No Cap by CRE Daily
No Cap by CRE Daily is a commercial real estate podcast that covers a $20 trillion industry shaping America's economy and culture. Each week, co-hosts Jack Stone and Alex Gornik break down the latest industry headlines and the money game behind them. They are joined by influential and entertaining figures from the world of commercial real estate. The show offers an unfiltered, "No Cap" look at the biggest trends driving the market.
Episodes
Encore: Bob Knakal - What It Takes To Be A Successful Broker In NYC
From the No Cap vault, we’re bringing back the episode that became our most-watched conversation ever.
Bob Knakal had already closed more than 2,300 deals, built one of New York City’s dominant investment sales firms, and spent four decades studying what separated top brokers from everyone else.
In this conversation, Bob broke down the habits behind his career, why specialization mattered, how d
Five Cycles In: DWS's Todd Henderson on What Comes Next for CRE
Season 9, Episode 6:
Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen.
Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&am
Trinity Investments CEO on Buying Hotels Nobody Else Can Build
Season 9, Episode 5:
Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable.
Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to
Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georg
Inside Affordable Housing's Biggest Tax Credit, With Bart Mitchell of The Community Builders
Season 9, Episode 3:
America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing.
Bart joined The Commu
Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression'
Season 9, Episode 2:
How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world?
Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global inves
From Bankruptcy to Renaissance: Bedrock's $1B Plan for Detroit w/ Jared Fleisher
Season 9, Episode 1:
Can Detroit become America’s greatest urban comeback story?
To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core.
W
Where REITs and Private Real Estate Meet: Inside Cohen & Steers' $94B Strategy
Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look.
Whether you’re i
Private Credit Pioneer: How Josh Zegen Built the Debt Frontier with Madison Realty Capital
Season 8, Episode 5:
How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate?
Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, be
PGIM's Sharpshooter Approach to $60B in US Real Estate w/ Soultana Reigle
Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done.
Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits withi
Fernando De Leon on His Roots, His Rise, and Building a $3B Empire
Season 8, Episode 3:
How did Fernando De Leon go from translating legal disputes as a teenager on the US-Mexico border to building Leon Capital Group?
Today, we sit down with Fernando De Leon, Founder and CEO of Leon Capital Group, to break down one of the most remarkable founder stories in real estate. Fernando shares how his early life in Matamoros and South Texas shaped his view of risk,
The Silver Tsunami, Senior Housing, and Managing $55B at Fortress w/ Eli Edwards
Season 8, Episode 2: How does one of the nation’s largest real estate capital pools navigate a "real estate recession" while the rest of the economy stays hot?
Today, we sit down with Eli Edwards, Managing Director at Fortress Investment Group and Head of US Real Estate Equity, to break down the firm’s strategy in a shifting market. Eli shares how Fortress spotted the San Francisco multifami
Presidium: Lessons from Managing 20,000 Units across Multiple Real Estate Cycles w/ John Griggs
Season 8, Episode 1:
How did two lawyers turn a handful of Arizona fourplexes into a vertically integrated real estate powerhouse with over 20,000 units renovated? Today, we sit down with John Griggs, Co-CEO and Co-Founder of Presidium, to break down the strategy behind that rise. John shares how he spotted his first opportunity in the "golden age" of the Arizona housing market before shiftin
The Back Office is Dying with Henry AI's Sammy Greenwall
Season 7, Episode 6: How did a former real estate analyst turn the pain of building pitch decks into one of CRE's fastest-growing AI companies?
