The Promote Podcast

Latest Episodes:

Whitehall: The Rise and Fall of Goldman’s CRE Machine Nov 11, 2026

Show notes

*Special Episode Alert*
Before there was Blackstone gobbling up giant property portfolios and stripping them for parts, there was Whitehall: Dan Neidich's elite Goldman Sachs unitwas for over 15 years among the most dominant forces in CRE investing. It raised the biggest funds, bankrolled the highest-profile projects, and pulled off the most complex, juicy deals from Manhattan to London. 15 Central Park West, Hudson Yards, Canary Wharf, the Helmsley Building, the highlight reel is endless. Its dealmakers became some of the industry's most respected and feared professionals. The reckoning came eventually, but Whitehall's alumni network and MO continues to shape the business as we know it today.

Sponsors:
1) LoanBoss, the industry-leading debt management software, now supercharged by AI.
2) Harvard AMDP, the premier advanced leadership program for mid-senior CRE pros. Applications for the Summer 2027 term are now open.
3) Bravo Capital, a leading HUD and bridge lender.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to deep dives, bonus content and expert perspectives. Take 10% off annual subscriptions by using this link:

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening:
The World According to Whitehall
The New Kings of New York
Goldman real estate fund down to $30m
From small acorns
Goldman Takes Heat for Conflicts at Whitehall

Check out more special episodes from The Promote:
CRE's Paypal Mafia: The JMB Realty Story
Men of Destiny: The Reichmanns, Pt. I

Arbor's Looking Glass and Alexandria's Pipette Dreams Nov 04, 2026

Show notes

This week, it’s time to address the multifamily distress from the lens of the lender, specifically, one of the biggest ones: Arbor Realty Trust has been walloped on Wall Street- its stock is down 73% this year, it suspended its dividend, it’s the target of short sellers, and it’s been getting twice-bitten on some loans made at the peak. Can Ivan Kaufman pull off a great escape? Next, we put in a call to the men in the white coats: Alexandria Real Estate Equities is selling off large chunks of the life-sci empire it defined a whole category with.

Plus, our Punch List rundown of the newsiest industry happenings: Rafi Toledano's comeback; a data center-loving county; Rockpoint's skyscraper etch-a-sketch; Weil Gotshal's collapse; TPG's $5B raise; and BXMT's woes

Sponsors:
1) Pensford, the only interest-rate advisory focused exclusively on CRE
2) Bravo Capital, a leading HUD and bridge lender.
3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

Partner Content:
"Inside the Capstack" with Gibson Dunn's Eric Meer. Meer discusses the nuances of taking in preferred equity.

Further Reading/Listening
Rafi Toledano Steps Back Into the Fray
Downtown Office Tower Sells At Foreclosure Auction For $260M
Weil E Coyote
TPG, ACORE Raise Billions For Opportunistic CRE Funds

Viceroy's dossier on Arbor Realty Trust
The Double Schlimazel, REO Edition

The Apollo Program & Dirty Ground Games Oct 29, 2026

Show notes

This week, we break down an ingenious scheme that has wreaked havoc on several regional banks. Lad of Lakewood Shaya Prager became one of the biggest buyers of suburban office in the pandemic era – everyone wondered how his Opal Holdings could make the numbers pencil – perhaps his lenders should have wondered harder, too. Next, we look at how Apollo is looking to become the Everything Store of CRE finance: Two fresh deals – with UDR and with Mubadala Capital – showcase the breadth of its ambition.

Plus, our Punch List rundown of the newsiest industry happenings: 350 Park's construction loan; Webstar's fugazi project; Hines sells to Hines DST; Lower Manhattan's heimish transformation; NYC's nonprofit dibs ruling.

