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The Promote Podcast

ten31 Media

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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  • 28 episodes
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  • Avg 35 min
  • English

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  • #81
    Thursday · 35 min

    The Apollo Program & Dirty Ground Games

    This week, we break down an ingenious scheme that has wreaked havoc on several regional banks. Lad of Lakewood Shaya Prager became one of the biggest buyers of suburban office in the pandemic era – everyone wondered how his Opal Holdings could make the numbers pencil – perhaps his lenders should have wondered harder, too. Next, we look at how Apollo is looking to become the Everything Store of CRE finance: Two fresh deals – with UDR and with Mubadala Capital – showcase the breadth of its ambition. Plus, our Punch List rundown of the newsiest industry happenings: 350 Park's construction loan; Webstar's fugazi project; Hines sells to Hines DST; Lower Manhattan's heimish transformation; NYC's nonprofit dibs ruling. Sponsors: 1) Harvard AMDP, the premier advanced leadership program for mid-senior CRE pros. Applications for the Summer 2027 term are now open. 2) LoanBoss, the industry-leading debt management software, now supercharged by AI. 3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here. 4) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here. 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 Sleepless in Seattle: The Martin Selig Story Capstack for Citadel’s NYC Tower Takes Shape Atlanta’s Phantom Megaproject Lower Manhattan’s Heimish Era Nonprofits to get first dibs on buying distressed multifamily housing Prager Pain Hits More Banks Lads of Lakewood Apollo To Buy Majority Stake In $2B UDR Portfolio Apollo Sinks Tentacles Deeper Into CRE Credit

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  • #80
    October 21 · 37 min

    Where Alpha Goes to Die & the CoreWeave Canary

    This week, we dive into why the smartest guys in the room keep bellyflopping when it comes to CRE. Two Sigma’s recent retreat is part of a long line of edgy hedgies who’ve been humbled at the brick-and-mortar altar. We then head to the scene of a fast-moving car crash in the world’s hottest asset class: Yields on CoreWeave's junk bonds surged to an alarm-ringing 15% this week, and institutional players from across the CRE universe who've gone all-in on data centers are watching closely. Plus, our Punch List rundown of the newsiest industry happenings: Cain's "Founder Bonds" at One Beverly Hills; EQT-Stockbridge; Pontegadea's Chicago blockbuster deal; and S2 and Rise48's refis and loan mods. Sponsors: 1) Pensford, the only interest-rate advisory focused exclusively on CRE 2) Bravo Capital, a leading HUD and bridge lender. 3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. Partner Content: "Inside the Capstack" with Gibson Dunn's Kahlil Yearwood. Yearwood talks about harnessing AI's potential in loan negotiations. 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 Cain to One Beverly Hills Buyers: Bankroll Our Build More AUM Gobbling ™ : EQT Takes Stockbridge Everett Stays in the Game…And Rise48 Does Too Meet the CRE Guy For the World’s Hungriest Investor Two Sigma Halts Real Estate Unit Fundraising and Cuts Staff Pencils Down at King St. Men With Deep Pockets The Sovereign, the Scion, and the Suit CoreWeave Woes Risk Shutting Down AI Junk Market CoreWeave’s Big Dream Crashes Into Reality as Yields Top 15% CoreWeave targets ‘unlimited’ insurance money to fund AI build-out

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  • #79
    October 14 · 31 min

    Golden State Gimmes & Lument's Lament

    This week, we get into the potential homecoming of a big agency lender: Lument is on the block, and sources point to a round-trip to its original home, the billionaire Hunt family out of Texas. We then head further west to the golden state, where the welfare exemption, a spiritual cousin of the Traveling HFC has created a lucrative loophole for “affordable housing” players. It's a fabulous case study in gaming the system. Plus, our Punch List rundown of the newsiest industry happenings: GO REIT hiccups; Tishman Speyer at the Chrysler; DST fundraising up; David Martin; BDT & MSD x Sunrise sr. living. Sponsors: 1) Harvard AMDP, the premier advanced leadership program for mid-senior CRE pros. Applications for the Summer 2027 term are now open. 2) LoanBoss, the industry-leading debt management software, now supercharged by AI. 3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here. NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here. 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 Is Lument Coming Home? DUS License Frenzy: Fannie Wants to Wet its Beak Anatomy of a Deal: BSP-NewPoint How real estate investors are profiting off a California tax break for affordable housing The Traveling HFC Hangover The Mother of all Tax Loopholes The Promote Insider: Speyers Run it Back Terra-Led JV Lands $507M Construction Loan for South Beach Condo Before Pre-Sales

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  • #78
    October 7 · 36 min

    Mana From Hedgie Heaven & Blue Owl Force Majeured

    This week, we need to dive into the real estate deal of the year – arguably, of any year: Ken Griffin is bringing Carnegie Mellon to Miami, a transformative gift for the 305 in so many ways. We focus primarily on 2 guys – Paul Darrah, who's responsible for making it happen for Griffin, and Moishe Mana, the idiosyncratic mogul who’s just pulled off the most spectacular assemblage exit in the history of that town. Next, we travel to another port city: Bain Capital is in talks to do a rescue recap of a Hong Kong development dynasty, New World. And finally, we consult the French dictionary as Force Majeure surfaces its ugly head in the capital-intensive world of data centers- Oracle is telling Blue Owl it doesn’t really feel like making rent. Plus, our Punch List rundown of the newsiest industry happenings: Interest rate volatility; Hines co-CEOs; Manhattan record office rent; GGP refi; the AI buildout equation. Sponsors: 1) H Equities, your mid-market go-to on both sides of the capstack. 2) Pensford, the only interest-rate advisory focused exclusively on CRE 3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here. NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here. 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

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  • #77
    September 30 · 37 min

    Keep Calm and [No] Carry On

    This week, it’s time to address the unrealized elephant in the room that is the biggest pain point in institutional CRE: Carry, or more precisely the lack of it. Thousands of the smartest guys and girls in the business have spent the last few years preparing for an outcome that never came. Grappling with that reality is shaping everything from talent moves to firm restructurings. Plus, our Punch List rundown of the newsiest industry happenings: Floyd Mayweather v Jona Rechnitz; Barry Diller-MGM; Gary Barnett's $3.8B financing; LA office market; RIP Nanobanc. Sponsors: 1) LoanBoss, the industry-leading debt management software, now supercharged by AI. 2) Bravo Capital, a leading HUD and bridge lender. Join our upcoming HUD webinar on Oct. 14 here 3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. Partner Content: "Inside the Capstack" with Gibson Dunn's Jennifer Yashar. Yashar talks through structuring leases on ground-up towers from a tenant's perspective. 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 Confessions of a Battle-Scarred GP Paycheck Confidential: A GP Reveals Real Coin Key Blackstone Cub Leaving Lair Private Equity’s Path to Riches Is Getting Harder to Follow

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  • September 25 · 22 min

    SF’s Advance Man: Cyrus Sanandaji On the Record

    In this bonus episode, we sit down with Presidio Bay’s Cyrus Sanandaji. Cyrus is at the vanguard of the comeback in America’s most important boom-and-bust town – San Francisco. His firm made prescient bets on SF’s recovery as the city began to emerge from the black hole of Covid, while also expanding a national development portfolio that today spans close to 6M square feet and is valued by the firm at $5.4B. We talk through doom loops and boom loops, capstack-sniping and how you cater to an AI industry defined by hypergrowth and extreme volatility. Sponsors: 1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! 3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. 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 Inside CXP's Bruising Restructuring The shadow landlords secretly controlling SF’s distressed office towers Inside the Hotel Heist of the Year

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  • #76
    September 23 · 31 min

    Lurin's FBI Probe & the CapStack Snipers

    This week, we take stock of the tale of Lurin Capital, a multifamily syndicator that's now in the FBI's crosshairs. Jon Venetos was cut from very different cloth than the rest of the Sunbelt Dreamers, and his rise and fall are arguably even more cinematic. Next, it's a classic Manhattan tale of capstack sniping. With 245 Park ready to be graced by a $2 billion Refi, we look back at SL Green's Tranche Warfare with HNA at the Skyscraper, and what is already likely a monster payoff. Plus, our Punch List rundown of the newsiest CRE happenings: Benefit Street Partners Leadership Shakeup, 485x's perverse incentives, Pontegadea's latest acquisition, Jeff Greene-Fort Partners, CBRE-Tenet deal Sponsors: 1) Pensford, the only interest-rate advisory focused exclusively on CRE 2) Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here. 3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. 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 Inside the SL Green Playbook Not Easy Being [SL] Green China’s HNA Found to Owe $185 Million Over Bankrupt Manhattan Skyscraper A hedge funder’s syndication mess

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  • #75
    September 16 · 34 min

    The Last Tower & Blackstone's Lair Cake

    This week, we visit CRE’s alpha lair, Blackstone HQ, where one of the industry’s top execs, global head of real estate Nadeem Meghji, is set to exit. His perch was among the best risk-adjusted seats in all business, but what does someone in that position do for their next act? And why is there so much churn atop the pyramid at BX? Next, we take stock of the most scrutinized real estate project in modern American history, the World Trade Center complex. Twenty-five years after 9/11, Larry Silverstein's final tower is set to rise, and the neighborhood it will serve is dramatically different from the one that existed at the time of the attack. Plus, our Punch List rundown of the newsiest industry happenings: Barnett's $1.3B Torch financing; Steve Ross strikes big in Boca; MF1 sale; Centerspace merger; Kroenke's Angels play. Sponsors: 1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here. 2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! 3) This episode is supported by H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. Partner Content: "Inside the Capstack" with Gibson Dunn's Harry Silvera. Silvera talks through structuring the modern-day capital stack for a trophy office project. 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 Power at Ground Zero: Politics, Money, and the Remaking of Lower Manhattan Larry’s White Whale: More Deets on 2 WTC Deal Lower Manhattan, 25 Years After 9/11 One Attack or Two? Jury to Get Trade Center Insurance Claim Key Blackstone Cub Leaving Lair UC Regents' Trophy Deal Tarnished At Blackstone’s $339 Billion Property Arm, the Honeymoon Is Over Stan Kroenke’s Angels Purchase Puts Angel Stadium Redevelopment Back in Play

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  • #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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