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 Seth Weissman, Founder and Managing Partner of Urban Standard Capital, to unpack how a former Goldman Sachs and Perry Capital investor built one of New York’s leading private-credit and development platforms. Weissman shares how his equity background shaped Urban Standard’s design-driven, relationship-first approach to lending—and why committed, discretionary capital wins in the middle market. He also reflects on his early West Chelsea bets, the transition from developer to lender, and how disciplined underwriting and creative structuring define USC’s edge today.TOPICS00:00 – Introduction05:04 – From Goldman Sachs to Perry Capital07:44 – First Deals and the West Chelsea Strategy13:32 – Raising Capital and Building Investor Confidence18:03 – Why Committed Capital Changes the Game21:59 – Inside the Middle-Market Lending Opportunity27:23 – Private Credit’s Rise and USC’s Playbook32:05 – Efficiency and Equity DNA in Underwriting35:11 – Market Volatility and the Case for Credit43:34 – Equity Returns with Credit Risk Protection47:32 – Culture, Partnerships, and Bean the Office DogShoutout 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 7: Jack Stone and Alex Gornik sit down with Sharon Wilson Géno, President of the National Multifamily Housing Council (NMHC), the leading voice for America’s apartment industry in Washington. She explains how NMHC is tackling today’s biggest issues—affordability, regulation, and capital—while separating signal from noise on rent control, tax policy, and the GSE debate. Expect practical policy ideas cities are using now (single-stair, fast-track permitting, Florida’s “Live Local”), why Section 8 modernization matters, and what’s really driving insurance and operating costs.TOPICS00:00 – Introduction01:12 – Career arc and why housing policy became the mission06:03 – What NMHC does and who it represents08:14 – NMHC–NAA partnership and three-level advocacy (federal/state/local)11:01 – Public perception, renters, and reframing the “American Dream”21:04 – Tax policy: carried interest context and a doubled LIHTC26:26 – Rent control myths and the Housing Solutions Coalition playbook33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local49:42 – GSE privatization chatter: constraints and market timing55:56 – Insurance, taxes, labor and the tech/industrialized construction edgeShoutout 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.

Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts. ----more---- How can workplaces endure ecologically, financially, and socially? In this episode of In the Loop, Jordan Goldstein, co-CEO of Gensler, explores the future of sustainable and resilient office design. From global design trends and innovative materials to the role of AI in commercial real estate, Jordan shares how the industry is rethinking sustainability. You’ll learn why repositioning existing buildings matters, how policy and incentives drive real change, and what it takes to create workplaces built for tomorrow. In the Loop is LoopNet’s commercial real estate podcast highlighting the people, ideas, and innovations shaping the future of work. For bonus video content, check out their YouTube channel: https://www.youtube.com/@loopnet Follow their podcast where you listen: https://lnk.to/intheloop View spaces designed by Gensler: https://bit.ly/3JdT7dY

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.

Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets.Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He breaks down what drives demand in these sectors, the challenge facing office real estate, and how institutional investors are changing their strategies in response. Brian also explains Heitman’s global approach to alternative assets and the importance of diversification in today’s market. TOPICS00:00 Meet Brian Pieracci05:15 Early bets on alternatives13:00 Office real estate vs alternatives21:40 Self-storage and senior housing29:30 Strategies for global expansion into alternative sectors37:00 Balancing core, value-add, and alternative assets 44:30 What institutional investors demand from alternative investments52:10 The future of CRE beyond the officeShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3: Jack Stone and Alex Gornik sit down with Kevin Heras, CEO of InvestNext, to explore how a Detroit-built platform is reshaping how real estate firms raise and manage capital.Kevin shares his path from Spain to Michigan Tech to the early Handshake days, then explains the first InvestNext prototype and why standardizing subscriptions, funding, and reporting matters for both GPs and LPs. He breaks down sponsor best practices, the case for partnerships over vertical integration, and where proptech is heading as data and building connectivity unlock better decisions. He also previews what’s next at InvestNext and how potential accreditation changes could expand access to private real estate.TOPICS0:09 – From Spain to Detroit and Early Influences3:06 – Handshake Lessons and Startup Bug5:57 – Corporate Consulting to Entrepreneurship9:21 – What InvestNext Is and Who It Serves11:02 – Standardizing Subscriptions, Funding, Reporting12:01 – One Portal for LPs Across Sponsors17:32 – What Makes a Good Sponsor vs a Bad Sponsor21:02 – Partnerships Over Vertical Integration29:37 – Proptech Outlook and Market Discipline35:24 – What’s Next for InvestNext and Access to CapitalShoutout 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 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers.Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle.TOPICS00:09 – Rick’s Architecture Roots and Move to Clarion02:00 – Asset Management During the Tech Bust and 9/1106:10 – Shifting From Institutional to Private Wealth07:20 – Semi-Liquid Fund Structure and Daily NAV12:01 – Investment Themes Across Housing, Industrial, Healthcare15:30 – Office Reality vs. Winners and Losers20:30 – Alternatives Like IOS, Self Storage, Senior Housing25:51 – How Clarion Allocates Across Credit, Equity, Regions31:14 – Capital Strategy and New Products35:00 – Where We Are in the Cycle38:34 – Career Advice for Recent GradsShoutout 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 1: We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space.TOPICS00:10 – Introduction01:00 – From Virginia roots to Morgan Stanley Real Estate04:33 – Leading in Asia and the 2008 financial crisis06:15 – Lehman Brothers board and the largest bankruptcy in history14:36 – Rise of REITs and capital markets15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman21:05 – Office demand, work-from-home, and hybrid dynamics30:00 – Gateway markets, regional differences, and 343 Madison41:00 – Development challenges and suburban vs. urban performance47:32 – AI’s impact, leadership lessons, and the future of BXPShoutout 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 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and Forest City, Ben shares the lessons learned, the risks taken, and the culture that keeps Brookfield ahead in a shifting real estate market. He also opens up about where he sees opportunity today, from retail and housing to data centers and hospitality.TOPICS 00:10 – Introduction01:39 – Early career and first steps in real estate07:58 – Joining Brookfield during the financial crisis12:30 – Why 2018 became a record year of deals15:05 – Inside the GGP acquisition and retail strategy25:00 – How Brookfield structures capital29:33 – Forest City and investing in urban cores36:57 – Shifts in apartments, logistics, and strategy42:28 – Where Ben sees opportunity now49:00 – Hospitality plays in the US, India, and Europe53:42 – Brookfield’s edge in capital markets59:02 – Culture and teamwork at scaleShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.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 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.

Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline.From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what it takes to lead in real estate’s most competitive market, how she approaches affordable housing, and where she still sees opportunity when others hesitate.TOPICS00:09 – Introduction00:42 – Brooklyn roots and early career steps02:51 – Koch era New York and the public sector04:59 – Why retail matters to a project’s success10:21 – The West Side before Hudson Yards12:18 – Bruce Ratner and the Forest City years21:06 – Leading through high-stakes moments29:49 – Mentors and management lessons43:18 – Working with communities and affordable housing47:21 – Closing and thank youShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.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 DailyCRE 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 3, Episode 10: In this episode of No Cap, Jack Stone and Alex Gornik talk with Jon Siegel—Partner and CIO at RailField—about building through one of the toughest market cycles, what went wrong after early success, and why staying active matters more than ever.They also get into the private credit boom, the myth of distress deals, and where real opportunities still exist.TOPICS00:09 – Opening and Jon’s Background04:22 – Starting RailField with $50M of Institutional Capital06:03 – Early Deals and Gaining Credibility10:18 – The Rise of Preferred Equity and Private Credit14:15 – Why Distress Hasn’t Hit and What Happens Next20:00 – Market Timing, Cycles, and Staying in the Game24:08 – Vintage Deals, Underwriting, and What Still Works27:00 – Portfolio Strategy and Working with Institutional Capital32:58 – Long-Term Bullishness on Multifamily36:41 – Final Thoughts and Outlook for 2025Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 9: Craig Deitelzweig is redefining office real estate—one scent, doorman, and house car at a time.In this episode, the CEO of Marx Realty shares how he's