Deal Flow Friday

In this episode of Deal Flow Friday, David Moghavem sits down with Brandon Cohan, Founder and CEO of BCRE, one of the leading names in LA’s high-street retail scene. The conversation dives into the dynamics of retail real estate in Los Angeles, from Brentwood’s renaissance and the “Kreation Effect”, to the challenges restaurants face with labor costs, rents, and shifting consumer behaviors. Brandon shares insights on post-COVID retail resilience, the regional reinvention of LA neighborhoods, and how adaptive reuse and experiential retail are shaping the future. He also emphasizes the importance of community engagement, humility, and relationships as the cornerstone for long-term success in real estate. This episode offers a rare, candid look at what’s really happening on the ground in LA retail, blending market intelligence with personal lessons from Brandon’s journey building BCRE after his time as Vice President of CBRE. 00:00 – Introduction of Brandon Cohan & BCRE’s Rise 04:00 – Retail Market Challenges: Vacancy, Absorption & Labor Costs 07:45 – COVID’s Impact and Neighborhood Reinvention 08:50 – Brentwood’s Renaissance 10:38 – The “Kreation Effect”14:38 – The Fate of Big Box Retail & Adaptive Reuse Opportunities 18:50 – Outdoor Shopping Centers & East Coast Trends 21:00 – Miami Design District "Destination Retail" 22:10 – Experiential Retail vs. Downturn Resilience 25:00 – Generational Shifts in Consumer & Business Trends 27:00 – Restaurant Struggles: Labor, Rents & Decision Making 30:30 – Exodus from LA, Entertainment Industry Decline, & Competitive Leasing 33:10 – Canon Drive, Beverly Hills, and High-End Leasing Competition 34:40 – Third Street: From Heyday to Recovery 37:10 – Robertson Boulevard: Evolving, Not Declining 41:00 – Emerging Markets: Highland Park, Echo Park, Marina del Rey, Pasadena 43:10 – Brandon’s Journey: Leaving CBRE to Found BCRE 47:10 – Relationships, Networks & Business Philosophy 49:40 – Advice for Restaurants: Humility & Community Engagement 51:30 – Closing Thoughts: Community, Resilience & LA’s Future

In this episode of Deal Flow Friday, host David Moghavem sits down with Paul Daneshrad, Founder & CEO of Starpoint Properties, to explore how patience, discipline, and opportunistic strategies drive outsized returns in real estate. Paul shares insights on asymmetric returns, diversification across asset classes, and the evolving capital markets landscape. The conversation covers Starpoint’s approach to value-add investments, Opportunity Zone projects, and navigating the current challenges in multifamily acquisitions. Paul also discusses his book Money and Morons, which addresses the national debt crisis and its implications for future generations.About Starpoint Properties: Founded in 1995, Starpoint is a privately held real estate investment and operating company specializing in the acquisition, development, and management of premier multifamily, retail, office, and mixed-use properties across the U.S. With a disciplined and value-oriented approach, Starpoint has completed more than $2 billion in transactions, focusing on creating long-term value for investors and communities, delivering weighted average IRRs in excess of ~26%. Chapters00:00 – Asymmetric Returns & Value-Add Strategy 01:40 – Introduction & Early Connections 03:00 – Miami vs. LA & Market Energy 05:00 – Buffett’s Wisdom & Patience in Investing 06:10 – Opportunity Zones & Long-Term Value 09:40 – Diversification & Risk Mitigation 13:25 – Specialization vs. Opportunism 16:30 – Beverly Hills Case Study 19:15 – Capital Flows & Institutional Competition 21:00 – The Challenge of Capital Raising Today 24:30 – Multifamily Returns & Positive Leverage 27:00 – Bridge Debt & Capital Stack Distress 29:00 – Active Starpoint Strategies 34:50 – Paul’s Book: Money and Morons 44:00 – Preparing for a Debt Crisis 48:00 – Closing Thoughts & Future Outlookwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfriday

In this episode of Deal Flow Friday, David Moghavem sits down with his fellow Trion Properties’ collegues and operation leaders:Johnny De La Espriella Head of Property ManagementNatalina Rettew Head of Asset ManagementMax Sharkansky Managing Partner The four Trion leaders dive deep into what it takes to run a high-performing multifamily portfolio in today’s market. They cover the operational fundamentals that drive NOI, from process discipline and people management to the latest proptech tools transforming property management. The team shares day-one impact strategies, insights on navigating complex regulations across multiple states, and the surprising trends emerging from Trion’s coast-to-coast portfolio.The conversation also unveils Trion’s move into third-party property management, the philosophy behind their owner-operator approach, and how leveraging tech, talent, and market expertise can unlock alpha in even the toughest markets.Chapters:00:00 – Intro & Guest Introductions 04:05 – Day-One Operational Impact & NOI Growth 06:14 – Process Discipline and Regulatory Nuances 07:50 – People as the Core of Multifamily Success 09:55 – Proptech Tools Transforming Operations 14:06 – Empowering Staff with AI and Tech Platforms 15:56 – Asset Management Tools & Power BI Rollout 17:56 – Transparency & Communication with Capital Partners 22:29 – Surprising Portfolio Trends Across Markets 25:56 – Adapting to State Regulations & Process Changes 29:14 – Market Stabilization and Advocacy Efforts 31:08 – Lessons from California, Oregon, and Colorado Operations 31:44 – Aligning Operational Philosophies 35:00 – Looking Ahead: Opportunities Beyond AI 35:42 – Trion’s Move into Third-Party Management 41:04 – Leveraging Vintage Asset Expertise 41:34 – The Power of Strong Regional Teams 42:56 – Rapid-Fire Ops Insights 45:03 – Closing Thoughts & Team Appreciationwww.dealflowfriday.comIG: @dealflowfridayX: @dealflowfridaywww.trionproperties.com

In this episode of Deal Flow Friday, David Moghavem sits down with longtime friend and industry colleague Brian Asheghian, Vice President at Convoy Capital, to dive deep into today’s multifamily financing landscape. They cover the shifting dynamics in ground-up construction loans, the surge of LA’s ED1 affordable housing projects, and creative strategies for takeout financing in a high-rate environment.Brian shares insights on navigating lender requirements, the growing role of private credit, and the challenges of financing modular construction. They also discuss the macro outlook for interest rates, why experience and liquidity matter more than ever, and the grit it takes to succeed in brokerage — including Brian’s story of working 50 straight weekends to build his career.Whether you’re a developer, investor, or broker, this conversation is packed with practical takeaways on securing capital, structuring deals, and thriving in today’s market.Chapters:00:00 Intro01:32 Mamba Edition & Old Memories03:45 State of Ground-Up Construction Financing05:10 ED1 Affordable Housing Boom in LA09:15 Financing Nuances for ED1 Projects11:55 Creative Takeout Loan Strategies14:35 Macro Outlook & Anticipated Rate Cuts16:45 Banks vs. Private Credit19:05 Modular Construction & Non-Recourse Challenges21:00 What Lenders Want from Borrowers23:25 Work Ethic & Career Grit29:05 Broker Life Reality Check31:25 Leveraging Technology & AI

