in the DC market. We also discuss a few retail stories including Joann Fabrics' closing of 500 stores, Blackstone's $4 billion retail portfolio acquisition, and Party City's hundreds of lease rejections. Plus, we introduce TreppAI, our new artificial intelligence-powered search tool. Tune in now.

Episode Notes:

- Economic Update: CPI Print, FedWatch, & Capital Markets (1:31)

- Recourse Loans 101 & America’s Dirtiest Hotel  (13:19)

- Positive Office News in Midtown Manhattan (23:04)

- DOGE’s Federal Real Estate Cuts & Implications for CRE (29:34)

- Retail store closures, acquisitions, and redevelopments (36:30)

- Trepp Connect (in NYC) conference in Rockefeller Center in May (42:10)

- New TreppAI Search Feature & Examples (44:00)

- MBA CREF25 & Shoutouts (47:43)

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In this special guest episode of The TreppWire Podcast, we are joined by Scott Douglass, Co-Founder and Co-Chief Investment Officer at Prime Finance. Scott shares his extensive experience in the commercial mortgage-backed securities (CMBS) space and breaks down the evolution of B-piece buying from the '90s to today. We examine how past crises can provide a critical lens when assessing today’s market. Scott explains how the Great Financial Crisis reshaped the CMBS market and the role of the B-piece, and shares lessons from that time period that remain relevant in today's market. We also dive into the CMBS issuance data and provide insight into what the numbers show over time. Tune in now.

Episode Notes:

- Background in commercial real estate securitization (1:29)

- Launch of Prime Finance (4:42)

- Insights into the origins of the B-piece buyer role (6:02)

- Lessons from the 90s and early 2000s (9:40)

- CLO issuance numbers & predictions for 2025 (12:06)

- CMBS issuance expected in 2025 (15:45)

- Risk retention in the CMBS market (18:30)

- Thoughts on office, hotels & data centers (25:10)

- SASB deals in 2024 & 2025 (34:40)

- Importance of having a strong platform (37:33)

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In this episode of The TreppWire Podcast, we dive into economic data and headlines of the week, including manufacturing and job openings figures, the implications of tariffs on the CRE market, and the thought that lending standards for commercial real estate (CRE) may be tightening. We discuss the inflection point for the office market after seeing some increased optimism and signs of activity, especially in NYC. We talk Blackstone’s big Midtown Manhattan office buy, the largest office-to-residential conversion in the U.S., as well as recent stories at Manhattan’s MetLife Building. In retail, we cover Walmart’s mall purchase and Amazon’s physical store closures. We reflect on the narrative for apartments and the multifamily market at large, after the NMHC 2025 Annual Meeting. We wrap up the episode with our thoughts on the Super Bowl and highlight Kansas City, Philadelphia, and New Orleans market data from TreppCRE. Tune in now.

Episode Notes:

Economic Update (0:27)

Tariffs & Other Headwinds Impacting the Market (3:35)

Office Sector Activity (10:54)

Blackstone NYC Midtown Office Buy (13:16)

Largest Office to Resi Conversion in the U.S. (17:00)

Refinance at 3 Bryant Park (21:02)

Irvine Loan for Manhattan’s MetLife Building (25:24)

Walmart Pennsylvania Mall Purchase in Pennsylvania (28:07)

Amazon’s Physical Store Locations Closing (30:02)

Equinox is Becoming the Largest Retail Tenant in Manhattan (33:39)

NMHC 2025 Annual Meeting Recap (35:01)

Credit Stories in California & Texas (40:13)

Slice of Life: Kansas City vs. Philadelphia + Market Overview (42:37)

Trepp Connect (in NYC) on May 13-15, 2025 (46:31)

Shoutouts (49:16)

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- DeepSeek and its market-moving debut (1:23)

- Return to office & Trump’s resignation offer for federal workers (8:12)

- Office activity: Amazon’s record-breaking lease in Miami (18:05)

- Rye Brook, NY Office Loan value reduction (25:09)

- Falls Church, VA Office loan sent to Special Servicing (31:22)

- Chicago Retail loan value reduction (33:19)

- West Palm Beach, FL Retail sales transaction (39:39)

- Multifamily transactions in Arizona, Florida and Colorado (41:09)

- Programming notes (46:00)

- Shoutouts (47:15)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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In this special guest episode of The TreppWire Podcast, we are joined by Ulysses Awsumb, Head of Research, and Melody Wright, Contributing Writer at MacroEdge, as well as Rachel Szymanski, Trepp’s Chief Economist, to discuss the current state of the real estate market and challenge common narratives. Drawing from their extensive research and on-the-ground observations, they share insights on

Episode notes:

- Introduction to MacroEdge and Guest Backgrounds (0:21)

- Current Housing Market Headlines and Executive Orders (5:43)

- Housing Shortage Narrative (8:29)

- Market Demographics and Population Shifts (21:28)

- Affordability Challenges and Market Misallocation (24:57)

- Key Factors Preventing Home Ownership (33:45)

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