No Cap by CRE Daily

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, opport...

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 tur...

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...

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-bac...

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 principa...

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 ni...

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...

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 Equin...

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 t...

Season 6, Episode 5: The No Cap Podcast continues with hosts Jack Stone and Alex Gornik 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....

Season 6, Episode 4: Season 6 of the No Cap Podcast continues with a deep dive into one of the most misunderstood sectors in commercial real estate. Jack and Alex sit down with Brian Finnegan, CEO of Brixmor Property Group, to unpack how grocery-anchored retail quietly became one of the most resilient asset classes in the market. From tenant mix and small shop economics to redevelopment-driven gro...

Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residential...

Season 6, Episode 2: This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail. Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through th...

Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance. Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 1...

Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership. Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has evolve...

Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platforms...

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the c...

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations. They get into how Matt’s experience during the GFC shaped his approach to...

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution. The conversation digs into why c...

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale. Bill walks through how servicing actually works...

Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns. The conversation cove...

Season 5, Episode 3: In this episode of Season 5, Jack and Alex sit down with Edward Pitoniak, CEO of VICI Properties, the REIT born out of Caesars’ bankruptcy that went on to become the dominant owner of experiential real estate in the world. Edward breaks down how VICI reshaped net lease at institutional scale, why gaming real estate proved more resilient than expected, and how skepticism turned...

Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets. He highlights ke...

Season 5, Episode 1: We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong. This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to institution...

Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences a...