The TreppWire Podcast: A Commercial Real Estate Show

In a special guest episode of The TreppWire Podcast, we are joined by the pioneer of commercial real estate finance, Ethan Penner. Mr. Penner, known as the creator and 'father' of CMBS back in the 1990s, breaks down the lessons he learned through his life in CRE. We discuss the S&L crisis, guard rails for new market entrants, the cause of the Great Financial Crisis, how CMBS got started, and Ethan's new book. We also get to hear a bit about his famous rock 'n' roll parties. Tune in now.

This episode is sponsored by The Henley Group: https://www.thehenleygroup.com/

Order Ethan Penner's book, "Greatness is a Choice," for pre-sale now: https://www.amazon.com/Greatness-Choice-Ethan-Penner/dp/1394185758

Episode Notes:

- The story behind "Greatness is a Choice" (1:50)

- How the 'father' of CMBS got his start (4:50)

- The Savings & Loan Crisis (8:57)

- Ethan Penner's creation of CMBS (9:25)

- The Nomura moment: convincing a frightened market (13:27)

- The intersection of life and work (16:08)

- Guard rails for new CRE market entrants (17:07)

- Today's market: what is a disrupter? (25:45)

- The cause of the Great Financial Crisis (32:25)

- Walking the walk (38:37)

- "Slaying the Dragon" and Ethan's family reaction to his new book (40:30)

- The rock 'n' roll banker (42:55)

Questions or comments? Contact us at [email protected].

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In this week’s episode of The TreppWire Podcast, we break down the post-Fed decision discussion – with the focus on the Dot Plot and the 'higher for longer' narrative. In CRE, we take on the hot (but not hot enough) topic of insurance, discuss a REIT bankruptcy filing, share office crabgrass, and more multifamily comps with interesting cap rates. Tune in now.

Episode Notes:

- Post-Fed decision discussion: Dot Plot, higher for longer (0:23)

- Signature Bank CRE portfolio (8:12)

- Insurance expenses (11:37)

- Office (mostly) crabgrass (16:30)

- Retail (32:23)

- Multifamily comps (39:43)

- Shoutouts (42:24)

Questions or comments? Contact us at [email protected].

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Facebook: www.facebook.com/TreppLLC

In a special guest episode, we welcome Twitter CRE sensation, StripMallGuy. After a successful career as a value-add retail buyer, StripMallGuy added the title of influencer to the resume. Here, we discuss the ins and outs of strip malls, how to balance social media and the day job, breaking into the industry, and more. Tune in now.

The episode is sponsored by The Henley Group: https://www.thehenleygroup.com/

Episode Notes

- Behind StripMallGuy (0:23)

- Why strip malls? (5:05)

- Adjusting to tighter credit conditions and a resilient consumer (6:15)

- Balancing social media and the job (8:50)

- Position as a value-add buyer (13:26)

- "We don't 1031, we don't cost seg, we don't finance on the front-end of the deal..." (16:51)

- The no-nos: Chick-fil-A, dry cleaners, & karate (21:07)

- Mom & pop vs. national tenants (23:59)

- Rookie mistakes (28:13)

- Negotiating: LOI vs. signed contracts (32:09)

- StripMallGuy's 'Black Swan' Event (36:07)

- Converting mom and pop to triple net lease structure (38:54)

- What would StripMallGuy be doing if not in CRE? (41:56)

- Best thing about NYC (42:25)

- HOAs (43:38)

Questions or comments? Contact us at [email protected].

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Facebook: www.facebook.com/TreppLLC

In this week's episode, we break down the latest economic data and share several large commercial real estate stories. Starting with the news of more companies downsizing their office space, and closing with multifamily comps, we'll dive into the stories we've been tracking (some for many years). We also discuss note sales vs. loan extensions. Tune in now.

Episode Notes:

• Economic update: inflation, gas prices (0:23)

• Office news to know (10:28)

• Note sales or extensions? (19:59)

• Hotel headlines (34:50)

• Multifamily comps (40:33)

• Shoutouts (43:05)

Questions or comments? Contact us at [email protected].

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LinkedIn: www.linkedin.com/company/trepp

Facebook: www.facebook.com/TreppLLC

Is there a soft- or crash-landing looming? In this week’s episode of The TreppWire Podcast, we discuss a healthy pause in the markets, and debate whether something darker is lurking. Rising unemployment numbers and depleted household savings don’t deter the commercial real estate green shoots, and we even see positive signs for the California office market. We also break down the FDIC sale of Signature Bank’s loans, and share multifamily, retail, hotel, and industrial news. Tune in now.

