No Cap by CRE Daily

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 financing affordable housing, and the lessons she learned managing the country’s most complex urban markets. She also shares how M Squared is reimagining capital to drive social impact while staying commercially disciplined, and what cities must do now to stay livable and competitive. TOPICS 00:00 – Introduction 02:10 – From Goldman Sachs to City Hall 06:28 – Inside NYC’s Housing Agenda and Early Lessons 10:15 – Building M Squared and Its Mission 14:47 – Politics and Production of Affordable Housing 18:59 – When Public and Private Sectors Collide 23:40 – The Gateway Project and Federal Funding Realities 28:22 – Market Constraints, Zoning Reform and Affordability 33:31 – Structuring Capital for Impact and Scale 38:26 – Lessons From City Hall and Cross-Sector Leadership 47:51 – The Next Chapter for Cities and Urban Development Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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. Expect practical policy ideas cities are using now (single-stair, fast-track permitting, Florida’s “Live Local”), why Section 8 modernization matters, and what’s really driving insurance and operating costs. TOPICS 00:00 – Introduction 01:12 – Career arc and why housing policy became the mission 06:03 – What NMHC does and who it represents 08:14 – NMHC–NAA partnership and three-level advocacy (federal/state/local) 11:01 – Public perception, renters, and reframing the “American Dream” 21:04 – Tax policy: carried interest context and a doubled LIHTC 26:26 – Rent control myths and the Housing Solutions Coalition playbook 33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local 49:42 – GSE privatization chatter: constraints and market timing 55:56 – Insurance, taxes, labor and the tech/industrialized construction edge Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial 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 navigating market cycles, rising interest rates, and fierce capital competition, all while avoiding the hype around single-tenant Amazon assets. Expect insider insights on cold storage, flexible industrial, and how relationships still matter in a crowded landscape. TOPICS 0:00 Introduction 4:15 From antiques in Montreal to Dallas industrial real estate 9:45 Building Westmount before e-commerce 15:30 Avoiding Amazon single-tenant hype 22:10 Market cycles and rising rates 28:55 Cold storage and infill industrial 33:40 Capital flood and competition 38:15 Relationships and integrity in deals 43:00 Industrial market outlook and leadership Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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 design. From global design trends and innovative materials to the role of AI in commercial real estate, Jordan shares how the industry is rethinking sustainability. You’ll learn why repositioning existing buildings matters, how policy and incentives drive real change, and what it takes to create workplaces built for tomorrow. In the Loop is LoopNet’s commercial real estate podcast highlighting the people, ideas, and innovations shaping the future of work. For bonus video content, check out their YouTube channel: https://www.youtube.com/@loopnet Follow their podcast where you listen: https://lnk.to/intheloop View spaces designed by Gensler: https://bit.ly/3JdT7dY

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 what drives the build-to-rent housing wave. He breaks down the latest on private credit, multifamily, and AI in real estate investment management. Plus, find out how Fundrise’s digital platform is making real estate crowdfunding accessible to millions. TOPICS 00:00 Meet Ben Miller 04:45 How Fundrise democratized real estate investing 12:30 Macro trends driving commercial real estate returns 19:55 Build-to-rent strategies and platform innovation 26:40 Private credit and multifamily market shifts 34:10 Securitization and institutional investor trends 41:45 AI’s impact on CRE investment and management 49:10 Fundrise’s outlook for private markets in 2025 Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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 breaks down what drives demand in these sectors, the challenge facing office real estate, and how institutional investors are changing their strategies in response. Brian also explains Heitman’s global approach to alternative assets and the importance of diversification in today’s market. TOPICS 00:00 Meet Brian Pieracci 05:15 Early bets on alternatives 13:00 Office real estate vs alternatives 21:40 Self-storage and senior housing 29:30 Strategies for global expansion into alternative sectors 37:00 Balancing core, value-add, and alternative assets 44:30 What institutional investors demand from alternative investments 52:10 The future of CRE beyond the office Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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 GPs and LPs. He breaks down sponsor best practices, the case for partnerships over vertical integration, and where proptech is heading as data and building connectivity unlock better decisions. He also previews what’s next at InvestNext and how potential accreditation changes could expand access to private real estate. TOPICS 0:09 – From Spain to Detroit and Early Influences 3:06 – Handshake Lessons and Startup Bug 5:57 – Corporate Consulting to Entrepreneurship 9:21 – What InvestNext Is and Who It Serves 11:02 – Standardizing Subscriptions, Funding, Reporting 12:01 – One Portal for LPs Across Sponsors 17:32 – What Makes a Good Sponsor vs a Bad Sponsor 21:02 – Partnerships Over Vertical Integration 29:37 – Proptech Outlook and Market Discipline 35:24 – What’s Next for InvestNext and Access to Capital Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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 Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle. TOPICS 00:09 – Rick’s Architecture Roots and Move to Clarion 02:00 – Asset Management During the Tech Bust and 9/11 06:10 – Shifting From Institutional to Private Wealth 07:20 – Semi-Liquid Fund Structure and Daily NAV 12:01 – Investment Themes Across Housing, Industrial, Healthcare 15:30 – Office Reality vs. Winners and Losers 20:30 – Alternatives Like IOS, Self Storage, Senior Housing 25:51 – How Clarion Allocates Across Credit, Equity, Regions 31:14 – Capital Strategy and New Products 35:00 – Where We Are in the Cycle 38:34 – Career Advice for Recent Grads Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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 shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space. TOPICS 00:10 – Introduction 01:00 – From Virginia roots to Morgan Stanley Real Estate 04:33 – Leading in Asia and the 2008 financial crisis 06:15 – Lehman Brothers board and the largest bankruptcy in history 14:36 – Rise of REITs and capital markets 15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman 21:05 – Office demand, work-from-home, and hybrid dynamics 30:00 – Gateway markets, regional differences, and 343 Madison 41:00 – Development challenges and suburban vs. urban performance 47:32 – AI’s impact, leadership lessons, and the future of BXP Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Ben Brown, Co-President of Brookfield’s Real Estate Group, shares his insightful journey through the real estate landscape, emphasizing his pivotal role during the financial crisis. He discusses Brookfield’s groundbreaking acquisitions, including General Growth Properties and Forest City, and explores how low-interest rates in 2018 fueled record deals. Ben delves into current opportunities in retail, housing, and hospitality, highlighting Brookfield's unique approach to capital structure and market adaptation while underscoring the importance of teamwork and culture in navigating challenges.