The TreppWire Podcast: A Commercial Real Estate Show

The TreppWire Podcast, A CRE Show

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. Questions or comments? Please contact us at podcast@trepp.com.

  1. 2d ago

    411. Play the Ball? Bonds Threw a Curve: New York CRE Shakeups & What Super Regional Bank Earnings Mean for CRE

    In this week's episode of The TreppWire Podcast, we unpack a week of mixed market signals as the Fed held rates steady, but the bond market told a different story. We discuss what the market's reaction says about inflation, interest rates, and the outlook for CRE financing. We also cover a series of major New York City real estate stories, including new stop-work orders at office-to-residential conversion projects, Macy's decision to remove its iconic Herald Square shopping bag sign, the latest on the Flatiron Building's luxury residential conversion, and the rollout of the city's new pied-à-terre tax database. Finally, we break down super regional bank earnings to assess what they reveal about CRE lending and credit availability, before discussing the latest data center developments, from AI-driven market volatility and power constraints to tenant credit risk, and another massive project announcement. Tune in now. Episode notes: • Macro Update: The Fed Holds Steady & the Bond Market Pushes Back • AI Anxiety Triggers Circuit Breakers in South Korea • New York Property Tour: Stop Work Orders, Macy's Sign, the Flatiron & the Pied-à-Terre Tax • Digging Through the Data: Super Regional Bank Earnings • July CMBS Delinquency Rate • Data Centers: A Kentucky Mega-Campus, Grid Constraints & Neocloud Risk • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

  2. Jul 24

    410. The Plot Thickens: Inflation Rerun, AMC’s Comeback, Data Center Spreads and Corporate Real Estate Shifts

    In this week’s episode of The TreppWire Podcast, we unpack the return of geopolitical and trade risks to the forefront of market discussions. We break down AMC’s latest earnings and what they reveal about the health of theater credit, and examine how companies, including Verizon, Pep Boys, and Cracker Barrel, are rethinking their real estate strategies amid changing business priorities and market conditions. In a digging through the data section, we analyze four recent data center CMBS deals that priced between May and July, finding that pricing differences were primarily driven by lease terms and tenant credit quality rather than AI-related sentiment concerns. Finally, we review notable credit stories, including major appraisal reductions on office properties in Philadelphia and New York, and discuss the potential implications of Yellowstone Real Estate Investments assuming control of the Parkmerced redevelopment project in San Francisco. Tune in now. Episode notes: Macro Update: Geopolitical & Trade Risks (0:29) AMC Earnings & Real Estate Impact (8:50) Real Estate Strategies: Verizon, Pep Boys & Cracker Barrel (16:40) Data Center Issuance Digging through the Data (24:25) Office Credit Stories: Philadelphia & New York (34:50) Parkmerced Apartment Complex (41:53) Programming Notes (49:08) Shoutouts (51:07) Questions or comments? Contact us at podcast@trepp.com.      Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

  3. Jul 21

    409. The Next Phase of CRE Capital Markets with Marty Allen of Grandbridge Real Estate Capital

    In this special guest episode of The TreppWire Podcast, we’re joined by Marty Allen, Head of Capital Markets at Grandbridge Real Estate Capital, a Truist company, which recently launched a master and special servicing platform. Why now? Marty breaks down how today's commercial real estate market created the opportunity, how the shift from middle-market to institutional borrowers reshaped the business, and what he's seeing across agency, CMBS, and institutional lending. Marty also offers a servicer's perspective on the maturity wall, the move from 10-year to 5-year loan terms, why early intervention beats reacting at resolution, and how data and AI influenced the platform's launch. Plus, he shares advice for professionals looking to build a career in commercial real estate. Tune in now. Episode Notes: Background and Path to Capital Markets (0:48)Launching Master and Special Servicing (5:25) CRE Cycle Outlook, SASB Growth, and 5-Year Terms (7:16)The Maturity Wall and the Extension Debate (9:40)Where Servicing Adds Value Through Early Intervention (14:38)Data, AI, and the Launch Process (17:01)Career Advice and Rethinking This Cycle (20:55) Questions or comments? Contact us at podcast@trepp.com.      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

    409. The Next Phase of CRE Capital Markets with Marty Allen of Grandbridge Real Estate Capital

  4. Jul 17

    408. Beneath the Headlines: AI Spending, Inflation, Bank Earnings, & Austin Multifamily

    Inflation cooled, bank earnings surged, and AI spending accelerated, but are the headline numbers masking what's really happening beneath the surface? In this week's episode of The TreppWire Podcast, we discuss why softer inflation may be a head fake, what record bank earnings reveal (and what they don't), how AI infrastructure investment is creating new economic bottlenecks, and why Austin's multifamily market highlights the growing gap between occupancy and cash flow. We also break down the growing wave of data center moratoriums, walk through a Back Leverage 101 on loan-on-loan financing and its risks, and share an exclusive client trading alert on Chicago's Aon Center. Plus, in this week's Digging Through the Data, we break down Austin's multifamily watchlist trends, rent concessions, and what recent loan vintages reveal about the market. Tune in now. Episode notes: Economic Inflation Update: Softer CPI & PPI, a Head Fake? (1:52)Bank Earnings: JP Morgan, Goldman Sachs & Morgan Stanley (7:06)AI Spending & IBM's Earnings Miss (15:06)Digging Through the Data: Austin Multifamily Concessions & Watchlist Trends (18:16)Back Leverage 101: Loan-on-Loan Financing & Its Risks (30:55)Trading Alert: Chicago's Aon Center Reappraisal (37:45)Data Center Moratoriums, Property Headlines & Credit Stories (45:38)Programming Notes (50:44)Shoutouts (54:57) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