Sponsors:
1) Harvard AMDP, the premier advanced leadership program for mid-senior CRE pros. Applications for the Summer 2027 term are now open.
2) LoanBoss, the industry-leading debt management software, now supercharged by AI.
3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here.
4) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening
Sleepless in Seattle: The Martin Selig Story
Capstack for Citadel’s NYC Tower Takes Shape
Atlanta’s Phantom Megaproject
Lower Manhattan’s Heimish Era
Nonprofits to get first dibs on buying distressed multifamily housing

Prager Pain Hits More Banks
Lads of Lakewood
Apollo To Buy Majority Stake In $2B UDR Portfolio
Apollo Sinks Tentacles Deeper Into CRE Credit

Where Alpha Goes to Die & the CoreWeave Canary Oct 21, 2026

Show notes

This week, we dive into why the smartest guys in the room keep bellyflopping when it comes to CRE. Two Sigma’s recent retreat is part of a long line of edgy hedgies who’ve been humbled at the brick-and-mortar altar. We then head to the scene of a fast-moving car crash in the world’s hottest asset class: Yields on CoreWeave's junk bonds surged to an alarm-ringing 15% this week, and institutional players from across the CRE universe who've gone all-in on data centers are watching closely. Plus, our Punch List rundown of the newsiest industry happenings: Cain's "Founder Bonds" at One Beverly Hills; EQT-Stockbridge; Pontegadea's Chicago blockbuster deal; and S2 and Rise48's refis and loan mods.

Partner Content:
"Inside the Capstack" with Gibson Dunn's Kahlil Yearwood. Yearwood talks about harnessing AI's potential in loan negotiations.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening
Cain to One Beverly Hills Buyers: Bankroll Our Build
More AUM Gobbling ™ : EQT Takes Stockbridge
Everett Stays in the Game…And Rise48 Does Too
Meet the CRE Guy For the World’s Hungriest Investor

Two Sigma Halts Real Estate Unit Fundraising and Cuts Staff
Pencils Down at King St.
Men With Deep Pockets
The Sovereign, the Scion, and the Suit

CoreWeave Woes Risk Shutting Down AI Junk Market
CoreWeave’s Big Dream Crashes Into Reality as Yields Top 15%

CoreWeave targets ‘unlimited’ insurance money to fund AI build-out

Golden State Gimmes & Lument's Lament Oct 14, 2026

Show notes

This week, we get into the potential homecoming of a big agency lender: Lument is on the block, and sources point to a round-trip to its original home, the billionaire Hunt family out of Texas. We then head further west to the golden state, where the welfare exemption, a spiritual cousin of the Traveling HFC has created a lucrative loophole for “affordable housing” players. It's a fabulous case study in gaming the system. Plus, our Punch List rundown of the newsiest industry happenings: GO REIT hiccups; Tishman Speyer at the Chrysler; DST fundraising up; David Martin; BDT & MSD x Sunrise sr. living.

NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening

Is Lument Coming Home?
DUS License Frenzy: Fannie Wants to Wet its Beak
Anatomy of a Deal: BSP-NewPoint

How real estate investors are profiting off a California tax break for affordable housing
The Traveling HFC Hangover
The Mother of all Tax Loopholes

The Promote Insider: Speyers Run it Back
Terra-Led JV Lands $507M Construction Loan for South Beach Condo Before Pre-Sales

Mana From Hedgie Heaven & Blue Owl Force Majeured Oct 07, 2026

Show notes

This week, we need to dive into the real estate deal of the year – arguably, of any year: Ken Griffin is bringing Carnegie Mellon to Miami, a transformative gift for the 305 in so many ways. We focus primarily on 2 guys – Paul Darrah, who's responsible for making it happen for Griffin, and Moishe Mana, the idiosyncratic mogul who’s just pulled off the most spectacular assemblage exit in the history of that town. Next, we travel to another port city: Bain Capital is in talks to do a rescue recap of a Hong Kong development dynasty, New World. And finally, we consult the French dictionary as Force Majeure surfaces its ugly head in the capital-intensive world of data centers- Oracle is telling Blue Owl it doesn’t really feel like making rent. Plus, our Punch List rundown of the newsiest industry happenings: Interest rate volatility; Hines co-CEOs; Manhattan record office rent; GGP refi; the AI buildout equation.

Sponsors:
1) H Equities, your mid-market go-to on both sides of the capstack.
2) Pensford, the only interest-rate advisory focused exclusively on CRE
3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here.
NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Keep Calm and [No] Carry On Sep 30, 2026

Show notes

This week, it’s time to address the unrealized elephant in the room that is the biggest pain point in institutional CRE: Carry, or more precisely the lack of it. Thousands of the smartest guys and girls in the business have spent the last few years preparing for an outcome that never came. Grappling with that reality is shaping everything from talent moves to firm restructurings. Plus, our Punch List rundown of the newsiest industry happenings: Floyd Mayweather v Jona Rechnitz; Barry Diller-MGM; Gary Barnett's $3.8B financing; LA office market; RIP Nanobanc.

