No Cap by CRE Daily

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 covers pressure points across multifamily and office, the rise of tenant fraud and insurance costs, and why many resolutions are happening quietly rather than through forced sales. A rare, ground-level view of how distress moves through the real estate system. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 01:00 – Alex’s Path to CW Capital and the GFC 06:29 – How Special Servicing and CMBS Work 08:35 – B-Piece Control and Servicer Power 14:20 – Why This Cycle Is Different 16:15 – Multifamily Stress in the Sun Belt 21:10 – Tenant Fraud, Insurance, and NOI 24:50 – Workout Decisions vs. Asset Takebacks 26:40 – Office Distress and Capital Costs 38:45 – Private Credit and Quiet Extensions 42:35 – The Metrics CW Capital Tracks 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 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 turned into conviction over time. The conversation spans VICI’s evolution from Caesars to the Venetian, as well as its expansion into assets like Chelsea Piers and Great Wolf Lodge. A clear look at owning mission-critical real estate despite shifting narratives. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – VICI’s Origin Story 03:10 – Ed’s Path to the CEO Seat 11:06 – Caesars Bankruptcy and the VICI Spin 21:09 – Wall Street Skepticism Around Gaming 25:29 – Cap Rates, Net Lease, and Scale 31:00 – The Venetian Deal with Apollo 37:58 – Cycles, Pricing, and Operator Power 43:26 – Experiential Assets Beyond Vegas 48:26 – College Sports and New Sale-Leaseback Models 51:10 – Mission-Critical Real Estate 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 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 highlights key themes shaping 2025–26, including liquidity pressures, balance sheet strength, and the growing gap between winners and laggards. David also shares what investors often overlook and how to read the signals that matter. A must-listen for anyone watching the REIT landscape closely. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Introduction 03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors 05:02 – Media Narratives vs. Real REIT Fundamentals 07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite 11:28 – The REIT Dividend Machine and Long-Term Compounding 17:01 – SL Green Case Study and Smart-Money Office Signals 22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers 25:21 – NAV Discounts, M&A Activity, and REIT Consolidation 33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates 43:18 – Mortgage REITs, Preferreds, and Signs of Market Turnaround 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 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 institutional capital while continuing to operate as a standalone real estate business within Apollo. Colin breaks down how Bridge evaluates dislocation, why capital is behaving the way it is, where they’re still finding opportunity, and what separates durable operators from those getting washed out. If you want a clear read on how one of the most active institutional investors is navigating this cycle, this episode delivers. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Introduction 01:40 – Colin’s Path Into Real Estate and Joining Bridge 04:18 – Building Bridge’s Platform Across Strategies 08:20 – Growth Drivers: Class B/C, Supply, and Rents 10:40 – Coastal vs. Sun Belt and What “Back” Really Means 14:34 – Sun Belt Check: Cap Rates, Supply, and Patience 18:40 – Underwriting With Higher Expenses 21:00 – Navigating the Cycle and Protecting Downside 26:40 – Cap Rates, Return Hurdles, and 2026–27 Outlook 31:30 – Advice for Young Investors and Finding Opportunity 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.

Jon Schultz, Co-founder and Managing Principal of Onyx Equities, shares his extensive experience in transforming office, industrial, and retail spaces. He discusses the growing demand for life sciences facilities and the rising significance of AI-driven data centers. Schultz emphasizes the importance of a customer-centric approach in real estate, adapting to shifts in tenant preferences and office dynamics. He also explores the market differences between the tri-state area and the Sun Belt, revealing opportunities amidst evolving economic landscapes.

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 AI and automation to simplify how investors and developers secure financing. He shares the story behind Lev’s pivot from brokerage to software, what’s next for AI in real estate, and how data and design will define the next generation of real estate technology. TOPICS 00:00 – Introduction 03:00 – Startup Roots and Dispatch Exit 08:44 – How Mortgage Frustration Became Lev’s Origin 14:25 – Digitizing the Financing Experience 19:45 – AI and the Future of CRE Software 25:02 – How Lev Memo Is Changing Deal Execution 31:10 – Agentic AI and Workflow Automation 36:47 – Harnessing Data and Unstructured Information 41:00 – Brokers, Efficiency and Industry Adoption 45:18 – Building Great Software and Leading Through Change 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 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 projects like AREA15, the immersive entertainment destination in Las Vegas. He discusses innovation inside a legacy business, what it takes to keep a century-old brand relevant, and why experience is becoming real estate’s most valuable asset. TOPICS 00:00 – Introduction 02:18 – Growing Up in a Real Estate Legacy 06:47 – Lessons From Family Leadership 11:34 – Reinventing Fisher Brothers for the Future 15:29 – The Story Behind AREA15 21:02 – Real Estate Meets Experience and Culture 26:48 – Why Creativity Drives Modern Development 33:17 – Balancing Risk, Tradition, and Innovation 39:10 – The Future of New York’s Urban Core 45:26 – Leadership, Legacy, and Next-Gen Vision 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.

Seth Weissman, founder of Urban Standard Capital and a former investor at Goldman Sachs and Perry Capital, shares his journey in real estate. He discusses the importance of a design-driven, relationship-first approach to lending. Seth highlights his strategy in West Chelsea before its transformation, how committed capital enables swift decision-making, and the unique advantages of private credit in today’s market. He emphasizes the blend of equity insights in loan underwriting and the culture at USC, where even Bean the office dog plays a role in fostering teamwork.

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.