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No Cap by CRE Daily: Daily Summaries Delivered
by CRE Daily
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.
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- 1 weeks ago53 min
Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo
Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California. Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Introduction 03:05 - Defining Small Bay Industrial 05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings 12:18 - Joining Basis Industrial in 2021 14:52 - From Self Storage to Small Bay 24:44 - Why Small Bay Is Safer Than Multifamily 34:36 - Why No One Is Building New Small Bay 41:04 - War Stories: Casinos, Man Caves, and Wild Tenants 50:42 - The Future of Small Bay Consolidation 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.
- 2 weeks ago53 min
Inside Affordable Housing's Biggest Tax Credit, With Bart Mitchell of The Community Builders
Season 9, Episode 3: America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing. Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new program nobody understood. Since becoming CEO in 2012, he's grown the organization's footprint across New York, Boston, Chicago, and Virginia while carrying real financial risk along the way. In this conversation, Bart breaks down why zoning, not money, is the real bottleneck in solving the shortage, what it actually costs to carry a project through years of city and state approvals, and why most Americans have driven past affordable housing without ever realizing it. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. CHAPTERS 00:00 - Introduction to Bart Mitchell and The Community Builders 04:14 - How Bart Entered Affordable Housing 06:14 - The Early LIHTC Market 13:05 - How Low-Income Housing Tax Credits Work 15:21 - The Community Builders’ Origin Story 18:57 - Rebuilding Public Housing as Mixed-Income Communities 22:17 - Why America Is 10M Homes Short 29:10 - Zoning, Money, Speed, and Development Risk 38:36 - Nonprofit Versus For-Profit Affordable Housing 44:43 - What Bart Would Change About Housing Policy TOPICS 00:00 – Introduction to Fernando De Leon 07:00 – Early Real Estate Lessons on the Border 14:00 – Harvard, Mentors, and Long-Term Seeds 21:40 – Leaving Goldman and Optioning Texas Land 28:29 – Buying Distressed Loans After the GFC 37:07 – Why 2008 Won’t Repeat the Same Way 46:43 – AI, Data Centers, and Hidden Risk 52:48 – Building Operating Businesses 57:07 – Mental Health, Talent, and New Opportunities 01:04:00 – Mistakes, Stamina, and AI Disruption 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.
- 3 weeks ago44 min
Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression'
Season 9, Episode 2: How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world? Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries. Whether you’re interested in multifamily, office debt, global real estate strategy, or how major firms underwrite the next cycle, this episode is a must-listen. Join us as we dive into Hines’ highest-conviction themes, Ray’s Marine Corps background, and why running toward risk can create the biggest opportunities. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. TOPICS 00:00 - Introduction to Ray Lawler and Hines 05:10 - Lessons From Asia and Global Real Estate 08:05 - Hines’ Capital Structure and Fund Strategy 13:55 - Office Debt, Trophy Assets, and Market Recovery 18:10 - Office-to-Residential Conversions 20:05 - How Hines Picks Markets and Deals 26:15 - The Backyard Deal and Japan Industrial Story 34:15 - Marines, Risk, and Leadership 37:05 - Why Living Is Hines’ Top Conviction Strategy 48:15 - Advice for Young Professionals 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.
- 4 weeks ago52 min
From Bankruptcy to Renaissance: Bedrock's $1B Plan for Detroit w/ Jared Fleisher
Season 9, Episode 1: Can Detroit become America’s greatest urban comeback story? To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core. Whether you’re interested in public-private partnerships, downtown revitalization, GM’s move to Hudson’s Detroit, or the future of the Renaissance Center, this episode is a must-listen. Join us as we dive into conviction, civic commitment, riverfront development, and what it really takes to rebuild a city at scale. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. TOPICS 00:00 - Season 9 Premiere with Jared Fleisher 05:00 - Dan Gilbert’s Conviction in Detroit 10:52 - Bedrock’s 21M SF Portfolio 16:49 - The Renaissance Center Challenge 22:38 - GM, Hudson’s Detroit, and Civic Commitment 27:06 - Rebuilding Detroit’s Riverfront 33:17 - Public-Private Partnerships and Brownfield Financing 41:48 - Innovation Districts and Talent 45:05 - Defense, Manufacturing, and Detroit’s Next Chapter 48:06 - Downtown Dallas and Why Cities Need Strong Cores 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.