leading the hotelization of office buildings—and why most landlords are stuck in the past. From signature scents and concierge-level service to rooftop lounges and Porsche house cars, Craig explains how his team is turning tired Class B assets into high-demand, high-rent destinations.TOPICS00:00 – Alec Baldwin and Barber Chair Banter02:00 – From Lawyer to CEO: Craig’s Path to Marx Realty07:15 – 10 Grand Central: Turning a Drag Into a Destination14:00 – House Cars, Gelato, and Hospitality That Converts19:00 – How Amenities Deliver ROI (and Surprise Revenue)23:00 – Baccarat Branding and the “Club” Office Experience28:00 – Midtown’s Strength vs Downtown’s Struggles33:00 – DC’s Turnaround and What It Means for CRE42:00 – Retail Expansion and What’s Powering It48:00 – Capital Markets Outlook and the Return of LPsShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market.We discuss:– Sage’s shift from ownership to brand identity– Lessons from leasing, portfolio resets, and UK exits– Workplace services that actually matter to tenants– The real reason gyms and lounges often failTOPICS00:00 – Cold open and NYC credibility03:10 – Family roots in New York real estate11:00 – Taking the long road to Sage21:00 – Building UrbanGrad and early Facebook ads28:30 – The conversation that changed everything35:15 – Refocusing the portfolio on NYC office43:20 – Lessons from WeWork and building a brand50:15 – Turning Sage into a tenant-first platform58:00 – How Sage personalizes service at scale1:07:00 – Final thoughts on hospitality and visionShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.We discuss:– Her journey from flipping homes to building WWC– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)– How her 83-point checklist drives fast, repeatable value-adds– Why she vertically integrated WWC during COVID in just 26 days– The first deal she’s bought in three years—and why it's 43% below replacement costTOPICS00:00 – Janet’s Start: From Coder to First Flip05:00 – Flipping Homes While Working a 9-to-512:00 – Buying 23 Units 26 Days Before Birth18:00 – Scaling Through Systems and Syndication25:00 – Raising Millions and Launching WWC32:00 – The Washer-Dryer Strategy That Changed Everything38:00 – Breaking Into Texas and Going Institutional45:00 – Vertical Integration and COVID Shifts51:00 – Lessons from Rate Hikes and Bridge Debt55:00 – New Opportunities: Buying 43% Below ReplacementShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.We discuss:– Why “retail is dead” doesn’t hold up in the data– The problem with chasing national tenants– How to convert retail boxes into healthcare and entertainment– Why CMBS debt caused lasting damage to retail.TOPICS00:00 – Cold Open and Retail Misconceptions02:20 – Andy’s Path and RockStep’s Strategy07:00 – The Retail Apocalypse Was Overblown10:30 – Picking Markets and Making Malls Work15:45 – Why Big Boxes Can Hurt NOI20:10 – CMBS Mistakes and Risk Discipline26:00 – Repurposing Retail Into Healthcare and Entertainment32:00 – Leasing Timelines and Tenant Credit Today37:50 – Anchor Replacements and Nontraditional Uses44:30 – Pricing Gaps, Cap Rates, and Lender Pullback50:00 – What’s Next for Retail in 2025Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.We discuss:– Why self-storage outperformed during the GFC– How lease-up timelines have doubled post-COVID– What most operators miss about private credit– Wild stories from inside storage unitsBrian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.TOPICS00:00 – Intro and Sleep Tech Rant02:00 – From Tishman Speyer to Self-Storage06:00 – Lack of Sophistication in Early Storage Industry10:00 – Lease-Up Timelines and Developer Distress14:30 – Loan Acquisitions and Launching a Lending Platform19:00 – Why They Avoid Third-Party Management22:30 – Drug Busts, Guns, and Other Storage Finds26:00 – The Car Wash Thesis and Token Economics30:00 – AI Tools and Andover’s Data Strategy34:00 – Buying 50% Below Replacement Cost38:00 – Cycle Outlook and What’s Next for AndoverShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.We discuss:– Why debt is suddenly back in favor– What’s fueling (and threatening) the data center boom– Where office sentiment is quietly shifting– The truth behind the “housing shortage” narrativeRich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.TOPICS00:00 – Intro & Birthday Surprise03:00 – Rich’s Career Path + Joining Principal06:00 – How Principal Allocates Capital in Today’s Market10:30 – Debt, Construction Lending, and CMBS Strategy15:40 – Data Centers, AI Demand, and Market Caution22:30 – Office Outlook and Why Originations Are Ticking Up28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy39:20 – Tariffs, Onshoring, and Resilient Cash Flows43:00 – Return Expectations for CRE in 2025 and Beyond47:00 – Final Thoughts on Alternatives and OutlookShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. 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.