The TreppWire Podcast: A Commercial Real Estate Show

218. Life, Lending, & Rock 'n' Roll: The Father of CMBS, Ethan Penner, Tells us How it all Started features Ethan Penner, the pioneer of commercial real estate finance and creator of CMBS back in the 1990s. In this podcast, Ethan breaks down his life in CRE, discussing topics such as the S&L crisis, guard rails for new market entrants, the cause of the Great Financial Crisis, how CMBS got started, and his new book. Plus, he shares some stories about his famous rock 'n' roll parties.

This podcast focuses on the post-Fed decision discussion, including the Dot Plot and the 'higher for longer' narrative. They also cover topics such as insurance expenses, a REIT bankruptcy filing, office challenges, retail updates, and interesting multifamily comps.

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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp 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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire 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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This podcast episode discusses an economic update, the potential bankruptcy of Rite Aid and its impact on loans, the latest CMBS delinquency report, apartment complex sales in different locations, the sale of a stake in the Bellagio Hotel and Casino, and a Nashville office deal. The hosts also mention upcoming research on student housing and share personal anecdotes.

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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Economic update, retail stories, multifamily news, office headlines, industrial green shoot, bank downgrade assessment, and shoutouts are covered in this episode of a commercial real estate show. Topics include retail earnings concerns, multifamily comps, apartment loans heading to special servicing, and office valuation reductions.

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 podcast@trepp.com. 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 podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC