No Cap by CRE Daily

Latest Episodes:

How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak Jan 25, 2026

Show notes

Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism turned into conviction over time.
The conversation spans VICI’s evolution from Caesars to the Venetian, as well as its expansion into assets like Chelsea Piers and Great Wolf Lodge. A clear look at owning mission-critical real estate despite shifting narratives.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – VICI’s Origin Story
03:10 – Ed’s Path to the CEO Seat
11:06 – Caesars Bankruptcy and the VICI Spin
21:09 – Wall Street Skepticism Around Gaming
25:29 – Cap Rates, Net Lease, and Scale
31:00 – The Venetian Deal with Apollo
37:58 – Cycles, Pricing, and Operator Power
43:26 – Experiential Assets Beyond Vegas
48:26 – College Sports and New Sale-Leaseback Models
51:10 – Mission-Critical Real Estate
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.

Public REITs: Benefits, Risks & Misconceptions w/ David Auerbach Jan 18, 2026

Show notes

Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets.
He highlights key themes shaping 2025–26, including liquidity pressures, balance sheet strength, and the growing gap between winners and laggards. David also shares what investors often overlook and how to read the signals that matter. A must-listen for anyone watching the REIT landscape closely.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Introduction
03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors
05:02 – Media Narratives vs. Real REIT Fundamentals
07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite
11:28 – The REIT Dividend Machine and Long-Term Compounding
17:01 – SL Green Case Study and Smart-Money Office Signals
22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers
25:21 – NAV Discounts, M&A Activity, and REIT Consolidation
33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates
43:18 – Mortgage REITs, Preferreds, and Signs of Market Turnaround
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 Bridge Investment Group Is Underwriting Multifamily Deals After the Supply Shock Jan 11, 2026

Show notes

Season 5, Episode 1:
We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong.
This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to institutional capital while continuing to operate as a standalone real estate business within Apollo.
Colin breaks down how Bridge evaluates dislocation, why capital is behaving the way it is, where they’re still finding opportunity, and what separates durable operators from those getting washed out. If you want a clear read on how one of the most active institutional investors is navigating this cycle, this episode delivers.
Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.
TOPICS
00:00 – Introduction
01:40 – Colin’s Path Into Real Estate and Joining Bridge
04:18 – Building Bridge’s Platform Across Strategies
08:20 – Growth Drivers: Class B/C, Supply, and Rents
10:40 – Coastal vs. Sun Belt and What “Back” Really Means
14:34 – Sun Belt Check: Cap Rates, Supply, and Patience
18:40 – Underwriting With Higher Expenses
21:00 – Navigating the Cycle and Protecting Downside
26:40 – Cap Rates, Return Hurdles, and 2026–27 Outlook
31:30 – Advice for Young Investors and Finding Opportunity
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.

Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz Nov 30, 2025

Show notes

Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market.
From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed.
TOPICS
00:00 – Introduction
02:10 – Early Career and Founding Onyx Equities
06:15 – Navigating Market Cycles and Value Creation
09:30 – Office Market Shifts and Tenant Demand
12:45 – Life Sciences and Medical Office Expansion
17:40 – Inside the Data Center Gold Rush
22:15 – Rates, Debt, and Opportunities Ahead
27:48 – Tri-State vs. Sun Belt Market Dynamics
34:05 – Leadership, Adaptability, and Lessons Learned
42:30 – Building a Brand Tenants Trust
Shoutout 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/@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.

What It Takes to Modernize Commercial Real Estate Finance w/ Yaakov Zar, Lev Nov 23, 2025

Show notes

Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners.
Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with AI and automation to simplify how investors and developers secure financing. He shares the story behind Lev’s pivot from brokerage to software, what’s next for AI in real estate, and how data and design will define the next generation of real estate technology.
TOPICS
00:00 – Introduction
03:00 – Startup Roots and Dispatch Exit
08:44 – How Mortgage Frustration Became Lev’s Origin
14:25 – Digitizing the Financing Experience
19:45 – AI and the Future of CRE Software
25:02 – How Lev Memo Is Changing Deal Execution
31:10 – Agentic AI and Workflow Automation
36:47 – Harnessing Data and Unstructured Information
41:00 – Brokers, Efficiency and Industry Adoption
45:18 – Building Great Software and Leading Through Change
Shoutout 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/@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.

He Built AREA15: Winston Fisher on the Future of Entertainment, Real Estate, and Las Vegas Nov 16, 2025

Show notes

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.
TOPICS
00:00 – Introduction
02:18 – Growing Up in a Real Estate Legacy
06:47 – Lessons From Family Leadership
11:34 – Reinventing Fisher Brothers for the Future
15:29 – The Story Behind AREA15
21:02 – Real Estate Meets Experience and Culture
26:48 – Why Creativity Drives Modern Development
33:17 – Balancing Risk, Tradition, and Innovation
39:10 – The Future of New York’s Urban Core
45:26 – Leadership, Legacy, and Next-Gen Vision
Shoutout 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/@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.

Seth Weissman On Building Urban Standard Capital: Relationships That Pay Dividends Nov 09, 2025

Show notes

Season 4, Episode 9:
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.
TOPICS
00:00 – Introduction
05:04 – From Goldman Sachs to Perry Capital
07:44 – First Deals and the West Chelsea Strategy
13:32 – Raising Capital and Building Investor Confidence
18:03 – Why Committed Capital Changes the Game
21:59 – Inside the Middle-Market Lending Opportunity
27:23 – Private Credit’s Rise and USC’s Playbook
32:05 – Efficiency and Equity DNA in Underwriting
35:11 – Market Volatility and the Case for Credit
43:34 – Equity Returns with Credit Risk Protection
47:32 – Culture, Partnerships, and Bean the Office Dog
Shoutout 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/@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.

Politics vs Housing: How NYC’s Mayoral Race Became a Battle for Affordability Nov 02, 2025

Show notes

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.
TOPICS
00:00 – Introduction
02:10 – From Goldman Sachs to City Hall
06:28 – Inside NYC’s Housing Agenda and Early Lessons
10:15 – Building M Squared and Its Mission
14:47 – Politics and Production of Affordable Housing
18:59 – When Public and Private Sectors Collide
23:40 – The Gateway Project and Federal Funding Realities
28:22 – Market Constraints, Zoning Reform and Affordability
33:31 – Structuring Capital for Impact and Scale
38:26 – Lessons From City Hall and Cross-Sector Leadership
47:51 – The Next Chapter for Cities and Urban Development
Shoutout 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/@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 NMHC: The Fight to Build More Affordable Housing in the U.S. Oct 26, 2025

Show notes

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.
TOPICS
00:00 – Introduction
01:12 – Career arc and why housing policy became the mission
06:03 – What NMHC does and who it represents
08:14 – 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 LIHTC
26:26 – Rent control myths and the Housing Solutions Coalition playbook
33:06 – Real solutions: zoning fixes, single-stair, permitting, Live Local
49:42 – GSE privatization chatter: constraints and market timing
55:56 – Insurance, taxes, labor and the tech/industrialized construction edge
Shoutout 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/@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.

Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate Oct 19, 2025

Show notes

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.
TOPICS
0:00 Introduction
4:15 From antiques in Montreal to Dallas industrial real estate
9:45 Building Westmount before e-commerce
15:30 Avoiding Amazon single-tenant hype
22:10 Market cycles and rising rates
28:55 Cold storage and infill industrial
33:40 Capital flood and competition
38:15 Relationships and integrity in deals
43:00 Industrial market outlook and leadership
Shoutout 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/@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.

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected