No Cap by CRE Daily

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.TOPICS01:00 – Alex’s Path to CW Capital and the GFC06:29 – How Special Servicing and CMBS Work08:35 – B-Piece Control and Servicer Power14:20 – Why This Cycle Is Different16:15 – Multifamily Stress in the Sun Belt21:10 – Tenant Fraud, Insurance, and NOI24:50 – Workout Decisions vs. Asset Takebacks26:40 – Office Distress and Capital Costs38:45 – Private Credit and Quiet Extensions42:35 – The Metrics CW Capital TracksFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

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.TOPICS00:00 – Introduction03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors05:02 – Media Narratives vs. Real REIT Fundamentals07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite11:28 – The REIT Dividend Machine and Long-Term Compounding17:01 – SL Green Case Study and Smart-Money Office Signals22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers25:21 – NAV Discounts, M&A Activity, and REIT Consolidation33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates43:18 – Mortgage REITs, Preferreds, and Signs of Market TurnaroundFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

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.TOPICS00:00 – Introduction02:10 – Early Career and Founding Onyx Equities06:15 – Navigating Market Cycles and Value Creation09:30 – Office Market Shifts and Tenant Demand12:45 – Life Sciences and Medical Office Expansion17:40 – Inside the Data Center Gold Rush22:15 – Rates, Debt, and Opportunities Ahead27:48 – Tri-State vs. Sun Belt Market Dynamics34:05 – Leadership, Adaptability, and Lessons Learned42:30 – Building a Brand Tenants TrustShoutout 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline.Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projects like AREA15, the immersive entertainment destination in Las Vegas. He discusses innovation inside a legacy business, what it takes to keep a century-old brand relevant, and why experience is becoming real estate’s most valuable asset.TOPICS00:00 – Introduction02:18 – Growing Up in a Real Estate Legacy06:47 – Lessons From Family Leadership11:34 – Reinventing Fisher Brothers for the Future15:29 – The Story Behind AREA1521:02 – Real Estate Meets Experience and Culture26:48 – Why Creativity Drives Modern Development33:17 – Balancing Risk, Tradition, and Innovation39:10 – The Future of New York’s Urban Core45:26 – Leadership, Legacy, and Next-Gen VisionShoutout 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

Season 4, Episode 8: Jack Stone and Alex Gornik sit down with Alicia Glen, Founder of M Squared, former Deputy Mayor for Housing and Economic Development in NYC, and Co-Chair of the Gateway Development Commission, to unpack what it really takes to get housing and infrastructure built in America. Glen brings a rare insider view on how public and private sectors collide, the realities of financing affordable housing, and the lessons she learned managing the country’s most complex urban markets.She also shares how M Squared is reimagining capital to drive social impact while staying commercially disciplined, and what cities must do now to stay livable and competitive.TOPICS00:00 – Introduction02:10 – From Goldman Sachs to City Hall06:28 – Inside NYC’s Housing Agenda and Early Lessons10:15 – Building M Squared and Its Mission14:47 – Politics and Production of Affordable Housing18:59 – When Public and Private Sectors Collide23:40 – The Gateway Project and Federal Funding Realities28:22 – Market Constraints, Zoning Reform and Affordability33:31 – Structuring Capital for Impact and Scale38:26 – Lessons From City Hall and Cross-Sector Leadership47:51 – The Next Chapter for Cities and Urban DevelopmentShoutout 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate. Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navigating market cycles, rising interest rates, and fierce capital competition, all while avoiding the hype around single-tenant Amazon assets. Expect insider insights on cold storage, flexible industrial, and how relationships still matter in a crowded landscape.TOPICS0:00 Introduction4:15 From antiques in Montreal to Dallas industrial real estate9:45 Building Westmount before e-commerce15:30 Avoiding Amazon single-tenant hype22:10 Market cycles and rising rates28:55 Cold storage and infill industrial33:40 Capital flood and competition38:15 Relationships and integrity in deals43:00 Industrial market outlook and leadershipShoutout 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.

Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets.Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and what drives the build-to-rent housing wave. He breaks down the latest on private credit, multifamily, and AI in real estate investment management. Plus, find out how Fundrise’s digital platform is making real estate crowdfunding accessible to millions.TOPICS00:00 Meet Ben Miller04:45 How Fundrise democratized real estate investing12:30 Macro trends driving commercial real estate returns19:55 Build-to-rent strategies and platform innovation26:40 Private credit and multifamily market shifts34:10 Securitization and institutional investor trends41:45 AI’s impact on CRE investment and management49:10 Fundrise’s outlook for private markets in 2025Shoutout 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/@NoCapCREDailyAbout No Cap PodcastCommercial 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.