The TreppWire Podcast: A Commercial Real Estate Show

This episode is sponsored by InvestNext.In this week’s episode of The TreppWire Podcast, we explore where commercial real estate meets data, starting with the macro-overlay coming out of the midterms. We break down a strong 3.4% annualized GDP reading alongside modest ADP job gains, elevated input costs, and tighter multifamily lending standards, and discuss whether the economy is tilting toward stagflation. We also examine affordability pressures in New York City’s rent-stabilized housing market, including stricter agency underwriting, the FHFA’s pushback, and what the rent freeze and COPA debate mean for owners. In digging through the data, we look at industrial CMBS issuance nearing last year’s total and the preliminary results of local data center ballot measures, which largely favored restrictions. We also review notable deals, including a Brooklyn apartment refinancing, Rockpoint’s foreclosure-auction buyback of a Boston office tower, and a Four Seasons resort sale in Scottsdale. Tune in now.Episode notes:• Economic Update: Midterms and the Macro Overlay (1:37)• Business Activity, Labor, and Lending Conditions (11:03)• NYC Affordability Pressures (23:07)• Industrial CMBS & Data Center Referendums (32:41)• Deals and Data: Brooklyn, Boston, Seattle, and Miami (42:18)• Programming Notes (55:31)• Shoutouts (60:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Glen Kunofsky, Founder and CEO of SURMOUNT, a full-service net lease commercial real estate platform. Glen shares his path from buying his first rental property as a college freshman to completing more than $50 billion in net lease transactions. We discuss how the net lease market has changed as institutional capital pours into the space, blurring the line between institutional and private buyers. Glen explains why sale-leasebacks have become an attractive source of capital for operators and private equity firms, and how rising interest rates are pushing cap rates higher. We also cover his four keys to underwriting net lease, why foreign investors and family offices keep coming to the U.S. market, and what permanent 100% bonus depreciation means for investors. Tune in now.  Episode Notes From residential investor to net lease pioneer (1:10) How institutional capital reshaped the net lease market (4:46) Interest rates, cap rates, and net lease’s expense advantage (10:11) The four keys to underwriting net lease (19:57) Sale-leasebacks, family offices, and global capital (22:08) Tenant credit, location, and data center risk (32:24) 100% bonus depreciation and the One Big Beautiful Bill (35:47) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp   

This episode is sponsored by InvestNext.In this week’s episode of The TreppWire Podcast, we break down the Federal Reserve’s decision to hold rates steady, including two dissents in favor of a hike, and what it means for Treasury yields, credit spreads, and CRE. We then tour a CRE “haunted house” of market challenges, from widening data center CMBS spreads and unpaid interest climbing the capital stack in SASB deals to tenant troubles and rising hotel distress. We also unpack redevelopment hurdles at a former Sonder-operated Manhattan apartment building, the $3.3 billion construction loan for 350 Park Avenue, the failed sale of Las Vegas’ Hughes Center, a hotel portfolio’s transfer to special servicing, and Morgan Stanley’s $172 million purchase of a new Virginia logistics facility. Tune in now.Episode notes:- Economic Update: Fed Holds Rates Steady (0:00) - Treasury Yields & CRE (6:55)- Consumer Confidence & Spending (14:59)- CMBS Haunted House (20:48)- 350 Park Construction Loan (34:51)- Hotel Distress & Defaults (41:22)- Programming Notes & Shoutouts (48:34)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This episode is sponsored by InvestNext.In this week's episode of The TreppWire Podcast, we ask: Hike or rate spike? With the Fed's next meeting approaching, we break down expectations for interest rates, the impact of AI investment on inflation, and troubling housing data. In Digging Through the Data, we revisit 245 Park Avenue and its $2 billion refinancing following a major turnaround. We also examine two large special servicing transfers involving multifamily and office properties, a Chicago office foreclosure, and why strong occupancy doesn't always guarantee a smooth refinancing. Plus, we discuss AI economics, data center development, and the latest headlines around flying cars and a potential Tesla-SpaceX merger. Tune in now. Episode Notes- Economic Update (0:00)- AI Discussion (8:50)- Rising Borrowing Costs on Housing Market (17:00)- Digging through the Data: 245 Park Avenue (27:25)- Property Stories (45:00)- Trading Alert (53:15)- Programming Notes & Shoutouts (57:00)Questions or comments? Contact us at [email protected].       Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp   

In this special guest episode of The TreppWire Podcast, we’re joined by Barrett Linburg, Founding Partner of Savoy Companies, a vertically integrated Texas multifamily platform. Barrett dives into Opportunity Zones 1.0 and 2.0, discussing his path into this type of investing, the tax benefits that have driven adoption, and what a permanent program could mean for investors, wealth managers, and future development. He also highlights Savoy’s Bishop Ridge redevelopment project in Dallas as a case study in transforming a neighborhood through urban infill development and heavy value-add renovations. We discuss Savoy’s use of AI and proprietary technology to streamline property management operations, and the lessons Barrett has learned while scaling a multifamily platform. Tune in now.  Episode Notes From mortgage broker to multifamily investor: lessons from the GFC (1:41) Gut renovations vs. light value-add (6:20) Opportunity Zones explained and the Bishop Ridge case study (9:06) Opportunity Zones 2.0 and permanent OZ legislation (15:52) Building Savoy as a vertically integrated platform (19:25) AI, geofencing, and the Savoy Operating System (25:28) Lessons learned and closing remarks (31:40)  Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp