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The Promote Podcast

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Your Commercial Real Estate Insider guide. From profiles of the biggest dealmakers to skyline-shaping transactions, we bring you the deals, breakdowns and war stories that move the market — for insiders, by insiders. From bad-boy guarantees to CMBS tranche warfare to syndicator sins, we cover it all.

Each week, The Promote Podcast explores three of the most interesting and consequential stories in CRE, taking you well beyond the headlines and into the heart of the action. Hosted by the award-winning “Bard of CRE,” Hiten Samtani, along with no-BS institutional insider Will Krasne. Now a top 80 pod on Apple in "Business & Investing." Also check out our 3x/week newsletter for industry insiders at https://www.thepromote.com/

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#74
August 26 · 37 min
Evergrande Delusions & Chitty Chetrit Bang Bang
This week, we dive into 2 operatic stories of ruin on different continents. We begin with the tale of Hui Ka Yan, a Chinese property tycoon who went from being a steelworker to one of the world’s richest men, before his firm Evergrande collapsed and sank the country’s real estate market with it. Hui has just been sentenced to life in prison. Then, we beam into a New York law firm boardroom, where one of CRE’s preeminent girthy lads, Meyer Chetrit, has given an extraordinary deposition as creditors pursue the Chetrit Group over hundreds of millions of dollars in personal guarantees. And finally, Blackstone’s finding the secular tailwinds in the marina business are strong enough to set sail. 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! Partner Content: "Inside the Capstack" with Gibson Dunn's Eric Meer. Meer breaks down an emerging trend of GPs setting captive title insurance joint ventures. 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 Pod's on vacay: We're taking a fortnight off. Our next episode will drop 9/16. Arrivederci! Further Reading/Listening Heat on Chetrit The Big Bank Battle of Chetritstan Chetrits - Checkmated or playing possum? The man from Morocco Evergrande delisting marks end of era for China’s property sector Chinese authorities accuse Evergrande of inflating revenues by $80bn Limit-Up Hotel Kamikazes MarineMax to Be Taken Private by Blackstone-Owned Safe Harbor for $1.5 Billion Exotic Alts
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#73
August 19 · 32 min
CW's Inside Man & Newmark's Weekend at Bernie's
This week, we put on our toques and head to the TSX, where Meyer Orbach and Josh Gotlib are on a fascinating multifamily caper with their REIT GO Residential. We then take a back door into a special-servicer war, with Greystone accusing rival CWCapital of stealing its trade secrets to poach its business and talent. Finally, we head to a palatial, soon-to-be-empty office at 125 Park, where we take stock of the legacy of longtime Newmark CEO Barry Gosin – and what exactly a new leader will be coming into. Plus, our Punch List rundown of key industry happenings: BREIT's exit from self-storage, 800 Fifth Ave's financing hunt, Ishbia's UWM mess, Canary Wharf 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! 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 GO’s Multifamily AUM Gobbling ™ Loonie Tunes: Orbach, Gotlib Head to TSX A Special Servicer Skirmish Newmark’s Data Center Talent Shuffle Ain’t No Party Like a Lutnick Party Top Brokers Leave Newmark After Suing Firm, Boss Howard Lutnick talks bank failures, Newmark’s competitors and more
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August 17 · 28 min
Man on Wire: Michael Stern On the Record
In this bonus episode, we sit down with JDS Development Group boss Michael Stern, one of the builders synonymous with the luxury condo market in New York and more recently in Miami. Stern talks through home runs like Walker Tower in Chelsea, strikeouts (though he disagrees) like the Brooklyn Tower, and 11th-inning odysseys like the skinny Billionaires’ Row supertall 111 West 57th St. Outside of addressing specific litigation (there’s lots of it) and live deals, Michael got seriously candid about all the aspects of the development game that insiders care about, from lining up investors to construction intricacies to the risk-reward math. Plus, our favorite wildcard: how he turned journeyman architect Ralph Walker into a starchitect 💫 📕 . 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! 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 Promote: Stern Ambition Stern, Soffer Near Record JPM Financing in Brickell Michael Stern: the highs and lows of a New York skyscraper king Michael Stern’s projects flash signs of distress, but risk-taking developer has come back from crises and chaos before Ralph Walker: Architect of the Century Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World
