No Cap by CRE Daily

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 00:09 – Opening and Jon’s Background 04:22 – Starting RailField with $50M of Institutional Capital 06:03 – Early Deals and Gaining Credibility 10:18 – The Rise of Preferred Equity and Private Credit 14:15 – Why Distress Hasn’t Hit and What Happens Next 20:00 – Market Timing, Cycles, and Staying in the Game 24:08 – Vintage Deals, Underwriting, and What Still Works 27:00 – Portfolio Strategy and Working with Institutional Capital 32:58 – Long-Term Bullishness on Multifamily 36:41 – Final Thoughts and Outlook for 2025 Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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.

Craig Deitelzweig, CEO of Marx Realty, is revolutionizing office spaces by blending them with hospitality concepts. He discusses how signature scents, concierge services, and unique amenities are transforming tired Class B assets into trendy destinations. Craig shares insights on successfully revitalizing New York's 10 Grand Central and how adding features like house cars and rooftop lounges not only enhances tenant experiences but also maximizes ROI. The conversation paints a vibrant picture of the evolving landscape of urban office environments.

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, loyalty, and a competitive edge in today's bifurcated market. We discuss: – Sage’s shift from ownership to brand identity – Lessons from leasing, portfolio resets, and UK exits – Workplace services that actually matter to tenants – The real reason gyms and lounges often fail TOPICS 00:00 – Cold open and NYC credibility 03:10 – Family roots in New York real estate 11:00 – Taking the long road to Sage 21:00 – Building UrbanGrad and early Facebook ads 28:30 – The conversation that changed everything 35:15 – Refocusing the portfolio on NYC office 43:20 – Lessons from WeWork and building a brand 50:15 – Turning Sage into a tenant-first platform 58:00 – How Sage personalizes service at scale 1:07:00 – Final thoughts on hospitality and vision Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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.

Janet LePage, CEO of Western Wealth Capital, shares her incredible journey from flipping homes in Phoenix to managing over 30,000 rental units. She discusses how her firm thrived amid rising interest rates, employing bold strategies like a washer-dryer installation that significantly boosted property value. Janet recounts her decision to vertically integrate during COVID in just 26 days, and reveals her first acquisition in three years at a remarkable price. Tune in for her insights on strategic growth and overcoming market challenges!

Andy Weiner, CEO of RockStep Capital, shares his expertise in transforming overlooked malls into lucrative investments. He argues that the retail apocalypse is overhyped, highlighting the actual data behind retail resilience. The conversation dives into the challenges of chasing national tenants and innovative repurposing strategies like converting retail spaces into healthcare and entertainment venues. Weiner emphasizes the long-term benefits of investing in secondary and tertiary markets while navigating the complexities of CMBS debt and market dynamics.

In this engaging discussion, Brian Cohen, CEO of Andover Properties, shares his journey in scaling a self-storage empire while focusing on alternative investments. He highlights why self-storage thrived during the Global Financial Crisis and discusses the challenges of lease-up timelines post-COVID. Brian reveals compelling insights about avoiding third-party management and the allure of buying properties below replacement costs. With wild anecdotes from the self-storage world and a deep dive into AI strategies, he offers a fresh perspective on emerging opportunities in real estate.

Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, shares his expertise overseeing $100B in real estate. He addresses why the office sector isn’t as doomed as many think, featuring shifting investor sentiments and rising originations. Rich also dives into the data center boom, outlining the risks and rewards driven by AI. He clarifies misconceptions around housing shortages and discusses evolving return expectations amid a transformed market landscape, bringing necessary clarity to an often chaotic industry.

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 breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper. We discuss: – The return of institutional investors and what it means for deal flow – Execution risk and capital stack dynamics in today’s market – Why distressed deals might not be the opportunity everyone thinks – The illusion of “risk-free” Treasuries and potential cracks in the system Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape. TOPICS 00:00 – Introduction 05:00 – CRE Pipeline Activity and Investor Sentiment 10:00 – Managing Relationships and Finding Real Opportunity 15:00 – Office Skepticism and Repositioning Challenges 20:02 – What the Capital Markets Team Is Seeing Nationwide 25:00 – Risk, Return, and Raising Capital in Today’s Climate 30:00 – Creative Structuring and Non-Traditional Capital 35:00 – What LPs Care About in 2025 40:00 – Regional Plays, Execution Risk, and Exit Timing 45:00 – What Makes a Deal Worth Saying No To 50:00 – Advice for the Next Generation of Real Estate Leaders Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 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 private equity. The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing. TOPICS 00:00 - Introduction 05:00 - The Nightingale Fraud Scandal 10:00 - John's Background and Expansion Vision 15:00 - Due Diligence and Sponsor Vetting 20:00 - Technology Updates and Brand Strategy 25:00 - Building Trust Without Financial Advisors 30:00 - AI Integration and Portfolio Management 35:00 - Multifamily and Retail 40:00 - Conservative Leverage and Credit Approach 44:00 - Fall Launch Timeline for Private Markets Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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.

Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management and former central banker, shares bold predictions on commercial real estate trends. He discusses how deglobalization will reshape markets and why multifamily units are the top investment choice. Kennedy dives into the rise of data centers as a new asset class, the impact of AI and immigration on the labor market, and the evolving landscape driven by interest rates. He also critiques traditional portfolio strategies, pushing for innovative alternatives.