  5. Jul 14

    407. Retail Isn't Dead, It's Evolving: From Outlet Centers to Lifestyle Destinations with Tanger’s Justin Stein

    In this special guest episode of The TreppWire Podcast, we’re joined by Justin Stein, Executive Vice President, Chief Revenue Officer at Tanger, a leading owner and operator of open-air outlet and lifestyle shopping centers across the United States. Justin discusses Tanger's evolution from an outlet retail leader to an operator of open-air lifestyle destinations, sharing how food and beverage, experiential retail, data-driven leasing, and strategic acquisitions are redefining the modern retail experience. We also explore today's value-focused consumer, the importance of retailer partnerships and analytics, and why Justin believes the future of retail belongs to destinations that blend shopping, dining, and entertainment. Tune in now. Episode Notes Background & Start in the Industry (1:16)Tanger’s Retail Strategy Evolution (5:09)How Brands Use the Outlet Channel (9:10)Food Options to Meet Market Demands (13:18)Organizational Structure and Land Development (16:31)Omnichannel Strategies Post-COVIDData-Driven Retail Partnership Strategies (19:03)Future of Retail Real Estate (26:59)Business Success Advice (29:38)Closing (31:00) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

    407. Retail Isn't Dead, It's Evolving: From Outlet Centers to Lifestyle Destinations with Tanger’s Justin Stein

  6. Jul 10

    406. Challenging CRE Narratives: Mid-Year Reality Check, Office Conversion Risks & Multifamily Mixed Signals

    In this week's episode of The TreppWire Podcast, we take a mid-year pulse check on the commercial real estate market and revisit some of Trepp's biggest predictions for 2026. We explore why CMBS issuance continues to exceed expectations, what persistently stable delinquency rates tell us about today's credit environment, and whether the market is finally shifting from an "extend and pretend" mindset to a more definitive "resolve and recognize" approach. We also break down several of the week's most notable headlines, including the structural and economic hurdles highlighted by a stalled Manhattan office-to-residential conversion, the Texas Stock Exchange's latest milestone on its path to launch, and what recent multifamily developments reveal about today's investment landscape and capital flows. Finally, we dive into Trepp's latest research on the Midwest-versus-Sunbelt debate, examining why investors may need to look beyond familiar market narratives and focus instead on the underlying fundamentals. Tune in now. Episode notes: Economic Update (0:29)Office-to-resi Conversion in NYC (8:35)Texas Stock Exchange Launch Plans (15:37)Mid-year Check In: CMBS Issuance Growth Trends (18:44)S2 Capital Fund Collapse (42:22)AvalonBay Communities’ Acquisition of a Full City-Block in Miami (50:20)Trepp Report: Midwest Multifamily Market Analysis (52:00)Programming Notes & Shoutouts (56:59) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

  7. Jul 2

    405. 250 Years of Commercial Real Estate, NYC Rent Freeze, Kroger's Next Move, & More

    In this week’s episode of the TreppWire Podcast, we mark 250 years of American commercial real estate with a special Fourth of July deep dive into the original 13 colonies and how their markets evolved. We also spotlight three historic properties still carrying active CMBS debt today. Before the history, we cover a softening macro backdrop, the New York City Rent Guidelines Board's freeze on roughly 1 million stabilized apartments, and Sergey Brin's reported exit from a New York multifamily fund at six cents on the dollar. We also hit Kroger's planned acquisition of Giant Eagle, Digital Realty's $3.5 billion data center buyout, and Target's latest store openings. Happy Fourth of July from all of us at Trepp. Tune in now. Episode notes: • Economic Update: Manufacturing, Labor & the Housing Affordability Squeeze • New York Multifamily Under Pressure: Rent Freeze & Sergey Brin's Exit • Kroger's Next Move: The $1.65B Giant Eagle Acquisition • Digital Realty Buys Out Blackstone's $3.5B Data Center Stake • 250 Years of American Real Estate: The 13 Colonies in Today's CMBS • Three Historic Properties Older Than the Country • Programming Notes & Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

  8. Jun 30

    404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services

    In this special guest episode of the TreppWire Podcast, we are joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, for a discussion on commercial real estate servicing and market dynamics. David shares his non-traditional path from political science into commercial real estate finance and outlines what servicing entails, noting its focus on managing the intersection of structure, credit, legal, operational, and investor considerations. He discusses the shift from 10-year to 5-year securitization terms, explaining how shorter durations are increasing pressure on borrowers and making workouts more complex. He also highlights the rise of SASB issuance and how this shift is changing the servicing landscape. David emphasizes the importance of experienced servicers and the need for early communication and transparency to drive better outcomes. We also cover challenges in office properties, particularly in secondary markets, potential risks in data center lending, and the current tone of the overall market. Tune in now. Episode Notes • Background & Start in the Industry • What Servicing is & Misconceptions • Pooling and Servicing Agreements • Importance of Servicer Experience & Expertise • CMBS Market and Risk Challenges • SASB Issuance, Conduit CMBS • Data Center Lending Risk • Closing Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

    404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services
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About

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. Questions or comments? Please contact us at podcast@trepp.com.

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