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#72
August 12 · 40 min
Only Mortals: The Reichmanns, Pt. III
The final part of our special trilogy on the Reichmanns traces how the mother of all megaprojects became a siren song for Olympia & York. Everything that had brought them to these heights – the creative financing, the cinematic self-belief, the ability to convince others and themselves they could pull it all off – worked against them at London's Canary Wharf, and we talk through the aftermath of the collapse and the legacy they left behind. Featuring all-time characters like Kentucky hustler G. Ware Travelstead, Canadian pirate Robert Campeau and the Iron Lady herself, this is the climax of one of the most epic journeys in all business. 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) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 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 Men of Destiny: The Reichmanns, Pt. I (Start Here) Apex Predators: The Reichmanns, Pt. II The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York Towers of Debt: The Rise and Fall of the Reichmanns In Britain, A Struggle To Stay Afloat The Collapse of a Master Builder Margaret Thatcher's Speech Inaugurating Canary Wharf Secretive tycoon is key to unlocking gem of a deal Building for Eternity, R' Moshe Reichmann Biography
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#71
August 5 · 42 min
Apex Predators: The Reichmanns, Pt. II
Pt. II of our special episode on the Reichmanns takes us to the ultimate proving ground of Manhattan. We do a tick-tock of how Olympia & York pulled off the CRE deal of the century, buying 10 million square feet of prime office space for just $33 a square foot and beating up some of the city's blue bloods along the way. Then, they go even bigger: the development of the World Financial Center in Battery Park City is a showcase of all their talents – risk appetite, design, salesmanship, negotiating, creative leverage – coming together at scale. We also look at their legendary alliance with the Bronfman family and their adventures in corporate raiding. 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) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 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 Men of Destiny: The Reichmanns, Pt. I (Start Here) The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York Towers of Debt: The Rise and Fall of the Reichmanns Inside CRE’s Deal of the Century Canadian Company Becomes a Big City Landlord The Bronfmans' Leveraged Leviathan
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#70
July 29 · 37 min
Men of Destiny: The Reichmanns, Pt. I
This special episode dives deep into the story of the Reichmanns, an extraordinary family that probably contributed more to the financialization of CRE than anyone else. It’s a tale of survival, grit, chutzpah, genius (on many fronts), generosity, unchecked ambition, heart-stopping leverage, and eventually, ruin. We follow the family's incredible journey from the Orthodox synagogues of prewar Beled, Hungary to the international free zone of Tangier, to the North American base in Toronto, and eventually, the apex predator of Manhattan. We discuss the tragedies that shaped the Reichmanns and their approaches to both commerce and philanthropy, the deals that set up the juggernaut in Toronto, and the characters at the heart of one of the world's richest, most powerful, and most secretive clans. Sponsors: 1) 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! 2) 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. 3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. 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 The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York Towers of Debt: The Rise and Fall of the Reichmanns Zeckendorf: The autobiograpy of the man who played a real-life game of Monopoly Faith And Fortune Letters from Esther #14: What Death Can Teach Us About Life
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#69
July 22 · 37 min
Stairway to Heaven & Parkmerced's Odyssey
This week, it’s time for some California dreamin': We ascend Orange County’s Ziggurat, a stairway to heaven or SoCal’s biggest development clusterfuck, depending on your flavor. The hulking structure and the quest to sell it showcase government incompetence at its most extreme. We then head up to San Francisco, where a whirlwind of fascinating dealmaking has gone down at the city's largest rental complex, Parkmerced – New York-based Yellowstone has just taken over the development portion of the property, ending a long quest by Robert Rosania to hold on. 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 Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 3) 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! Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link:
