No Cap by CRE Daily

Latest Episodes:

Structured Credit, B-Pieces & the Private Markets Opportunity | Chris Hentemann, 400 Capital Apr 12, 2026

Show notes

Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residential and commercial mortgage credit.
From the mechanics of risk retention and "B pieces" to innovative builder finance structures, learn how 400 Capital identifies asymmetry in global markets. Chris explains how they’ve bridged the gap between bank balance sheets and private capital by creating partnerships that accommodate modern regulatory standards.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
00:43 – Chris Hentemann’s Career: From First Boston to the 2008 Crisis
06:37 – The Founding of 400 Capital and Early Investment Thesis
11:52 – Housing Finance, CRT Markets, and the Role of Private Capital
16:41 – Masterclass on Risk Retention: B Pieces and Asset Quality Control
22:13 – The Evolution of Banks: From Warehouse Lenders to Risk Partners
33:30 – Modern Underwriting: AI Integration and Investment Yield Math
43:37 – Strategy Spotlight: Builder Finance and Lot Financing Structures
48:33 – Global Expansion: European SRT Markets and Regulatory Capital Deals
56:56 – Macro Outlook: Rate Cycles, Inflation, and the Power of Volatility
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 the Mind of America’s Largest Grocery-Anchored Landlord: Ross Cooper, Kimco Apr 05, 2026

Show notes

Season 6, Episode 2:
This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail.
Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through the investment side of the platform, Ross now leads one of the largest publicly traded REITs in North America. This conversation covers all of it — the origin story, the GFC, the "retail apocalypse" narrative, and how Kimco has quietly built one of the most durable portfolios in the business.
We get into how Kimco underwrites acquisitions (location + basis, always), why grocery anchors drive daily and weekly foot traffic that no other asset class can replicate, and how the four segments of the grocery market — traditional, discount, organic, and ethnic — each attract a distinct co-tenancy ecosystem. Ross also breaks down Kimco's approach to redevelopment and densification, including 13,000+ multifamily units either built, under construction, or fully entitled across their portfolio, and why turning a sea of surface parking into a 25-story mixed-use tower can be additive — not disruptive — to the retail below.
We also cover Kimco's structured investment program in preferred equity and mezz financing, how they think about balance sheet discipline (including a decade-long push to earn an A-minus credit rating from all three agencies), and why new ground-up retail construction would require 50–60% rent increases in most markets just to pencil — a supply constraint that's quietly been one of the biggest tailwinds for existing center owners.
If you want to understand how a REIT that's been in the business since Eisenhower still finds mispriced assets, turns over capital intelligently, and thinks about what comes next — this episode is it.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
05:13 – Kimco’s First Deal and Early Mistakes
10:31 – Curating Tenant Mix Around the Customer
15:08 – Omnichannel Retail and Store Importance
19:44 – Capital Strategy and Debt Approach
25:00 – Portfolio Strategy and Market Positioning
30:00 – Leasing Strategy and Tenant Demand
35:00 – Redevelopment and Value Creation
40:00 – Retail Resilience and Market Outlook
45:43 – Development, Densification, and Closing Thoughts
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.

Building a Niche in Opportunity Zone Capital w/ Ackman-Ziff Mar 29, 2026

Show notes

Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance.
Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 10-year hold challenge for developers. From ground-up developments to post-CO recapitalizations, learn how these capital market experts are resetting the clock on distressed assets and preparing for the next era of "OZ 2.0." Whether you're a developer or an investor, this episode is a must-listen for navigating today's complex financing environment.
Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.
TOPICS
00:00 – Introduction
01:54 – Ackman-Ziff's History and Focus on Structured Finance
03:21 – Carving a Niche in the Opportunity Zone Space
04:35 – Structuring Preferred Equity for a 10-Year Hold
08:55 – Financing Ground-Up Development with OZ Pref
14:52 – The Math: 10-Year Outlook and Positive Leverage
18:05 – Opportunity Zone Fundamentals and Tax Benefits
21:28 – Strategic Recaps: Injecting New OZ Equity Post-CO
25:13 – Navigating Qualified Opportunity Zone Compliance
30:10 – OZ 2.0: Future Outlook and Global Gain Trends
37:21 – Case Study: $200M Recapitalization in Washington D.C.
48:41 – The Cycle of Common Equity vs. Private Credit
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.

