The Promote Podcast SNFing out Megadeals and Syndicator Patient Zero
Jan 21, 2026
Alan Stalcup opens up about his tumultuous journey through the Sunbelt multifamily boom, revealing legal battles and his unapologetic stance. The hosts explore the intriguing yet chaotic world of Skilled Nursing Facilities, including the Genesis bankruptcy drama. They offer a rundown of major industry events, like the Soho House take-private and a Miami condo buyout gone wrong. The discussion touches on the lessons learned from rapid growth, regulatory challenges, and the human experiences behind syndicator failures.
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Operational Scale Is Not Linear
- Operators buying massive portfolios underestimate the operational work of large-scale assets.
- Asset and property management complexity scales nonlinearly with portfolio size, slowing turnarounds and remediation.
A Reset Debt Basis Can Bring Lenders Back
- Resetting debt basis can make lenders re-enter deals even after writedowns.
- Consider that lenders may prefer controlled restructuring over outright loss to preserve optionality.
SNFs Are A Highly Specialized, Finance-Driven Market
- Skilled nursing facilities (SNFs) are an opaque, high-leverage CRE niche driven by HUD financing and deep technical know-how.
- Dominant operators use specialized playbooks and financing to generate outsized cash which funds other CRE bets.
