No Cap by CRE Daily

Latest Episodes:

Five Cycles In: DWS's Todd Henderson on What Comes Next for CRE Sep 27, 2026

Show notes

Season 9, Episode 6:
Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen.
Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in 2003.
The tension worth tuning in for: values fell roughly 25% while property fundamentals held up, which Henderson says leaves real estate cheap relative to equities, gold, and private credit just as new supply dries up.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
CHAPTERS
00:00 - Todd Henderson and the History of DWS and RREEF
05:49 - Starting in Real Estate During the S&L Crisis
11:38 - Five CRE Cycles and the 25% Value Reset
16:58 - Why Institutional Capital Is Coming Back
21:09 - Private Credit and Real Estate Debt
24:13 - Why DWS Is Buying Sun Belt Multifamily
29:49 - Build-to-Rent and the Housing Shortage
32:35 - Why Grocery-Anchored Retail Keeps Winning
36:38 - Real Estate as the AI Immunity Trade
40:04 - What Past Cycles Say About the Next CRE Run
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Trinity Investments CEO on Buying Hotels Nobody Else Can Build Sep 20, 2026

Show notes

Season 9, Episode 5:
Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable.
Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and Hyatt, and with mega private equity funds that lean on Trinity's hospitality expertise.
The tension worth tuning in for: Trinity has walked away from cap-rate arbitrage and ultra-luxury boutiques alike, betting instead that scale, counterparty discipline, and genuinely irreplaceable real estate are what hold up when the market throws a curveball — which, as Hehir tells it, happens on nearly every deal.
This episode was recorded on 7/21/26. Views, market conditions, and any figures or references discussed may have changed since recording and may not reflect current conditions at the time of release. Nothing in this podcast should be construed as investment, legal, or tax advice. Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
CHAPTERS
00:00 - Introduction to Sean Hehir and Trinity Investments
04:14 - Why Hospitality Is Different From Other Real Estate
08:16 - Learning Hotels From the Ownership Side
13:38 - East Miami, Swire, and the Blackstone Exit
19:15 - Buying and Renovating The Diplomat Beach Resort
24:04 - Hotel Amenities That Actually Matter
29:04 - Why Nobody Is Building These Resorts Anymore
33:17 - The JW Marriott Marco Island Deal
39:04 - Picking Partners, Brands, and Lenders
44:10 - Why Trinity Likes Four-Star Resort Assets
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ DISCLAIMER: Nothing in this episode is an offer to sell, or a solicitation of an offer to buy, any security or any interest in any fund or investment vehicle.
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Small Bay, Big Potential: Commercial Real Estate’s Most Resilient Asset Class w/ Anthony Scavo Sep 13, 2026

Show notes

Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California.
Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
CHAPTERS
00:00 - Introduction
03:05 - Defining Small Bay Industrial
05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings
12:18 - Joining Basis Industrial in 2021
14:52 - From Self Storage to Small Bay
24:44 - Why Small Bay Is Safer Than Multifamily
34:36 - Why No One Is Building New Small Bay
41:04 - War Stories: Casinos, Man Caves, and Wild Tenants
50:42 - The Future of Small Bay Consolidation
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Inside Affordable Housing's Biggest Tax Credit, With Bart Mitchell of The Community Builders Sep 06, 2026

Show notes

Season 9, Episode 3:
America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing.
Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new program nobody understood. Since becoming CEO in 2012, he's grown the organization's footprint across New York, Boston, Chicago, and Virginia while carrying real financial risk along the way. In this conversation, Bart breaks down why zoning, not money, is the real bottleneck in solving the shortage, what it actually costs to carry a project through years of city and state approvals, and why most Americans have driven past affordable housing without ever realizing it.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
CHAPTERS
00:00 - Introduction to Bart Mitchell and The Community Builders
04:14 - How Bart Entered Affordable Housing
06:14 - The Early LIHTC Market
13:05 - How Low-Income Housing Tax Credits Work
15:21 - The Community Builders’ Origin Story
18:57 - Rebuilding Public Housing as Mixed-Income Communities
22:17 - Why America Is 10M Homes Short
29:10 - Zoning, Money, Speed, and Development Risk
38:36 - Nonprofit Versus For-Profit Affordable Housing
44:43 - What Bart Would Change About Housing Policy
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression' Aug 30, 2026

Show notes

Season 9, Episode 2:
How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world?
Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries.
Whether you’re interested in multifamily, office debt, global real estate strategy, or how major firms underwrite the next cycle, this episode is a must-listen. Join us as we dive into Hines’ highest-conviction themes, Ray’s Marine Corps background, and why running toward risk can create the biggest opportunities.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
TOPICS
00:00 - Introduction to Ray Lawler and Hines
05:10 - Lessons From Asia and Global Real Estate
08:05 - Hines’ Capital Structure and Fund Strategy
13:55 - Office Debt, Trophy Assets, and Market Recovery
18:10 - Office-to-Residential Conversions
20:05 - How Hines Picks Markets and Deals
26:15 - The Backyard Deal and Japan Industrial Story
34:15 - Marines, Risk, and Leadership
37:05 - Why Living Is Hines’ Top Conviction Strategy
48:15 - Advice for Young Professionals
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

From Bankruptcy to Renaissance: Bedrock's $1B Plan for Detroit w/ Jared Fleisher Aug 23, 2026