Today, we sit down with Sammy Greenwall, co-founder and CEO of Henry AI, to discuss how artificial intelligence is transforming commercial real estate workflows. Sammy shares his journey from college basketball to helping scale Lev into a $100M ventur
Betting On Middle America w/ RREAF Holdings
Season 7, Episode 5:
How did RREAF Holdings grow into a $4.8B real estate platform across multifamily, hospitality, BTR, and master-planned communities? Today, we sit down with Kip Sowden, Chairman & CEO of RREAF Holdings, and Doug McKnight, President of RREAF Holdings, to break down the strategy behind the firm’s growth across the Sun Belt. Kip shares how he moved from brokerage into pri
Why This Distress Cycle Isn't the GFC w/ Värde Partners
Season 7, Episode 4:
How does a firm managing $17 billion navigate global real estate through high interest rates and a "hope-driven" market? Today, we sit down with Tim Mooney, partner and global head of real estate and Jim Dunbar, partner and head of real estate lending at Värde Partners. They break down how Värde operates across the capital stack, from senior lending and structured credit
How ACRE Turned Workforce Housing Into an Investment Grade Asset Class w/ Michael Van Der Poel
Season 7, Episode 3: How did ACRE grow from a post-GFC workforce housing thesis into a global real estate investment firm? Today, we sit down with Michael Van Der Poel, Founding Partner at ACRE, to break down the strategy behind that rise.
Michael shares how he spotted workforce housing before it became an institutional trade, and how ACRE built its early portfolio by buying distressed multif
Inside Equinox: The Real Estate Behind the Fitness Brand
Season 7, Episode 2:
How did Equinox evolve from a single gym in New York to a global luxury lifestyle and hotel brand? Today, we sit down with Jeff Weinhaus, Co-President and Chief Development Officer at Equinox, to break down the incredible real estate strategy behind the fitness empire.
Jeff shares the inside story of how a stubborn lease negotiation won over billionaire Stephen Ross, why
How Harbor Group International Manages $21 Billion Across Multifamily, Office & Credit
Season 7, Episode 1: Season 7 of the No Cap Podcast kicks off with a masterclass in global real estate investment and management. Jack and Alex sit down with Richard Litton, President of Harbor Group International, to explore how the firm scaled from a $1 billion management-focused company to a $21 billion powerhouse.
Richard breaks down the creative evolution of Harbor’s strategy, detailing
How Fifth Wall Conquered CRE’s Tech Resistance w/ CEO Brendan Wallace
Season 6, Episode 5: The No Cap Podcast continues with hosts Jack Stone and Alex Gornik diving into the high-stakes world of proptech with Brendan Wallace, co-founder and CEO of Fifth Wall. Managing billions for the world’s largest real estate owners, Wallace explains his transition from a New York real estate family to bridging the gap between massive physical assets and cutting-edge technolo
Brixmor CEO Brian Finnegan on the Power of Grocery-Anchored Retail
Season 6, Episode 4:
Season 6 of the No Cap Podcast continues with a deep dive into one of the most misunderstood sectors in commercial real estate. Jack and Alex sit down with Brian Finnegan, CEO of Brixmor Property Group, to unpack how grocery-anchored retail quietly became one of the most resilient asset classes in the market.
From tenant mix and small shop economics to redevelopment-driv
Structured Credit, B-Pieces & the Private Markets Opportunity | Chris Hentemann, 400 Capital
Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residen
Inside the Mind of America’s Largest Grocery-Anchored Landlord: Ross Cooper, Kimco
Season 6, Episode 2:
This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail.
Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising thro
Building a Niche in Opportunity Zone Capital w/ Ackman-Ziff
Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance.
Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve
Michael Cohen on Williams Equities' 100-Year Legacy, the Flatiron Building, and the Rise of Nomad
Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership.
Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has ev
How Bracket Unifies Bids, Auctions, and Traditional Sales w/ Brandon Colombo & Rodes Boyd
Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platf
Are Car Washes the Most Overlooked Asset Class in CRE?
Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in t
Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy
Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.
They get into how Matt’s experience during the GFC shaped his approa
Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI
Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.
The conversation digs into
How Trimont Became the Nation’s Largest Loan Servicer
Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.
Bill walks through how servicing actually
How Special Servicers Control Distressed Deals w/ Alex Killick
Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns.
The conversation
How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak
Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism tu
Public REITs: Benefits, Risks & Misconceptions w/ David Auerbach
Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets.
He highlig
How Bridge Investment Group Is Underwriting Multifamily Deals After the Supply Shock
Season 5, Episode 1:
We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong.
This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to ins
Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz
Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market.
From life scie
What It Takes to Modernize Commercial Real Estate Finance w/ Yaakov Zar, Lev
Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners.
Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with
He Built AREA15: Winston Fisher on the Future of Entertainment, Real Estate, and Las Vegas
Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline.
Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projec
Seth Weissman On Building Urban Standard Capital: Relationships That Pay Dividends
Season 4, Episode 9:
Jack Stone and Alex Gornik sit down with Seth Weissman, Founder and Managing Partner of Urban Standard Capital, to unpack how a former Goldman Sachs and Perry Capital investor built one of New York’s leading private-credit and development platforms.
Weissman shares how his equity background shaped Urban Standard’s design-driven, relationship-first approach to lending—an
Politics vs Housing: How NYC’s Mayoral Race Became a Battle for Affordability
Season 4, Episode 8: Jack Stone and Alex Gornik sit down with Alicia Glen, Founder of M Squared, former Deputy Mayor for Housing and Economic Development in NYC, and Co-Chair of the Gateway Development Commission, to unpack what it really takes to get housing and infrastructure built in America.
Glen brings a rare insider view on how public and private sectors collide, the realities of finan
Inside NMHC: The Fight to Build More Affordable Housing in the U.S.
Season 4, Episode 7: Jack Stone and Alex Gornik sit down with Sharon Wilson Géno, President of the National Multifamily Housing Council (NMHC), the leading voice for America’s apartment industry in Washington. She explains how NMHC is tackling today’s biggest issues—affordability, regulation, and capital—while separating signal from noise on rent control, tax policy, and the GSE debate.
Expe
Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate
Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate.
Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navig
Special Feature: In The Loop – Green is the New Gold Standard with Jordan Goldstein
Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts.
----more----
How can workplaces endure ecologically, financially, and socially?
In this episode of In the Loop, Jordan Goldstein, co-CEO of Gensler, explores the future of sustainable and resilient office d
Behind Fundrise’s Vertical Integration Strategy In Real Estate
Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets.
Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and
Is Traditional CRE Falling Behind Alternatives? w/ Brian Pieracci
Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets.
Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He brea
Revolutionizing Real Estate Syndication Through InvestNext w/ Kevin Heras
Season 4, Episode 3: Jack Stone and Alex Gornik sit down with Kevin Heras, CEO of InvestNext, to explore how a Detroit-built platform is reshaping how real estate firms raise and manage capital.
Kevin shares his path from Spain to Michigan Tech to the early Handshake days, then explains the first InvestNext prototype and why standardizing subscriptions, funding, and reporting matters for both
What the New CRE Cycle Could Mean for Investors w/ Rick Schaupp
Season 4, Episode 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers.
Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Cla
BXP CEO on Office Comeback, Hybrid Work and Boosting Productivity
Season 4, Episode 1:
We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.
From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that
Brookfield’s Strategy to DOMINATING Alternative Investments w/ Ben Brown
Season 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.
From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and F
The Art of Placemaking in NYC w/ MaryAnne Gilmartin, MAG Partners
Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline.
From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what
Fannie Mae to Half a Billion: Jon Siegel on Surviving and Thriving in Multifamily
Season 3, Episode 10: In this episode of No Cap, Jack Stone and Alex Gornik talk with Jon Siegel—Partner and CIO at RailField—about building through one of the toughest market cycles, what went wrong after early success, and why staying active matters more than ever.
They also get into the private credit boom, the myth of distress deals, and where real opportunities still exist.
TOPICS
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What Happens When Office and Hospitality Combine?
Season 3, Episode 9: Craig Deitelzweig is redefining office real estate—one scent, doorman, and house car at a time.
In this episode, the CEO of Marx Realty shares how he's leading the hotelization of office buildings—and why most landlords are stuck in the past. From signature scents and concierge-level service to rooftop lounges and Porsche house cars, Craig explains how his team is turning
Why Most Landlords Get Office Tenant Experience Completely Wrong w/ Jonathan Kaufman Iger
Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.
In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust,
From 0 to 29K Units: Janet LePage on Building One of North America's Largest Private Apartment Firms
Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.
In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay a
Why Dying Malls Might Be the Best CRE Opportunity Today
Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.
With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.
We discuss:
– Why “reta
Self-Storage vs. Other CRE Assets – What's the Better Bet?
Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.
From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why dat
Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic
Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.
With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating
The Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee
Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.
Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he br
How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity
Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in priva
JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate
Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.
Tom reveals why your portfolio strategy might be in troubl
The Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals
Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and
Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely
Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.
From inflation to en
Will Tariffs Kill Your Favorite Brands? We Asked the Insider Who Knows
Season 2, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik are joined by CNBC’s Senior Retail Reporter, Courtney Reagan, to discuss the fast-evolving retail market. From Q4 earnings to tariff shocks and the future of physical retail, Courtney breaks down the latest trends and challenges facing major brands like Walmart, Gap, and luxury retailers on Fifth Ave
How Spencer Burton Accidentally Built the #1 Real Estate Resource
Season 2, Episode 10: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Spencer Burton, co-founder of Adventures in CRE and CRE Agents, to explore how technology and innovation are transforming the real estate industry.
With years of experience in real estate, Spencer shares how he revolutionized the field by creating essential financial modeling tools used
KBS CEO Reveals SECRET to Office Success
Season 2, Episode 9: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Marc DeLuca, CEO of KBS, to explore how the firm has navigated the ever-changing landscape of office real estate.
With over 30 years of experience in the industry, Marc has managed billions of dollars in real estate across the Eastern U.S. and Mid-Atlantic regions, overseeing some of th
How AI is Making CRE Brokers More Efficient Than Ever w/ Albert Lojko
Season 2, Episode 8: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Albert Lojko, President of Lightbox, a company revolutionizing commercial real estate (CRE) by organizing and digitizing fragmented data. Albert discusses how Lightbox is streamlining transactions, enhancing collaboration, and automating key processes, including appraisals and document ge
Building the Largest Privately Owned Self-Storage Company w/ Cris Burnam
Season 2, Episode 7: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik are joined by Cris Burnham, CEO of StorageMart, the world’s largest privately owned self-storage company. Cris shares the journey from his father's humble real estate beginnings to growing StorageMart into a multibillion-dollar empire, including the $3.2B acquisition of Manhattan Mini Storage.
Cris di
Barron Trump’s First Real Estate Deal? Plus, Tax Hacks & Multifamily w/ Omar Khan
Season 2, Episode 6: In this episode of No Cap Podcast, hosts Jack Stone and Alex Gornik are joined by Omar Khan, founder of Boardwalk Wealth. Omar brings over $3.7B in capital financing and M&A experience, along with a track record of raising over $50 million in equity. He shares his journey from investment banking to commercial real estate, giving us valuable insights into his successful
What's Behind Crow Holdings MASSIVE $33 Billion Real Estate Empire
Season 2, Episode 5: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Michael Levy, CEO of Crow Holdings, one of the most influential real estate companies in the world. Michael shares his personal journey and the history of Crow Holdings, diving deep into their innovative approach to real estate, sustainability, and expansion into energy and mass timber devel
What It Takes To Be A Successful Broker In NYC w/ Bob Knakal
Season 2, Episode 4: In this episode of No Cap by CRE Daily, hosts Alex Gornik and Jack Stone sit down with Bob Knakal, Chairman and CEO of BK Real Estate Advisors. Bob, one of New York City’s top brokers, shares his journey and insights on how he became a leader in the real estate market.
They dive into the importance of market knowledge, why prospecting is key to success, and how Bob used s
C-PACE Financing: The Best-Kept Secret in Real Estate?
Season 2, Episode 3: C-PACE Financing: The Best-Kept Secret in Real Estate?
In this episode of No Cap by CRE Daily, hosts Alex Gornik and Jack Stone are joined by Robbie Pinkas, Senior Vice President of PACE Loan Group. They dive into the world of C-PACE financing, explaining how it works and how it can fund energy-efficient improvements, making your property more sustainable and valuable.
T
Is Converting Old Offices into Apartments THE BEST Solution to Housing Shortages?
Season 2, Episode 2: In this episode of No Cap by CRE Daily, we explore the rising trend of adaptive reuse in real estate—converting old offices into apartments as a potential solution to the housing shortage.
