No Cap by CRE Daily

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.

Episodes

Michael Cohen on Williams Equities' 100-Year Legacy, the Flatiron Building, and the Rise of Nomad

March 15, 2026 • 59 mins
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 evolved from family-run ownership mod...
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How Bracket Unifies Bids, Auctions, and Traditional Sales w/ Brandon Colombo & Rodes Boyd

March 8, 2026 • 49 mins
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 aim to fix that. Brandon and ...
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Are Car Washes the Most Overlooked Asset Class in CRE?

March 1, 2026 • 45 mins
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 car wash business, from site sel...
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Finding "Gaps and Cracks" in the Market: Canyon Partners' Real Estate Strategy

February 22, 2026 • 44 mins
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 capital raising, how Canyon t...
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Creating Opportunity Where Few People Go: Alex Samoylovich on Adaptive Reuse, Historic Tax Credits, & AI

February 15, 2026 • 56 mins
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 complexity became the strategy,...
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How Trimont Became the Nation’s Largest Loan Servicer

February 8, 2026 • 48 mins
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, why distress is emerging une...
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How Special Servicers Control Distressed Deals w/ Alex Killick

February 1, 2026 • 48 mins
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 covers pressure points across mult...
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How One REIT Came to Own the Las Vegas Strip with Edward Pitoniak

January 25, 2026 • 51 mins

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

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

January 18, 2026 • 55 mins
Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets. He highlights key themes shaping 2025–26, inc...
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How Bridge Investment Group Is Underwriting Multifamily Deals After the Supply Shock

January 11, 2026 • 33 mins
Season 5, Episode 1: We’re officially launching Season 5 of the No Cap Podcast...and we’re starting strong. This week, Jack and Alex sit down with Colin Apple, Co-Chief Investment Officer for Bridge Investment Group’s multifamily platform, one of the largest apartment owners in the country. Bridge was recently acquired by Apollo Global Management, giving the platform expanded access to institutional capital while continuing...
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Office Reinvention, Power Shortages, and New CRE Opportunities in 2026 w/ Jon Schultz

November 30, 2025 • 62 mins
Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market. From life sciences and medical office to AI-drive...
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What It Takes to Modernize Commercial Real Estate Finance w/ Yaakov Zar, Lev

November 23, 2025 • 46 mins
Season 4, Episode 11: Jack Stone and Alex Gornik sit down with Yaakov Zar, Founder & CEO of Lev, to unpack how a former tech entrepreneur is changing the way commercial real estate deals get done. Before launching Lev, Yaakov built and sold his first company, Dispatch, to Vista Equity Partners. Today, he’s at the center of CRE’s tech transformation—blending capital markets expertise with AI and automation to simplify how ...
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He Built AREA15: Winston Fisher on the Future of Entertainment, Real Estate, and Las Vegas

November 16, 2025 • 55 mins
Season 4, Episode 10: Jack Stone and Alex Gornik sit down with Winston Fisher, Partner at Fisher Brothers, one of New York’s most iconic private real estate firms with over 100 years of ownership, development, and management across the city skyline. Winston shares how he’s helping steer the fourth-generation firm into its next era. bridging tradition with technology and culture through projects like AREA15, the immersive enter...
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Seth Weissman On Building Urban Standard Capital: Relationships That Pay Dividends

November 9, 2025 • 49 mins
Season 4, Episode 9: Jack Stone and Alex Gornik sit down with Seth Weissman, Founder and Managing Partner of Urban Standard Capital, to unpack how a former Goldman Sachs and Perry Capital investor built one of New York’s leading private-credit and development platforms. Weissman shares how his equity background shaped Urban Standard’s design-driven, relationship-first approach to lending—and why committed, discretionary capi...
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Politics vs Housing: How NYC’s Mayoral Race Became a Battle for Affordability

November 2, 2025 • 56 mins
Season 4, Episode 8: Jack Stone and Alex Gornik sit down with Alicia Glen, Founder of M Squared, former Deputy Mayor for Housing and Economic Development in NYC, and Co-Chair of the Gateway Development Commission, to unpack what it really takes to get housing and infrastructure built in America. Glen brings a rare insider view on how public and private sectors collide, the realities of financing affordable housing, and the le...
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Inside NMHC: The Fight to Build More Affordable Housing in the U.S.

October 26, 2025 • 63 mins
Season 4, Episode 7: Jack Stone and Alex Gornik sit down with Sharon Wilson Géno, President of the National Multifamily Housing Council (NMHC), the leading voice for America’s apartment industry in Washington. She explains how NMHC is tackling today’s biggest issues—affordability, regulation, and capital—while separating signal from noise on rent control, tax policy, and the GSE debate. Expect practical policy ideas cities ar...
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Cliff Booth on Building Westmount and Navigating 40 Years in Real Estate

October 19, 2025 • 52 mins
Season 4, Episode 6: Jack Stone and Alex Gornik sit down with Cliff Booth, founder and chairman of Westmount Realty Capital, for a straight-talking look at four decades of success in industrial real estate. Cliff shares how he built one of the most resilient portfolios in the game and what it really takes to stay ahead when the market turns volatile. He reveals the lessons learned from navigating market cycles, rising interes...
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Special Feature: In The Loop – Green is the New Gold Standard with Jordan Goldstein

October 16, 2025 • 39 mins

Today we’re featuring our friends at LoopNet’s In The Loop, a podcast spotlighting the people, ideas, and innovations shaping the future of work. Check them out wherever you listen to podcasts.

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How can workplaces endure ecologically, financially, and socially?

In this episode of In the Loop, Jordan Goldstein, co-CEO of Gensler, explores the future of sustainable and resilient office design. From global design trends an...

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Behind Fundrise’s Vertical Integration Strategy In Real Estate

October 12, 2025 • 54 mins
Season 4, Episode 5: Jack Stone and Alex Gornik sit down with Ben Miller, CEO and Co-Founder of Fundrise, to reveal how technology is transforming commercial real estate investing and changing how retail investors access private markets. Ben shares the story behind Fundrise’s rise to over $7 billion in real estate assets, why commercial real estate investing is all about macro trends now, and what drives the build-to-rent hous...
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Is Traditional CRE Falling Behind Alternatives? w/ Brian Pieracci

October 5, 2025 • 52 mins
Season 4, Episode 4: Jack Stone and Alex Gornik sit down with Brian Pieracci, Head of North American Private Real Estate Equity at Heitman, to examine why alternatives are reshaping commercial real estate portfolios and outperforming traditional core assets. Brian shares how Heitman pioneered allocations towards self-storage, medical offices, senior housing, and single-family rentals. He breaks down what drives demand in these...
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