Show notes

Season 9, Episode 1:
Can Detroit become America’s greatest urban comeback story?
To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core.
Whether you’re interested in public-private partnerships, downtown revitalization, GM’s move to Hudson’s Detroit, or the future of the Renaissance Center, this episode is a must-listen. Join us as we dive into conviction, civic commitment, riverfront development, and what it really takes to rebuild a city at scale.
Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.
TOPICS
00:00 - Season 9 Premiere with Jared Fleisher
05:00 - Dan Gilbert’s Conviction in Detroit
10:52 - Bedrock’s 21M SF Portfolio
16:49 - The Renaissance Center Challenge
22:38 - GM, Hudson’s Detroit, and Civic Commitment
27:06 - Rebuilding Detroit’s Riverfront
33:17 - Public-Private Partnerships and Brownfield Financing
41:48 - Innovation Districts and Talent
45:05 - Defense, Manufacturing, and Detroit’s Next Chapter
48:06 - Downtown Dallas and Why Cities Need Strong Cores
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Where REITs and Private Real Estate Meet: Inside Cohen & Steers' $94B Strategy Jul 26, 2026

Show notes

Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look.
Whether you’re interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this episode is a must-listen. Join us as we dive into valuation discipline, sector rotation, and why Jim believes many investors are still stuck in last cycle’s winners.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 - Introduction to Jim Corl and Cohen & Steers
06:00 - Why REITs Became an Institutional Asset Class
12:00 - Buying Residential Lots for 5 Cents on the Dollar
18:00 - Why Public Markets Reprice Before Private Real Estate
24:00 - Apartments, Warehouses, and the Valuation Hangover
30:00 - Why Cap Rates Still Look Too Low in Multifamily
36:00 - The Shopping Center Thesis
42:00 - Walmart, Amazon, and the Future of Retail
48:00 - Industrial Demand and the E-Commerce Slowdown
54:00 - Why Investors Need to Exit Last Cycle Portfolios
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Private Credit Pioneer: How Josh Zegen Built the Debt Frontier with Madison Realty Capital Jul 19, 2026

Show notes

Season 8, Episode 5:
How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate?
Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, became vertically integrated, and scaled into a major capital source for sponsors when banks pulled back.
Whether you’re interested in distressed debt, construction lending, office-to-residential conversions, or today’s maturity wall, this episode is a must-listen. Join us as we dive into how Madison thinks about risk, rescue capital, borrower relationships, and finding opportunity in a volatile market.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction to Josh Zegen and Madison Realty Capital
05:00 – The Early Private Credit Opportunity
10:53 – Surviving the GFC and Taking Over Assets
15:45 – Becoming a Construction Lending Powerhouse
19:00 – Back Leverage and Lending to Lenders
24:12 – Distress, Rescue Capital, and Loan Workouts
31:24 – Fundraising, Insurance Capital, and Investor Demand
35:44 – The Pfizer Office-to-Residential Conversion
42:40 – West Palm Beach, Florida, Texas, and Hot Markets
48:12 – Recaps, Volatility, and Building Through the Cycle
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

PGIM's Sharpshooter Approach to $60B in US Real Estate w/ Soultana Reigle Jul 12, 2026

Show notes

Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done.
Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits within PGIM, the $1.4T asset management arm of Prudential Financial.
In this episode, Soultana breaks down how PGIM is deploying capital across the country, why "sharpshooting" specific deals has replaced broad-based sector bets, and where she's finding the best opportunities in today's market.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction
05:31 – Building a $60B Value-Add Platform from Scratch
09:04 – GFC Lessons
13:52 – The "Sharpshooter" Strategy and Sourcing $8B in Deal Flow
15:02 – Senior Housing and Low-Latency Data Center Thesis
25:24 – Buying a San Francisco Office Asset
33:48 – Capital on the Sidelines and Navigating "Higher for Longer" Rates
44:20 – AI Disruption, Career Advice, and why EQ is a Superpower
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Fernando De Leon on His Roots, His Rise, and Building a $3B Empire Jul 05, 2026

Show notes

Season 8, Episode 3:
How did Fernando De Leon go from translating legal disputes as a teenager on the US-Mexico border to building Leon Capital Group?
Today, we sit down with Fernando De Leon, Founder and CEO of Leon Capital Group, to break down one of the most remarkable founder stories in real estate. Fernando shares how his early life in Matamoros and South Texas shaped his view of risk, opportunity, and systems. We also get into his first real estate equity stake, his time at Harvard and Goldman Sachs, and how he built conviction before the GFC.
Whether you’re interested in distressed debt, Texas real estate, AI, data centers, or the mindset behind durable compounding, this episode is a must-listen. Join us as we dive into the skepticism, stamina, and timing that helped Fernando build across real estate, private equity, and operating businesses.
Shoutout to our sponsor, Lennar Investor Marketplace. New construction rental investments with comps, returns, and underwriting built in.
TOPICS
00:00 – Introduction to Fernando De Leon
07:00 – Early Real Estate Lessons on the Border
14:00 – Harvard, Mentors, and Long-Term Seeds
21:40 – Leaving Goldman and Optioning Texas Land
28:29 – Buying Distressed Loans After the GFC
37:07 – Why 2008 Won’t Repeat the Same Way
46:43 – AI, Data Centers, and Hidden Risk
52:48 – Building Operating Businesses
57:07 – Mental Health, Talent, and New Opportunities
01:04:00 – Mistakes, Stamina, and AI Disruption
For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/
Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily
About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

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