Join hosts Alexander Gornik and Jack Stone as they chat with Anoop Dave and Tim Gordon, Co-Founders of Victrix Investment. They share insights on the challenges and opportunities in transfo
Fannie & Freddie’s Future, Trump’s 2025 Policies & LA's Insurance Crisis
Season 2, Episode 1: No Cap by CRE Daily is back and we're kicking things off with a deep dive into the biggest headlines shaping commercial real estate in 2025.
Fannie & Freddie might finally go private—but what does that mean for mortgages, multifamily lending, and the housing market? Trump’s 2025 policies could bring major changes, and soaring insurance costs from LA wildfires are hitting p
Opportunities in Lending & Real Estate Debt w/ Richard Byrne, President, Benefit Street Partners
Season 1, Episode 13: This season finale of No Cap by CRE Daily features a rare conversation with Richard Byrne, President of Benefit Street Partners and CEO of Franklin BSP Capital Corp. Join hosts Jack Stone and Alex Gornik as they explore Richard’s incredible career—from his early jobs and rapid rise at Merrill Lynch in the 80s to his transition into real estate lending at Benefit Street Partne
Jilliene Helman on Building RealtyMogul & Real Estate Syndication
Season 1, Episode 12: In this episode of No Cap by CRE Daily, we sit down with Jilliene Helman, founder and CEO of RealtyMogul, to explore her entrepreneurial journey and the evolution of RealtyMogul in the real estate industry. Jilliene shares how her background inspired the launch of RealtyMogul, details the platform’s first deal, and explains the three businesses that form its foundation. We di
Revolutionizing Construction with Cuby Co-Founder Aleksandr Gampel
Season 1, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Aleksandr Gampel, Co-Founder of Cuby, to explore how Cuby is revolutionizing the construction industry. They dive into Cuby's mission to industrialize the construction process through transportable factories that minimize human error, reduce timelines, and bring cost transparency without sa
Jonathon Barkl: Building AirGarage from 'Airbnb for Driveways' to Parking Powerhouse
Season 1, Episode 10: On this episode of No Cap by CRE Daily, we sit down with Jonathon Barkl, CEO and co-founder of AirGarage, to dive deep into his journey from college student to revolutionizing the parking industry. Jonathon shares the origin story of AirGarage, starting as an "Airbnb for driveways" and evolving through a series of pivots into a full-stack, tech-first parking operator.
We
Michael Santora: Revolutionizing Warehouses Through Digital Twins and Mobile Robots
Season 1, Episode 9: In this episode of No Cap by CRE Daily, Alex and Jack chat sit down with Michael Santora, CEO and co-founder of Logic. Michael discusses his robotics platform, which automates supply chains and optimizes warehousing. The group dives into the impact on warehouse and distribution centers, where the industry is heading, and other applications of Logic’s systems.
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Welcome to Y'all Street, Multifamily Fraud, and US Retail Store Closings
Season 1, Episode 8: In this episode of No Cap by CRE Daily, Alex and Jack discuss Dallas' rise as a finance hub, major developments from Goldman Sachs and Wells Fargo, and Trimont's acquisition of Wells Fargo's $475B CRE loan portfolio. They also cover JLL's $18M fraud loss, South Florida's condo challenges, Sonder's Marriott partnership, and the latest on retail closures and CRE mortgage origina
Vikram Raya CEO @ Viking Capital: From Medicine to $800M+ in Multifamily
Season 1, Episode 7: In this episode of No Cap by CRE Daily, Alex and Jack sit down with Vikram Raya, CEO and co-founder of Viking Capital. Vikram shares his journey from a practicing cardiologist to a full-time real estate syndicator, revealing the challenges and triumphs along the way. He dives into why your profession shouldn't define your personality, lessons learned from rocky syndication par
The Holy Trinity: Sanjay Chandra on Leading Investors to $7B in Deals
Season 1, Episode 6: Sanjay Chandra is the Principal and Managing Partner at Trinity Investors, a Texas-based private equity and real estate firm he co-founded in 2006. Sanjay has led Trinity investors to over $7 billion in deals, building a portfolio that includes 160 commercial real estate assets and 19 operating companies.
But Sanjay’s journey didn’t start in real estate. As a first-generatio
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