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PODCAST

No Cap by CRE Daily

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.

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All Episodes

52:27

Encore: Bob Knakal - What It Takes To Be A Successful...

No Cap by CRE Daily ·

2026/10/04

From the No Cap vault, we’re bringing back the episode that became our most-watched conversation ever.Bob Knakal had already closed more than 2,300 deals, built one of New York City’s dominant investment sales firms, and spent four decades studying what separated top brokers from everyone else. In this conversation, Bob broke down the habits behind his career, why specialization mattered, how deep market knowledge created a real competitive advantage, and why he was still targeting 100

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48:30

Five Cycles In: DWS's Todd Henderson on What Comes...

No Cap by CRE Daily ·

2026/09/27

Season 9, Episode 6: Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen. Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in

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48:55

Trinity Investments CEO on Buying Hotels Nobody Else...

No Cap by CRE Daily ·

2026/09/20

Season 9, Episode 5:Sean Hehir has spent nearly three decades turning Trinity Investments into a specialist hospitality investor, and he joins the show to explain why his firm only buys resorts it considers truly irreplaceable. Hehir grew up in Botswana, trained at hotel school in Switzerland and Cornell, and joined Trinity in 1998 before taking over as CEO in 2009 and steering the firm to focus solely on hospitality real estate. He now oversees a portfolio built with Hilton, Marriott, and

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53:41

Small Bay, Big Potential: Commercial Real Estate’s...

No Cap by CRE Daily ·

2026/09/13

Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California.Anthony got his start at Lefrak before joining Basis in 2021 to build out

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53:39

Inside Affordable Housing's Biggest Tax Credit, With...

No Cap by CRE Daily ·

2026/09/06

Season 9, Episode 3: America is about 10 million homes short, and Bart Mitchell has spent more than three decades trying to close that gap. As President and CEO of The Community Builders, one of the country's largest nonprofit affordable-housing developers, he's helped turn a once-obscure federal tax credit into the backbone of how the U.S. finances low-income housing. Bart joined The Community Builders in 1989, six months before a recession, tasked with selling Wall Street on a brand-new

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44:03

Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression'

No Cap by CRE Daily ·

2026/08/30

Season 9, Episode 2: How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world? Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries. Whether you’re interested in

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52:35

From Bankruptcy to Renaissance: Bedrock's $1B Plan...

No Cap by CRE Daily ·

2026/08/23

Season 9, Episode 1: Can Detroit become America’s greatest urban comeback story? To kick off Season 9 of No Cap, we sit down with Jared Fleisher, CEO of Bedrock, to break down the future of Detroit, Cleveland, and large-scale city building. Jared shares how Bedrock, founded by Dan Gilbert, has invested billions across 140+ properties and 21M+ SF while helping reshape Detroit’s urban core. Whether you’re interested in public-private partnerships, downtown revitalization, GM’s move to Hudson’s

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58:16

Where REITs and Private Real Estate Meet: Inside...

No Cap by CRE Daily ·

2026/07/26

Season 8, Episode 6: Today, we sit down with Jim Corl, Executive Vice President and Head of Private Real Estate at Cohen & Steers, to break down the relationship between listed REITs and private real estate. Jim explains why public markets often reprice first, why private valuations lag, and how that gap can create major opportunities for investors who know where to look.Whether you’re interested in REITs, private real estate, shopping centers, apartments, warehouses, or data centers, this

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47:44

Private Credit Pioneer: How Josh Zegen Built the Debt...

No Cap by CRE Daily ·

2026/07/19

Season 8, Episode 5: How did Madison Realty Capital grow from a $10M fund into one of the most active private credit platforms in real estate? Today, we sit down with Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, to break down how MRC built its lending business before private credit became an institutional asset class. Josh shares how the firm survived the GFC, became vertically integrated, and scaled into a major capital source for sponsors when banks pulled

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49:29

PGIM's Sharpshooter Approach to $60B in US Real...

No Cap by CRE Daily ·

2026/07/12

Season 8, Episode 4: She oversees $60 billion in U.S. real estate equity, and she says the old playbook is done. Soultana Reigle is Managing Director and Head of US Equity at PGIM Real Estate, where she leads the firm's $60B US equity platform and serves as Senior Portfolio Manager for its US value-add strategies. PGIM Real Estate manages over $200B in debt and equity globally, and sits within PGIM, the $1.4T asset management arm of Prudential Financial. In this episode, Soultana breaks down

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71:00

Fernando De Leon on His Roots, His Rise, and Building...

No Cap by CRE Daily ·

2026/07/05

Season 8, Episode 3: How did Fernando De Leon go from translating legal disputes as a teenager on the US-Mexico border to building Leon Capital Group? Today, we sit down with Fernando De Leon, Founder and CEO of Leon Capital Group, to break down one of the most remarkable founder stories in real estate. Fernando shares how his early life in Matamoros and South Texas shaped his view of risk, opportunity, and systems. We also get into his first real estate equity stake, his time at Harvard and

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47:03

The Silver Tsunami, Senior Housing, and Managing $55B...