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July 17 · 26 min
Mailbag: CRE Mt. Rushmore, Would You Rather & Wildest Tenant Stories
In our second mailbag episode, co-host Will Krasne tackles your most unhinged CRE questions: self-managing vs. 3rd party, nightmare tenant interactions, his CRE Mt. Rushmore and many more. 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 Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 3) 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! Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further Reading/Listening Showtime: Magic, Kareem, Riley, and the Los Angeles Lakers Dynasty of the 1980s Ross takes his talents to [West Palm] Beach Unto the Sons: King of Prussia Passes the Crown Gary Barnett: The Father of Billionaires' Row
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#68
July 15 · 37 min
Skyscraper Triage & Data Center Power Struggle
This week, we ride up a rickety construction elevator to the 21st floor of the Pfizer Building, where a major scare threatens to consume New York’s signature office-resi conversion project. We do a 360-degree analysis, from the bricks n’ sticks to the financials and the all-important narrative, looking at the stakes for developers Nathan Berman & David Werner, lender Madison Realty Capital and city & state stakeholders. Then, we check in on a battle of hearts and minds in Virginia, where Blackstone has walked away from a data-center megaproject. The behemoth and many of its peers are grappling with a growing national discontent that has to be putting some investment question marks on this emerging asset class. Plus, our Punch List rundown of the newsiest industry happenings: Airbnb's NYC buy; Norges' retail JV'; SF developers walk; Charles Cohen gets off the mat. Sponsors: 1) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 2) 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. 3) 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! Further Reading/Listening Aby & Sons Charles Cohen revives West Palm office project Dead mall back on market: Buyers walk away from distressed sale of San Francisco Centre In San Francisco’s hot-again office market, you need a glow-up to succeed Anatomy of a Buckle Pfizer’s Bitter Pill Apartments for Rent in a Former Office, but You Have to Live in Midtown Developer of Troubled Midtown High-Rise Had Tried to Avoid the Spotlight Blackstone’s QTS Abandons Massive Data Center in Virginia Brookfield Bets on AI at Scale Never Tested Before in $50 Billion Push Brookfield’s Compass Bails on Massive Virginia Data Center AI’s Unlikely Benefactor: Blackstone’s 77-Year-Old CEO Steve Schwarzman Jon and Mindy Gray Bet on AI Science Research to Prevent Cancer
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#67
July 8 · 37 min
S2pocalypse Now & Pimco's Puppet Master
This week, we wade into the underbelly of big-ticket restructuring, looking at Pimco’s $1.8B lifeline on its disastrous bet on the Columbia Property Trust office portfolio, and how the lenders that stepped in after the default have set themselves up for a massive payday. The whole journey is a valuable lens into the opportunities available deep in the nethers of the capstack. Next, we have to revisit the saga of S2 Capital's Scott Everett, the GP who’s now declared that his $400M multifamily fund is a total loss– we sensed this was coming, but it still hits. We dive into both the business and reputational aspects of the wipeout. Plus, our Punch List rundown of the newsiest industry happenings: RFR Realty succession; Sergey Brin's NYC rent-stabilized misadventure; Miami condo buyout aces; Kayne Anderson gobbled up. 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! Further Reading/Listening Aby & Sons Sergey Brin’s Steep Loss Highlights New York Landlords’ Pain Kayne Anderson’s New Chief Says Real Estate in ‘Supercycle’ as Unit Is Sold The Terminator of Miami Reset Basis FiDi Telenovela Set For Happy Ending S2’s Reit Reckoning Great Scott! S2 Wipes Out on $400M Fund
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#66
July 1 · 37 min
Texas Chainsaw Massacre & The Man Who Knew
This week, we take stock of the legacy of Alan Greenspan, the long-serving Fed Chair who has died at the ripe old age of 100. Greenspan’s moves, for better and for worse, shaped the CRE market as we know it today. Next, we visit the rapidly gentrifying swamp that is Gowanus, where Sam Charney is remaking the neighborhood with a little help from his friends. And finally, we dive back into one of The Promote’s pet topics – the fallout from the end of the Traveling HFC property-tax loophole in Texas. Plus, our Punch List rundown of the newsiest industry happenings: Charles Cohen v Fortress; BTR-killer bill; NYC freezes rent; World Cup takeaways. Sponsors: 1) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 2) 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. 3) 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! Further Reading/Listening Trump Cancels Plan To Sign Bipartisan Housing Bill, Demanding Voter ID Law Cohen's Fortress of Pain The Man Who Knew: The Life and Times of Alan Greenspan The Flying Walentases Brooklyn Billionaire: How One Man Made A Fortune Rebuilding Dumbo The Closing: Sam Charney Meet CRE Finance’s Most Eccentric Investor Gaffers of Gowanus The Traveling HFC Hangover