In this episode, David Moghavem interviews Ben Murphy, the investment sales director at Commercial Integrity, about the investment landscape in Portland, Oregon. They discuss the unique opportunities in the Portland market, including the impact of inclusionary zoning, the recovery of the urban core, and the growth of suburban areas. Ben shares insights on why investing in blue states can be beneficial, the challenges posed by regulatory environments, and the potential for value-add opportunities in older properties. The conversation emphasizes the importance of understanding local market dynamics and offers advice for new investors looking to enter the Portland market.Chapters00:00 Intro: Meet Ben Murphy03:32 Why Portland? The Contrarian Case for Blue States06:34 Portland = The Midwest of the West?08:44 Unique Ownership Structure in Portland10:05 The Affordability Advantage12:26 Why No One Is Building in Portland16:19 Urban Core Recovery & Deep Discounts19:21 Policy Reversal & Urban Revitalization22:56 Suburban Boom: Where to Look26:29 Advice for New Investors in Portland29:14 Don't Sleep on 60s & 70s Product31:29 Final Thoughts & How to Reach Benwww.dealflowfriday.comX:@dealflowfridayInstagram:@dealflowfridayBen Murphy Contact Info:+1-503-707-6570ben.murphy@cinw.com

In this episode of Deal Flow Friday, David Moghavem sits down with Andrew Kwok, Principal at Arcus Harbor Real Estate Capital, to dive deep into the rapidly evolving debt and equity landscape in commercial real estate. They explore why private credit is on fire, the regulatory pressures driving borrowers away from traditional banks, and how debt funds are competing for deals. Andrew shares valuable insights from his 20+ years in the industry, including lessons learned from launching Arcus Harbor and navigating capital markets post-COVID.From structured finance to agency lending, Andrew and David break down how sponsors can smartly recapitalize, refinance, or acquire assets in today’s climate—where positive leverage is back and the devil is in the details. If you're trying to make sound capital decisions in 2025, this episode is packed with strategy, nuance, and perspective. Chapters 00:00 – Introduction & Arcus Swag Talk01:38 – The Arcus Team’s Deep History03:03 – USC Real Estate Board & Market Thought Leadership04:48 – Why Private Credit is Booming07:18 – Operators Entering the Credit Game09:18 – Shifting from Credit to Equity?10:38 – Appetite Swings in Debt Fund Lending12:08 – CLOs, Back Leverage & Loan Sales Explained13:48 – How Bank Regulation Benefits Private Credit17:08 – Why Arcus Rebranded & How It’s Structured20:18 – Arcus Lending Products and Market Coverage23:18 – A More Nimble, Client-First Approach27:18 – Deal Volume: Agency vs. Alternatives29:48 – Refinances, Maturities & Acquisition Trends34:18 – Seller Capitulation & Buying Below Replacement Cost36:48 – Positive Leverage is Back38:28 – Syndicators: Old School vs. New Age40:38 – Strategic Recapitalizations with Cash-In Refinances43:18 – Insurance Market Dislocation & Recovery45:18 – Advice for Sponsors Making Tough Decisions47:48 – Why Term Sheets Aren’t Always What They Seem49:18 – Deep Diligence and Underwriting is Back51:48 – Term Sheet Minutiae: Strike Prices, Floors, and Caps53:38 – Creative Cap Structures and Market Nuances55:08 – Wrapping Up With Golf & Gratitude

In this episode, David Moghavem sits down with Michael Khalilzad, founder of Castle Square, to discuss the realities of raising equity in today’s market and how creative structuring is unlocking deals. Michael shares why capital is demanding high cash-on-cash yields and strong basis, how he structured a second-loss equity position to overcome investor objections, and why reputation and certainty are driving discounted acquisitions. They dive into ground-up development challenges, co-GP structures with blue-chip developers to unlock financing, and why Michael believes innovative hybrid equity products will be key to getting deals done in this market. If you want real insights on where capital is flowing and how to structure deals creatively, this episode is packed with tactical takeaways. Chapters00:00 Introduction & Podcasting with Sam Zell07:14 Today’s Capital Markets Reality10:03 Creative Structures to Get Deals Done15:26 What Investors Are Looking For Today18:18 Midwest Six Caps, Below Replacement Cost21:14 Seller Capitulation is Happening, We Have The Receipts! 24:54 How To Source Great Deals in This Market27:48 PUBLIC SERVICE ANNOUNCEMENT: The Importance of Proper Underwriting29:48 Underwriting Sponsors33:58 Deploying Ground Up Construction Capital in An Unfavorable Development Market36:55 CO-GP Ground Up Development Program40:21 Loan Guarantee & Credit Enhancement Program42:34 Advice for Emerging Operators and Capital Raisers46:14 The Need for Innovative Capital Products

In this episode of Deal Flow Friday, host David Moghavem sits down with Jared Zeisler, Principal at Capital Solutions, to unpack where capital is (and isn’t) flowing in today’s market. Jared shares why buying below replacement cost remains core to their strategy, why rescue capital isn’t the opportunity it seems without resetting basis, and how Capital Solutions is approaching deals with a “downside first” framework. They discuss why bridge debt is creeping back into deals (and why it still scares them), the real story behind student housing deals they’re buying at half of replacement cost, how their portfolio has held up through rate hikes, what makes a deal actually get capitalized today, and why conviction and downside protection matter more than pro forma upside in this market. If you’re an operator looking to raise equity or an allocator looking to deploy smart capital, this episode is packed with candid insights on underwriting, market cycles, and what it takes to get deals done in 2025. Chapters00:00 Introduction to Capital Solutions and Market Overview03:28 What Gets Funded Today vs. Passed On07:56 Development Challenges: High Costs, Low Absorption11:39 Portfolio Performance: Winners, Losers, and Lessons15:13 Rescue Capital Reality Check19:03 Does that "Positive Leverage Day One" deal really exist? 23:01 The Return of Bridge Debt. Did People Not Learn Their Lesson???28:28 The "Perks" of Multifamily? Government-Backed Leverage31:39 Investing in Student Housing36:37 Picking The Right Partner, Especially in a Down Cycle40:39 Advice for Operators Looking for Equity44:45 Haven't seen the "Flush Out" of Distress... Yet.

In this episode of Deal Flow Friday, host David Moghavem speaks with Joe Paskov from Bentall Green Oak about the current state of the real estate investment market. They discuss the challenges and opportunities in various asset classes, the impact of interest rates on investment strategies, and the importance of building strong relationships in the industry. Joe shares insights on BGOs geographic focus, market analysis, AI-driven algorithmic approach to choosing markets, and the dynamics of institutional investors, emphasizing the need for a long-term perspective in navigating the evolving landscape of real estate investing.Chapters00:00 Introduction & BGO Overview03:59 Where’s the Opportunity Now?  ZIRP era vs. Today12:17 Redemption Clauses & The Liquidity Crunch16:34 What Will Get BGO Off the Sidelines?24:16 Geographic Focuses in BGO's Fund Strategies26:03 Inside BGO’s AI-Driven Decision Making in Market Analysis33:26 Future Deal Activity and Market Trends39:33 Building Relationships with Institutional Partnerswww.dealflowfriday.com

In this episode of Deal Flow Friday, host David Moghavem speaks with Garrett Nondorf of Flagship Capital, a highly active Middle Market Credit and Equity allocator. They discuss the active deal flow at Flagship, including recent term sheets and the company's approach to investments in steady markets such as the Midwest, dive into the challenges in the Sun Belt, the supply side story within the Pacific Northwest, and operational issues affecting real estate in various geographies. Garrett shares insights on how sponsors can navigate the current market conditions and successfully raise capital.Chapters00:00 Intro, 'Stash talk', & LinkedIn Meme Game02:55 How is Flagship Capital Getting Deals Done?06:42 Focus on Equity Investments09:30 Steady-eddy Midwest16:39 SunBelt Owners Are Starting to Capitulate.20:46 Operational Challenges in the Market23:06 Pac-NorthWest, Supply-Side Story24:50 Challenges in California's Housing Market26:18 Navigating Investment Committee Challenges29:32 Identifying Opportunities in Secondary Markets32:18 Operational Challenges and Cost Stabilization37:20 Advice for Capital Raising in Today's Marketwww.dealflowfriday.com