The Promote Podcast

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 [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected] Reading/ListeningSleepless in Seattle: The Martin Selig StoryCapstack for Citadel’s NYC Tower Takes Shape Atlanta’s Phantom MegaprojectLower Manhattan’s Heimish EraNonprofits to get first dibs on buying distressed multifamily housingPrager Pain Hits More BanksLads of LakewoodApollo To Buy Majority Stake In $2B UDR Portfolio    Apollo Sinks Tentacles Deeper Into CRE Credit 

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 CRE2) 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 [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected] Reading/ListeningCain to One Beverly Hills Buyers: Bankroll Our BuildMore AUM Gobbling ™ : EQT Takes StockbridgeEverett Stays in the Game…And Rise48 Does TooMeet the CRE Guy For the World’s Hungriest InvestorTwo Sigma Halts Real Estate Unit Fundraising and Cuts StaffPencils Down at King St.Men With Deep PocketsThe Sovereign, the Scion, and the Suit CoreWeave Woes Risk Shutting Down AI Junk MarketCoreWeave’s Big Dream Crashes Into Reality as Yields Top 15%CoreWeave targets ‘unlimited’ insurance money to fund AI build-out

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 [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected] Reading/ListeningIs Lument Coming Home?DUS License Frenzy: Fannie Wants to Wet its BeakAnatomy of a Deal: BSP-NewPointHow real estate investors are profiting off a California tax break for affordable housingThe Traveling HFC HangoverThe Mother of all Tax LoopholesThe Promote Insider: Speyers Run it BackTerra-Led JV Lands $507M Construction Loan for South Beach Condo Before Pre-Sales 

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 CRE3) 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 [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected]

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 [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected] Reading/ListeningConfessions of a Battle-Scarred GPPaycheck Confidential: A GP Reveals Real CoinKey Blackstone Cub Leaving Lair Private Equity’s Path to Riches Is Getting Harder to Follow