No Cap by CRE Daily ·

2026/06/28

Season 8, Episode 2: How does one of the nation’s largest real estate capital pools navigate a "real estate recession" while the rest of the economy stays hot? Today, we sit down with Eli Edwards, Managing Director at Fortress Investment Group and Head of US Real Estate Equity, to break down the firm’s strategy in a shifting market. Eli shares how Fortress spotted the San Francisco multifamily turnaround while the "doom loop" narrative was still in full swing. We also get into the "silver

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48:18

Presidium: Lessons from Managing 20,000 Units across...

No Cap by CRE Daily ·

2026/06/21

Season 8, Episode 1: How did two lawyers turn a handful of Arizona fourplexes into a vertically integrated real estate powerhouse with over 20,000 units renovated? Today, we sit down with John Griggs, Co-CEO and Co-Founder of Presidium, to break down the strategy behind that rise. John shares how he spotted his first opportunity in the "golden age" of the Arizona housing market before shifting his conviction to Texas just as the landscape was beginning to transform. We dive into how Presidium

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40:12

The Back Office is Dying with Henry AI's Sammy Greenwall

No Cap by CRE Daily ·

2026/06/07

Season 7, Episode 6: How did a former real estate analyst turn the pain of building pitch decks into one of CRE's fastest-growing AI companies?Today, we sit down with Sammy Greenwall, co-founder and CEO of Henry AI, to discuss how artificial intelligence is transforming commercial real estate workflows. Sammy shares his journey from college basketball to helping scale Lev into a $100M venture-backed company before leaving to build Henry AI. The conversation covers the inefficiencies of

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58:11

Betting On Middle America w/ RREAF Holdings

No Cap by CRE Daily ·

2026/05/31

Season 7, Episode 5: How did RREAF Holdings grow into a $4.8B real estate platform across multifamily, hospitality, BTR, and master-planned communities? Today, we sit down with Kip Sowden, Chairman & CEO of RREAF Holdings, and Doug McKnight, President of RREAF Holdings, to break down the strategy behind the firm’s growth across the Sun Belt. Kip shares how he moved from brokerage into principal investing after the GFC, while Doug explains how his fixed income background shaped RREAF’s

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49:38

Why This Distress Cycle Isn't the GFC w/ Värde Partners

No Cap by CRE Daily ·

2026/05/24

Season 7, Episode 4: How does a firm managing $17 billion navigate global real estate through high interest rates and a "hope-driven" market? Today, we sit down with Tim Mooney, partner and global head of real estate and Jim Dunbar, partner and head of real estate lending at Värde Partners. They break down how Värde operates across the capital stack, from senior lending and structured credit to niche equity platforms in student housing and medical offices. Tim and Jim share how their "distress

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47:04

How ACRE Turned Workforce Housing Into an Investment...

No Cap by CRE Daily ·

2026/05/17

Season 7, Episode 3: How did ACRE grow from a post-GFC workforce housing thesis into a global real estate investment firm? Today, we sit down with Michael Van Der Poel, Founding Partner at ACRE, to break down the strategy behind that rise.Michael shares how he spotted workforce housing before it became an institutional trade, and how ACRE built its early portfolio by buying distressed multifamily assets at deeply discounted prices. We also get into raising capital from Asia, building a

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67:55

Inside Equinox: The Real Estate Behind the Fitness Brand

No Cap by CRE Daily ·

2026/05/10

Season 7, Episode 2: How did Equinox evolve from a single gym in New York to a global luxury lifestyle and hotel brand? Today, we sit down with Jeff Weinhaus, Co-President and Chief Development Officer at Equinox, to break down the incredible real estate strategy behind the fitness empire. Jeff shares the inside story of how a stubborn lease negotiation won over billionaire Stephen Ross, why Equinox builds gyms inside historic bank vaults and sugar factories, and the exact "70/30 Rule" they

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44:31

How Harbor Group International Manages $21 Billion...

No Cap by CRE Daily ·

2026/05/03

Season 7, Episode 1: Season 7 of the No Cap Podcast kicks off with a masterclass in global real estate investment and management. Jack and Alex sit down with Richard Litton, President of Harbor Group International, to explore how the firm scaled from a $1 billion management-focused company to a $21 billion powerhouse. Richard breaks down the creative evolution of Harbor’s strategy, detailing how they pivoted from secondary office markets to becoming the world's most active Freddie Mac buyers

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56:40

How Fifth Wall Conquered CRE’s Tech Resistance w/ CEO...

No Cap by CRE Daily ·

2026/04/26

Season 6, Episode 5: The No Cap Podcast continues with hosts Jack Stone and Alex Hornick diving into the high-stakes world of proptech with Brendan Wallace, co-founder and CEO of Fifth Wall. Managing billions for the world’s largest real estate owners, Wallace explains his transition from a New York real estate family to bridging the gap between massive physical assets and cutting-edge technology.The conversation breaks down why real estate has historically been a "luddite" industry and how

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