Sponsors:
1) LoanBoss, the industry-leading debt management software, now supercharged by AI.
2) Bravo Capital, a leading HUD and bridge lender. Join our upcoming HUD webinar on Oct. 14 here
3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

Partner Content:
"Inside the Capstack" with Gibson Dunn's Jennifer Yashar. Yashar talks through structuring leases on ground-up towers from a tenant's perspective.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening
Confessions of a Battle-Scarred GP
Paycheck Confidential: A GP Reveals Real Coin
Key Blackstone Cub Leaving Lair
Private Equity’s Path to Riches Is Getting Harder to Follow

SF’s Advance Man: Cyrus Sanandaji On the Record Sep 25, 2026

Show notes

In this bonus episode, we sit down with Presidio Bay’s Cyrus Sanandaji. Cyrus is at the vanguard of the comeback in America’s most important boom-and-bust town – San Francisco. His firm made prescient bets on SF’s recovery as the city began to emerge from the black hole of Covid, while also expanding a national development portfolio that today spans close to 6M square feet and is valued by the firm at $5.4B. We talk through doom loops and boom loops, capstack-sniping and how you cater to an AI industry defined by hypergrowth and extreme volatility.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!
3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further reading
Inside CXP's Bruising Restructuring
The shadow landlords secretly controlling SF’s distressed office towers
Inside the Hotel Heist of the Year

Lurin's FBI Probe & the CapStack Snipers Sep 23, 2026

Show notes

This week, we take stock of the tale of Lurin Capital, a multifamily syndicator that's now in the FBI's crosshairs. Jon Venetos was cut from very different cloth than the rest of the Sunbelt Dreamers, and his rise and fall are arguably even more cinematic. Next, it's a classic Manhattan tale of capstack sniping. With 245 Park ready to be graced by a $2 billion Refi, we look back at SL Green's Tranche Warfare with HNA at the Skyscraper, and what is already likely a monster payoff.

Plus, our Punch List rundown of the newsiest CRE happenings: Benefit Street Partners Leadership Shakeup, 485x's perverse incentives, Pontegadea's latest acquisition, Jeff Greene-Fort Partners, CBRE-Tenet deal

Sponsors:
1) Pensford, the only interest-rate advisory focused exclusively on CRE
2) Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here.
3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening
Inside the SL Green Playbook
Not Easy Being [SL] Green
China’s HNA Found to Owe $185 Million Over Bankrupt Manhattan Skyscraper

A hedge funder’s syndication mess

The Last Tower & Blackstone's Lair Cake Sep 16, 2026

Show notes

This week, we visit CRE’s alpha lair, Blackstone HQ, where one of the industry’s top execs, global head of real estate Nadeem Meghji, is set to exit. His perch was among the best risk-adjusted seats in all business, but what does someone in that position do for their next act? And why is there so much churn atop the pyramid at BX? Next, we take stock of the most scrutinized real estate project in modern American history, the World Trade Center complex. Twenty-five years after 9/11, Larry Silverstein's final tower is set to rise, and the neighborhood it will serve is dramatically different from the one that existed at the time of the attack. Plus, our Punch List rundown of the newsiest industry happenings: Barnett's $1.3B Torch financing; Steve Ross strikes big in Boca; MF1 sale; Centerspace merger; Kroenke's Angels play.

Sponsors:
1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here.
2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!
3) This episode is supported by H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

Partner Content:
"Inside the Capstack" with Gibson Dunn's Harry Silvera. Silvera talks through structuring the modern-day capital stack for a trophy office project.

For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple🙏
For brand partnerships: Reach out to partnerships@thepromote.com

Further Reading/Listening
Power at Ground Zero: Politics, Money, and the Remaking of Lower Manhattan
Larry’s White Whale: More Deets on 2 WTC Deal
Lower Manhattan, 25 Years After 9/11
One Attack or Two? Jury to Get Trade Center Insurance Claim

Key Blackstone Cub Leaving Lair
UC Regents' Trophy Deal Tarnished
At Blackstone’s $339 Billion Property Arm, the Honeymoon Is Over

Stan Kroenke’s Angels Purchase Puts Angel Stadium Redevelopment Back in Play

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