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#65
June 17 · 39 min
Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King
This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar. 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) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Michael Stern: the highs and lows of a New York skyscraper king The Closing: Michael Stern An Insider’s Guide to the Miami Branded Condo Game Soffer to the rescue? A Miami Kingpin's Epic Aventura Nuveen's Loss Factor Carl Icahn settles the Texaco/Getty Oil lawsuit The Bankrupting of a Mobile Home Billionaire
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#64
June 10 · 38 min
Not Easy Being [SL] Green & TPG's Shelf Life
This week, we dive into the high-stakes, high-reward (not for shareholders tho) world of SL Green, the mighty REIT that is New York’s largest commercial landlord. From a deal junkie standpoint, SL Green is king of the hill, but no matter what it does, it can’t seem to get Wall Street to love it. Next, we convert our dollars to lek and head to Albania, where Jared Kushner is trying to create the next St. Barths. And finally, we load up those 10-cent bags and go shopping - for grocery anchored retail with TPG and friends. Plus, our "Punch List" rundown of the newsiest industry happenings: Brookfield's DC shutdown; Amancio Ortega's CRE fixer; Bears move to Indiana; LA mayoral race; and Paul Massey folds. Sponsors: 1) 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! 2) 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. And check out their must-read SNF primer here. 3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Inside the SL Green Playbook Gold in Them Distressed Capstacks SL Green Raises More Than $1 Billion for New NYC Debt Fund Reset Basis Albania’s Rama Backs Kushner Resort as Land Ownership Probed TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty
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#63
June 3 · 36 min
Hail Caesar, CoStar's M&A Mania & a ZOMbie Developer
This week, we look at Texas billionaire Tilman Fertitta’s $18B megadeal for the Caesars entertainment empire - this is really an excuse for us to talk Tilman, one of the industries "C"haracters. Next, we dive into CoStar’s $800M acquisition of home-data firm Zonda – part of Andy Florance’s quest to control every piece of data in the real estate universe. And finally, it might be curtains for prominent multifamily developer ZOM Living, who we’re told is prepping a bankruptcy filing. Plus, our Punch List rundown of the newsiest industry news: NYC rips, S2's special servicing, Fisher Island fracas, Brookfield bombs again, and banks are back! 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. And check out their must-read SNF primer 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 Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Big Fish- Tilman Fertitta An Interview With Tilman Fertitta on A Restaurant Empire During Covid Tilman Fertitta’s Years-Long Pursuit of Caesars Is Paying Off The Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street CoStar to acquire homebuilding data giant Zonda for $800 million—why it matters Costar’s Crusade Activist Dan Loeb dusts off his poison pen ZOM Prepping Bankruptcy Filing After Legal Wallop
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#62
May 28 · 39 min
Enemy at the Rates, Mayweather Gets KO'd & Newmark Nepomania
This week, we talk fear and loathing in interest rates: The 10Y and 5Y are going haywire and threaten to knock CRE's recovery off-kilter. Next, we discuss nepo babies running the asylum at Newmark: Howie Lutnick’s son Kyle has decided it’s his time to shine. And finally, we have to revisit one of the strangest sagas we’ve discussed on here: Floyd Mayweather is now throwing haymakers at his former confidant Jona Rechnitz in an explosive $175M lawsuit. Plus, our Punch List rundown of the newsiest industry news: A syndicator wipeout, BTR back from the brink, CO Power 100, EQR-AVB mega-merger is official. 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. And check out their must-read SNF primer here. 2) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates. 3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums.