- Jul 26, 202658 min
Where REITs and Private Real Estate Meet: Inside Cohen & Steers' $94B Strategy
Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look. Whether you’re interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this episode is a must-listen. Join us as we dive into valuation discipline, sector rotation, and why Jim believes many investors are still stuck in last cycle’s winners. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 - Introduction to Jim Corl and Cohen & Steers 06:00 - Why REITs Became an Institutional Asset Class 12:00 - Buying Residential Lots for 5 Cents on the Dollar 18:00 - Why Public Markets Reprice Before Private Real Estate 24:00 - Apartments, Warehouses, and the Valuation Hangover 30:00 - Why Cap Rates Still Look Too Low in Multifamily 36:00 - The Shopping Center Thesis 42:00 - Walmart, Amazon, and the Future of Retail 48:00 - Industrial Demand and the E-Commerce Slowdown 54:00 - Why Investors Need to Exit Last Cycle Portfolios 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.
- Jul 19, 202648 min
Private Credit Pioneer: How Josh Zegen Built the Debt Frontier with Madison Realty Capital
Season 8, Episode 5: How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate? Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, became vertically integrated, and scaled into a major capital source for sponsors when banks pulled back. Whether you’re interested in distressed debt, construction lending, office-to-residential conversions, or today’s maturity wall, this episode is a must-listen. Join us as we dive into how Madison thinks about risk, rescue capital, borrower relationships, and finding opportunity in a volatile market. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 – Introduction to Josh Zegen and Madison Realty Capital 05:00 – The Early Private Credit Opportunity 10:53 – Surviving the GFC and Taking Over Assets 15:45 – Becoming a Construction Lending Powerhouse 19:00 – Back Leverage and Lending to Lenders 24:12 – Distress, Rescue Capital, and Loan Workouts 31:24 – Fundraising, Insurance Capital, and Investor Demand 35:44 – The Pfizer Office-to-Residential Conversion 42:40 – West Palm Beach, Florida, Texas, and Hot Markets 48:12 – Recaps, Volatility, and Building Through the Cycle 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.
- Jul 12, 202649 min
PGIM's Sharpshooter Approach to $60B in US Real Estate w/ Soultana Reigle
Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done. Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits within PGIM, the $1.4T asset management arm of Prudential Financial. In this episode, Soultana breaks down how PGIM is deploying capital across the country, why "sharpshooting" specific deals has replaced broad-based sector bets, and where she's finding the best opportunities in today's market. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 – Introduction 05:31 – Building a $60B Value-Add Platform from Scratch 09:04 – GFC Lessons 13:52 – The "Sharpshooter" Strategy and Sourcing $8B in Deal Flow 15:02 – Senior Housing and Low-Latency Data Center Thesis 25:24 – Buying a San Francisco Office Asset 33:48 – Capital on the Sidelines and Navigating "Higher for Longer" Rates 44:20 – AI Disruption, Career Advice, and why EQ is a Superpower 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.
- Jul 5, 20261h 11m
Fernando De Leon on His Roots, His Rise, and Building a $3B Empire
Season 8, Episode 3: How did Fernando De Leon go from translating legal disputes as a teenager on the US-Mexico border to building Leon Capital Group? Today, we sit down with Fernando De Leon, Founder and CEO of Leon Capital Group, to break down one of the most remarkable founder stories in real estate. Fernando shares how his early life in Matamoros and South Texas shaped his view of risk, opportunity, and systems. We also get into his first real estate equity stake, his time at Harvard and Goldman Sachs, and how he built conviction before the GFC. Whether you’re interested in distressed debt, Texas real estate, AI, data centers, or the mindset behind durable compounding, this episode is a must-listen. Join us as we dive into the skepticism, stamina, and timing that helped Fernando build across real estate, private equity, and operating businesses. Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in. TOPICS 00:00 – Introduction to Fernando De Leon 07:00 – Early Real Estate Lessons on the Border 14:00 – Harvard, Mentors, and Long-Term Seeds 21:40 – Leaving Goldman and Optioning Texas Land 28:29 – Buying Distressed Loans After the GFC 37:07 – Why 2008 Won’t Repeat the Same Way 46:43 – AI, Data Centers, and Hidden Risk 52:48 – Building Operating Businesses 57:07 – Mental Health, Talent, and New Opportunities 01:04:00 – Mistakes, Stamina, and AI Disruption 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.
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About No Cap by CRE Daily
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.
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