Michael Cohen on Williams Equities' 100-Year Legacy, the Flatiron Building, and the Rise of Nomad Mar 15, 2026

Show notes

Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership. Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has evolved from family-run ownership models to today’s era of institutional capital and global brokerage consolidation.
Michael also breaks down the strategic thinking behind some of Manhattan’s most recognizable assets and neighborhoods—from the transformation of NoMad and the role of Business Improvement Districts to the redevelopment of the iconic Flatiron Building. The conversation explores how policy shifts like the City of Yes initiative, along with advances in technology, finance, and AI, could shape the next chapter of New York office and urban development.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Introduction
01:55 – The Many Michael Cohens & Williams Equities History
07:05 – Globalization and the Consolidation of Brokerage
11:51 – Public Models vs. Partnership Structures in CRE
19:01 – New York's Current Market State: A Virtuous Cycle
26:38 – The Rise of NoMad and Business Improvement Districts (BIDs)
37:21 – The Future of the Iconic Flatiron Building
40:31 – Portfolio Strategy: 1031 Exchanges and Value-Add Upside
55:01 – Institutional Capital and IRR vs. ROI Investing
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.

How Bracket Unifies Bids, Auctions, and Traditional Sales w/ Brandon Colombo & Rodes Boyd Mar 08, 2026

Show notes

Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platforms aim to fix that.
Brandon and Rodes explain how Bracket is building a marketplace designed to streamline the entire deal process, from pricing strategy and broker opinions of value to buyer discovery and execution. The conversation explores how technology, better data transparency, and AI-driven underwriting could expand buyer pools, speed up transactions, and change how properties trade across the commercial real estate market.
TOPICS
00:00 – Introduction
01:48 – Solving CRE Info Gaps and Transaction Pain
03:48 – Lessons from 10X and Auction Gaps
07:13 – Bringing Institutional Process to Mid-Markets
13:16 – From Manual Brokerage to Tech Platform
21:49 – Pricing Strategy: AI and "Buying the Listing"
28:38 – Selling Transparency Over Price
38:53 – Client Consulting: Data-Driven Trust Building
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.

Are Car Washes the Most Overlooked Asset Class in CRE? Mar 01, 2026

Show notes

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs.
The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro And Why QC Invests Across Verticals
04:36 – Chris’ Background And How QC Capital Started
08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record
12:47 – Why QC Moved Beyond Multifamily
13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration
16:44 – Why Multifamily Could Stay Tough Over The Next Cycle
19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield
21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs
27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation
34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating Up
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.

Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy Feb 22, 2026

Show notes

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.
They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro And Canyon’s Role In Real Estate Credit
02:50 – Matt’s Path Into Real Estate And The GFC Years
06:00 – From Walton Street To Angelo Gordon To Canyon
09:40 – How Canyon Thinks About Credit Vs Equity
14:10 – What LPs Are Looking For Right Now
18:20 – The Wall Of Maturities And Private Credit Demand
23:40 – Macro Vs Micro Data And Reading The Market
28:10 – Multifamily, Housing, And Quiet Distress
33:20 – Structuring Capital Solutions In Today’s Market
39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next
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.

Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI Feb 15, 2026

Show notes

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.
The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Intro and Setting the Stage
05:20 – Alex’s Nontraditional Path Into Development
09:40 – Early Deals and Learning Through Adaptive Reuse
15:30 – Why Complexity Became the Strategy
21:10 – Capital Stacks, Risk, and Creative Structuring
27:40 – Scaling From Local Projects to a National Platform
33:50 – Markets, Mistakes, and Hard Lessons
40:20 – Where Adaptive Reuse Still Works
46:30 – What Development Looks Like From Here
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.

How Trimont Became the Nation’s Largest Loan Servicer Feb 08, 2026

Show notes

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.
Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
01:00 – Bill’s Background and Entry Into Credit
06:30 – What Loan Servicers Actually Do
10:00 – Private vs. Public Credit Servicing
18:55 – Multifamily Stress Signals
26:40 – Office Risk and Capital Costs
31:40 – Lodging and Other Trouble Spots
38:45 – Extensions, Refinancing, and the Data
41:00 – Where We Are in the Cycle
46:50 – Culture, Scale, and Building Trimont
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.

How Special Servicers Control Distressed Deals w/ Alex Killick Feb 01, 2026

Show notes

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.
TOPICS
01:00 – Alex’s Path to CW Capital and the GFC
06:29 – How Special Servicing and CMBS Work
08:35 – B-Piece Control and Servicer Power
14:20 – Why This Cycle Is Different
16:15 – Multifamily Stress in the Sun Belt
21:10 – Tenant Fraud, Insurance, and NOI
24:50 – Workout Decisions vs. Asset Takebacks
26:40 – Office Distress and Capital Costs
38:45 – Private Credit and Quiet Extensions
42:35 – The Metrics CW Capital Tracks
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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