No Cap by CRE Daily

CRE Daily
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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. 2D AGO

    Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy

    Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations. They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Intro And Canyon’s Role In Real Estate Credit 02:50 – Matt’s Path Into Real Estate And The GFC Years 06:00 – From Walton Street To Angelo Gordon To Canyon 09:40 – How Canyon Thinks About Credit Vs Equity 14:10 – What LPs Are Looking For Right Now 18:20 – The Wall Of Maturities And Private Credit Demand 23:40 – Macro Vs Micro Data And Reading The Market 28:10 – Multifamily, Housing, And Quiet Distress 33:20 – Structuring Capital Solutions In Today’s Market 39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next 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.

    44 min

  2. FEB 15

    Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI

    Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution. The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 00:00 – Intro and Setting the Stage 05:20 – Alex’s Nontraditional Path Into Development 09:40 – Early Deals and Learning Through Adaptive Reuse 15:30 – Why Complexity Became the Strategy 21:10 – Capital Stacks, Risk, and Creative Structuring 27:40 – Scaling From Local Projects to a National Platform 33:50 – Markets, Mistakes, and Hard Lessons 40:20 – Where Adaptive Reuse Still Works 46:30 – What Development Looks Like From Here 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.

    57 min

  3. FEB 8

    How Trimont Became the Nation’s Largest Loan Servicer

    Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale. Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle. Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals. TOPICS 01:00 – Bill’s Background and Entry Into Credit 06:30 – What Loan Servicers Actually Do 10:00 – Private vs. Public Credit Servicing 18:55 – Multifamily Stress Signals 26:40 – Office Risk and Capital Costs 31:40 – Lodging and Other Trouble Spots 38:45 – Extensions, Refinancing, and the Data 41:00 – Where We Are in the Cycle 46:50 – Culture, Scale, and Building Trimont 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.

    49 min

  4. FEB 1

    How Special Servicers Control Distressed Deals w/ Alex Killick

    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.

    49 min

  5. JAN 25

    How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak

    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.

    52 min

  6. JAN 18

    Public REITs: Benefits, Risks & Misconceptions w/ David Auerbach

    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.

    55 min

  7. JAN 11

    How Bridge Investment Group Is Underwriting Multifamily Deals After the Supply Shock

    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.

    33 min

  8. 11/30/2025

    Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz

    Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed. TOPICS 00:00 – Introduction 02:10 – Early Career and Founding Onyx Equities 06:15 – Navigating Market Cycles and Value Creation 09:30 – Office Market Shifts and Tenant Demand 12:45 – Life Sciences and Medical Office Expansion 17:40 – Inside the Data Center Gold Rush 22:15 – Rates, Debt, and Opportunities Ahead 27:48 – Tri-State vs. Sun Belt Market Dynamics 34:05 – Leadership, Adaptability, and Lessons Learned 42:30 – Building a Brand Tenants Trust 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.

    1h 2m
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4.6
out of 5
45 Ratings

About

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
    58
  • Rating
    Clean
  • Copyright
    © Copyright 2024 All rights reserved.
  • Show Website
    No Cap by CRE Daily

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