The TreppWire Podcast: A Commercial Real Estate Show

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)

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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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In this episode of The TreppWire Podcast, we discuss recent economic headlines, including AI spending, optimism in commercial real estate (CRE), and Trump’s return to office executive order for federal workers. We share scenarios on what could happen with this mandate and preview an analysis on GSA exposure and the respective average rent per square foot. We then turn to the privatization of Fannie Mae & Freddie Mac and discuss its potential impact on CMBS issuance. In a digging through the data segment, we look at maturities by property type and dive into multifamily issuance, delinquency, and trends. We close the episode with credit stories and office leasing transactions, including Bloomingdale’s closing its flagship store in San Francisco, and Blackstone buying the Kimpton Hotel Eventi in New York City. Tune in now.

Episode Notes:

- Economic Update (0:28)

- Trump’s RTO mandate for Federal workers (7:27)

- GSA exposure analysis (10:27)

- Fannie Mae & Freddie Mac privatization (13:12)

- Digging through the data: multifamily issuance, delinquency, and trends (23:00)

- Credit Stories (28:05)

- Office Leasing Stories (32:39)

- Bloomingdale’s closing its flagship store in San Francisco (36:57)

- Blackstone buying the Kimpton Hotel in New York City (40:49)

- Industrial property acquisition in Queens, NY (41:51)

- Programing notes (43:41)

- Shoutouts (44:36)

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In this episode of The TreppWire Podcast, we review the themes, discussions and key takeaways from CRE Finance Council (CREFC)’s January 2025 conference. We also analyze the latest economic data including the increase in both the Consumer Price Index and the Producer Price Index, the rise in jobless claims and the pickup in economic activity reported by the Fed’s Beige Book. We review the bank earnings reported on the 15th, discuss the California wildfires and real estate taxes, and Local Law 97 in NYC. We then go over two trading alerts about special servicing transfers and review some notable multifamily, office, retail and industrial sales transactions. Tune in now.

Episode Notes:

- CREFC January 2025 Conference themes & takeaways

- Last week's Jobs Report (5:28)

- Bank earnings reports – JPMorgan, Wells Fargo,

- California Wildfires, Real Estate Taxes & Local Law

- Self-storage trading alert: Self-Storage Portfolio SASB

- Lodging trading alert: Montauk Lodging Loan Heads to

- Sales transactions: Multifamily in NC, Office in NYC,

- Programing Notes (47:24)

- Shoutouts (48:19)

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In this special guest episode of The TreppWire Podcast, we are joined by David Auerbach, Chief Investment Officer at Hoya Capital to discuss the current state and future of the Real Estate Investment Trust (REIT) sector. David shares his

- Introduction to REITs and David’s Background (0:19)

- Current Trends in the REIT Sector (07:25)

- Long-Term Investment Perspectives in REITs (13:14)

- The Power of Compounding Dividends (19:24)

- Understanding the REIT Market Dynamics (25:07)

- Exploring the Single-Family Rental Market (27:54)

- The Evolution of Retail (37:51)

- A Deep Dive into Healthcare REITs (44:56)

- Looking Ahead to 2025 (49:44)

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Happy 300th episode of The TreppWire Podcast! In this week’s milestone episode, we are here to share the data behind the headlines. We first reflect on the wildfires in California and the potential impact on real estate, insurance costs, and the market at large. We ‘dig through the data’ into office originations to provide transparency into the performance of the sector. We also provide insight into stories across office, lodging, and multifamily – including a juicy $500k/unit apartment property transaction. Stick around to hear how to enter our podcast giveaway. Tune in now.

This episode is sponsored by ⁠EisnerAmper⁠.

Episode Notes:

- Episode 300 Milestone (0:27)

- Economic update (2:53)

- California Wildfires and Prop 13 (3:52)

- Office loan originations (10:59)

- Office stories: value reduction in NYC and sales transactions in Dallas and Chicago (21:51)

- Multifamily: juicy transaction in Virginia, for $500k/unit, and another acquisition in Florida

- Lodging: special servicing transfer in Florida and a sales transaction in Virginia (37:56)

- Programing notes & triple giveaway (44:49)

- Shoutouts (45:58)

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In this week's episode of The TreppWire Podcast, we delve into the current landscape of the commercial real estate (CRE) market, providing some much needed context for 2025. We begin by analyzing the latest CMBS delinquency data, offering our interpretations and breaking down the numbers dating back to January 2000, when Trepp first began tracking these rates. We spend some time reflecting on 2024 and provide additional predictions for the new year in terms of issuance, distress metrics, interest rates, and other factors that may impact the CRE market. We wrap up the episode with themes we saw in the credit stories we reported throughout the year and discuss where there is room for opportunities. Tune in now.

Episode Notes 

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We hope all our listeners are having a joyous holiday season and thank you all for tuning in each week. In this week's episode of The TreppWire Podcast, we take stock of the major commercial real estate (CRE) headlines of 2024 and make sense of it all with Trepp’s data. We provide our insights into both the positive and negative stories we’ve seen this year, including the maturity wall narrative, the bank sector rebound, insurance costs, and major retail bankruptcies. Diving into the data, we look at the 2024 maturity schedule, debt yield numbers, CMBS loans originated, and provide our predictions on future delinquency rates. We wrap up the episode with CRE optimism for 2025. Tune in now.

Episode Notes:

Maturity Wall (0:51)

Insurance Costs (4:55)

Retail Bankruptcies (6:45)

2024 Maturity Schedule (12:29)

Underwritten Debt Yield (14:49)

Delinquency Predictions (16:11)

Weighted Average Debt Yield for Urban Office Maturities

Banking & Lending Snapshot (30:04)

CRE Optimism for Next Year (33:39)

Preliminary December Delinquency Rate Estimates (38:00)

Programming Notes (42:10)

Shoutouts (45:02)

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