No Cap by CRE Daily

CRE Daily
  • 4.6 (54)
  • Investing
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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.

  1. 1d ago

    Trinity Investments CEO on Buying Hotels Nobody Else Can Build

    Season 9, Episode 5: Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable. Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and Hyatt, and with mega private equity funds that lean on Trinity's hospitality expertise. The tension worth tuning in for: Trinity has walked away from cap-rate arbitrage and ultra-luxury boutiques alike, betting instead that scale, counterparty discipline, and genuinely irreplaceable real estate are what hold up when the market throws a curveball — which, as Hehir tells it, happens on nearly every deal. This episode was recorded on 7/21/26. Views, market conditions, and any figures or references discussed may have changed since recording and may not reflect current conditions at the time of release. Nothing in this podcast should be construed as investment, legal, or tax advice. Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle. 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 Sean Hehir and Trinity Investments 04:14 - Why Hospitality Is Different From Other Real Estate 08:16 - Learning Hotels From the Ownership Side 13:38 - East Miami, Swire, and the Blackstone Exit 19:15 - Buying and Renovating The Diplomat Beach Resort 24:04 - Hotel Amenities That Actually Matter 29:04 - Why Nobody Is Building These Resorts Anymore 33:17 - The JW Marriott Marco Island Deal 39:04 - Picking Partners, Brands, and Lenders 44:10 - Why Trinity Likes Four-Star Resort Assets For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/   DISCLAIMER: Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle. 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. Sep 13

    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.

  3. Sep 6

    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 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. Aug 30

    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.

  5. Aug 23

    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.

  6. Jul 26

    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.

  7. Jul 19

    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.

  8. Jul 12

    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.

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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.

Information

  • Creator
    CRE Daily
  • Years Active
    2024 - 2026
  • Episodes
    83
  • Rating
    Explicit
  • Copyright
    © Copyright 2024 All rights reserved.
  • Show Website
    No Cap by CRE Daily

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