Episode Notes:

Economic update: stocks, jobs (0:23)

FDIC loan sale (9:45)

Positive office stories (13:57)

Other happenings in office (20:45)

Apartment sale and multifamily stories(28:45)

Retail news (35:18)

Hotel sale (38:37)

Industrial story (42:02)

Shoutouts (44:53)

Questions or comments? Contact us at [email protected].

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Facebook: www.facebook.com/TreppLLC

In this week’s episode, we break down signs of positivity and weakness in the economic markets. We cover our latest CMBS delinquency data and examine CRE exposure to a potential Rite Aid bankruptcy. We have news to share for all the major CRE property sectors including an office valuation reduction, a development for a mall in Puerto Rico, industrial and apartment comps, and news for hotels. Tune in now.

Episode Notes:

• Economic update (0:23)

• Rite Aid bankruptcy (8:51)

• CMBS delinquency report (11:54)

• Multifamily portfolio sale (13:57)

• Apartment comps (16:01)

• Office news (18:35)

• Office value reduction (27:54)

• Industrial comp (30:28)

• Puerto Rican mall loan development (33:40)

• Mall loan sale (37:02)

• Hotel & casino story (39:09)

• Quick hits: office and student housing (45:

• Shoutouts (47:54)

Questions or comments? Contact us at [email protected].

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LinkedIn: www.linkedin.com/company/trepp

Facebook: www.facebook.com/TreppLLC

In this special guest episode of The TreppWire Podcast, Bob Knakal, Head of NY Private Capital Group at JLL, and legendary NYC CRE sales broker, joins the team to give a data-driven state of the market. We talk about data that moves the market, liquidity in the current environment, transaction volume stats, retail green shoots, public policy, Seinfeld, and much more. Tune in now.

Episode Notes:

- Knakal by the numbers (2:49)

- Liquidity in the current environment (4:37)

- What impacts transaction volume? (8:09)

- Comparison of past crises; when does risk come back on? (12:25)

- How do you serve the market with data? (16:35)

- Complexity of NYC data (19:15)

- How's the market? (23:42)

- Data that moves the market (28:06)

- How does your day differ today from 20 years ago?(37:10)

- The Map Room (40:05)

- NYC public policy (46:15)

Questions or comments? Contact us at [email protected].

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LinkedIn: www.linkedin.com/company/trepp

In this week’s episode, we decide if the glass was half-full or half-empty when it came to retail earnings, interest rates, and other macro news. We dig into several large stories for CRE: retail loans resolved with losses, multifamily comps, apartment loans heading to special servicing, and office valuation reductions. Tune in now.

Episode Notes:

• Economic update (0:23)

• Retail stories (12:54)

• Multifamily news (23:12)

• Office headlines (31:45)

• Industrial green shoot (41:23)

• Bank downgrade assessment (43:37)

• Shoutouts (45:17)

Questions or comments? Contact us at [email protected].

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Facebook: www.facebook.com/TreppLLC

Retailers and banks were the focus this week as retail sales and earnings dominated the news and talks of higher capital requirements for banks took a bite out of bank shares. In this week’s episode of The TreppWire Podcast, we back the latest macroeconomic news into commercial real estate and discuss if we think CRE is on an island of its own. We dive into a mix of office stories, multifamily news, retail headlines, and new loan originations Tune in now.

Episode Notes:

• Economic update (0:23)

• Backing the macro into CRE: CRE is an island (9:41)

• Office stories across the board (15:16)

• Multifamily news (31:14)

• Retail stories (35:31)

• Recent loan originations (36:40)

• Office comps (40:31)

• Shoutouts (42:07)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: www.twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp

Facebook: www.facebook.com/TreppLLC

This week, economic data suggested the Fed might actually pull off a soft landing, but that won’t come without some turbulence. In this episode, we talk about the WeWork news and the firm’s CRE exposure, where investors can hide amid growing market distress, and the latest macroeconomic data. We also break down a potpourri of office stories, and some news for healthcare and industrial properties. Tune in now.

Episode Notes:

• Economic update (0:23)

• Small balance delinquencies (9:41)

• WeWork news and CRE exposure (15:27)

• Office stories (22:26)

• Retail store closings (39:50)

• Healthcare story (41:50)

• Industrial deal (46:57)

• Shoutouts (49:13)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: www.twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp

Facebook: www.facebook.com/TreppLLC