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#61
May 20 · 35 min
CRE's Paypal Mafia: The JMB Realty Story
In this special episode, we dive deep into the story of JMB Realty Corporation, one of the most influential firms in the modern history of CRE, with a playbook and an alumni network that continue to shape the industry today. You could argue that if JMB didn’t exist, real estate syndication would look very different today. M&A would look very different today. Hell, even the Heavenly Bed wouldn’t exist. From its humble beginnings as a glint in the eyes of Neil Bluhm, Judd Malkin and Robert Judelson, to its status as the powerhouse firm of the 80s and its legacy as the firm whose alum birthed Starwood, Blackstone Real Estate, Northwood and scores of other industry leaders, we explore it all. This is a must-listen both for industry vets and for up-and-comers looking to understand why the CRE industry looks the way it does today. 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. And check out their must-read SNF primer here. 2) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 3) 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! 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 For podcast swag: Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: How Deal of the Decade Undid Malkin and Bluhm A Split for JMB Founders; Bluhm Starts Own Deal Fund After Slide, Bluhm Is Blooming Again In Starwood Hotels, Barry Sternlicht reprises his greatest role JMB REALTY TO BUY CADILLAC FAIRVIEW A REALTY CONCERN WITH A BIG APPETITE
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#60
May 13 · 32 min
S2's REIT Wipeout & A Lender's Extreme Show of Faith
This week, we dive into Sunbelt multifamily kingpin’s Scott Everett's (S2 Capital) audacious attempt to save his distressed portfolio via a private REIT – an attempt coming apart in real time. It's an opportunity for us to discuss the Sunbelt ZIRP-fueled boom/bust, the broader syndicator reckoning and how figuring out how to survive is sometimes all you can do. It’s then time to talk fathers and sons – a long-stalled FiDi site at 8 Carlisle may finally see salvation after lender Maxim Capital kept the faith in developer Grubb Properties after a decade-long debacle by the Ohebshaloms. And then it’s time to unpack the real estate legacy of a G-reat man,just-passed media mogul Ted Turner. Plus, our Punch List rundown of the newsiest industry happenings: A sextortion plot against Fortress founder Wes Edens; Gary Barnett's latest assemblage; La Caisse and EB-5 investors taking a bath in Brooklyn; and Soloviev's $526M windfall at a Manhattan office trophy. 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. And check out their must-read SNF primer here. 2) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates. 3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 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 For podcast swag: Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: S2's REIT Reckoning S2 Capital targets $1B for multifamily private REIT The Alan Stalcup Interview Multifamily's Icarus: Alan Stalcup On the Record Fortress Co-Founder Allegedly Extorted by Sexual Partner FiDi Telenovela Set For Happy Ending Debt Fund Whac-A-Mole Ted Turner - Atlanta Magazine Profile Born to Be Wired - John Malone Memoir Talking Tycoons: Tom Cousins
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#59
May 6 · 35 min
Mega-Marriage of Convenience and Miami’s Abuelagate
This week, we discuss multifamily’s mega-marriage of convenience: After getting no love from the Street for being merely huge, multifamily REITs Equity Residential and AvalonBay are considering a merger. Will overuses the word “tectonic,” but it really does apply here, so we’re going to dive in as deep as we can. We then leave the public markets behind for a telenovela playing out at an old-school Miami real estate family: major developer Terra Group’s David Martin is being accused of playing the part of a Bollywood villain. This is the exact kinda story lineup we love here at The Promote - a lil’ meat, a lil’ masala. Plus, our Punch List rundown of the newsiest industry happenings: KKR's data-center play; Alan Stalcup's Starwood PGs; Newmark's earnings; Aby Rosen battles German lender at Soho hotel; Anthropic's NYC leasing tear. Sponsors: 1) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates. 2) 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. And check out their must-read SNF primer here. 3) This episode is supported by Cohorts, your go-to peer group of GPs going through the same challenges as you. Check them out at joincohorts.com 4) This week's Punch List is brought to you by DealNav, a map-first CRM and deal-tracking tool built by acquisition fiends for acquisition fiends. Our listeners get 50% off their first year by going to deal-nav.com and using code “ThePromote” at checkout. 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 Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Swag store is live! Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. Further reading/listening: Multi’s Marriage of Convenience Am I Being Too Subtle?: Straight Talk From a Business Rebel The Eccentric Genius of Trammell Crow Multifamily on Hard Mode Trammell Crow, Master Builder: The Story of America's Largest Real Estate Empire Inside the Meruelo family schism Sol Asylum
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#58
April 29 · 36 min
Aman’s Dirty Laundry & Atlanta’s Phantom Megaproject
This week, we have the this-is-too-weird-to-be-real tale of Forge Atlanta, a $3.8 billion megaproject with the most bizarro development team and history we’ve ever come across for a project of this scale. We know ground-up is smoke and mirrors even on a good day, but this is NEXT LEVEL. We then slip into linen trousers and head to the embattled sun-kissed shores of hospitality giant Aman, where the involvement of a mysterious international fugitive has caused all sorts of drama between Aman and key partners Cain International and PIF. And finally, a quick wardrobe change into earnings-call appropriate attire, as CBRE absolutely crushes the AI boom. Sponsors: 1) 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! Check them out at loanboss.com 2) 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 by visiting bravocapital.com 3) This week's Punch List is brought to you by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com to tap into the same insurance framework used by the market’s biggest players. 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 Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: Mysterious Developer Is Pushing Billions In Georgia Megaprojects Developer Defaults On Mortgage For Planned $3.8B Atlanta Megaproject Webstar Seeks Tax Break For $750M Forge Atlanta Development The Aman Infiltration: How a Global Money Laundering Kingpin Tainted a $3 Billion Hotel Brand The Aman Connection: How a Transnational Fugitive Became a Pillar of Dubai’s Most Elite Address Cain International Invests in Aman Group to Support Global Expansion Strategy Pod: Behind the Deal - One Beverly Hills Cain and Able Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World Meta partners with CBRE to train data center technicians CBRE Profit Jumps 95%, Fueled By Data Centers High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper
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#57
April 22 · 38 min
The Frum Fraudfather & Pied à Terre Purgatory
This week, we finally tackle the story of Mark Nussbaum – the real estate attorney who became the nexus of the underground Orthodox CRE dealmaking world, facilitating hundreds of millions of dollars in deals and "show capital" before it all collapsed spectacularly in a wave of lawsuits, criminal fraud allegations, and even the suicide of a close collaborator, Mendy Steiner. Nussbaum's tale is a lens into the gray economy of the frum, where huge deals are often done on a handshake and under the aegis of a close-knit community. We also explore New York's new push for a pied-a-terre tax, which has serious momentum with Mayor Zohran Mamdani and Gov. Kathy Hochul in lockstep. Finally, we look at how Dubai billionaire developer Hussain Sajwani's luxury condo at the site of the Surfside tragedy has yet to sell a single unit – a new development launch is like an IPO - you only get one shot at setting the narrative. Plus, our Punch List rundown of the newsiest industry happenings: SREIT's $1.7B refi, SL Green's Hyundai Tribeca rescue, more Stargate troubles and Ares' C-PACE bet. 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 by visiting bravocapital.com 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! Check them out at loanboss.com For feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple. To advertise: Reach out to partnerships@thepromote.com Up your CRE game: Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 Further reading/listening: The Nussbaum-Steiner Escrow Trail Dealmacher Nussbaum Charged W/ Grand Larceny Hush Money Nussbaum's Firms File Ch. 11 (Ephraim) Diamond in the Rough The Pied-à-Terre Tax Has Failed Before. Could This Year Be Different? Tax The Rich: A Brief New York History Habibi Come to Dubai Miami ‘Donald of Dubai’: real estate mogul rubbing shoulders with Trump Tupac vs Biggie, CRE Edition zArjHivBrm11JMbA3M3J f434hzO95GHzDxr0iwTG
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