Private Capital Perspectives

In this conversation, Ben Siscovick discusses the innovative approach of Spaxel, a vertically integrated real estate platform that leverages technology and offshore infrastructure to differentiate itself in the market. He shares insights on the challenges faced in building the platform, the importance of fostering a culture of innovation, and the integration of AI in their operations. The discussion also touches on market dynamics, future initiatives, and the unique strategies that have positioned Spaxel for growth in a competitive landscape.Key TakeawaysSpaxel was founded on the principle of doing real estate differently.The team combines technology and unique operational strategies.Cultural challenges in real estate require a focus on innovation.Offshore infrastructure is a key competitive advantage.AI is integrated into various aspects of the business.The real estate market is facing significant challenges due to rising costs.Spaxel's approach allows for substantial cost savings for clients.The company is expanding its steel subcontracting business.Future growth will focus on land acquisition and offshoring services.The demand for housing is expected to rise despite supply constraints.Chapters00:00 Introduction to Spaxel and Ben Siscovick08:46 Building a Culture of Innovation in Real Estate16:24 Leveraging Offshore Infrastructure for Competitive Advantage22:45 Navigating the New York Real Estate Market34:11 Integrating AI into Real Estate OperationsShow NotesGuest: Ben Siscovick, Partner & President at SpaxelWebsite: Spaxel.comLinkedIn: Ben Siscovick on LinkedIn

In this episode of Private Capital Perspectives, John Pugh sits down with Ken Gee, founder of KRI Partners, who shares his extensive experience in multifamily real estate investing. With over 26 years in the industry and involvement in transactions exceeding $2 billion, Ken discusses the current state of the multifamily market amidst rising interest rates. He emphasizes that now is an opportune time to invest, as fewer buyers are competing for properties, and distressed sellers are more willing to negotiate. Ken advocates for a disciplined approach to investing, highlighting the importance of understanding market cycles and maintaining a conservative leverage strategy to protect investor capital.Ken also delves into the educational aspect of real estate investing, outlining four essential rules for passive investors to vet deals and sponsors effectively. He stresses the significance of experience, transparency, and alignment of interests between investors and sponsors. Throughout the conversation, Ken shares valuable insights on risk management, the importance of thorough underwriting, and the long-term wealth-building potential of multifamily real estate. This episode is a treasure trove of knowledge for both seasoned investors and those new to the multifamily space.Key TakeawaysThe best time to buy is when there are fewer buyers.Real estate is not get rich quick; it is a wealth-building tool over time.Ask the hard questions before you invest.You need to be patient; it works over time.If you keep doing that over and over, how do you not get wealthy?You cannot run a property by committee.Chapters00:00 Introduction to Ken Gee and Multifamily Investing04:21 Current Market Dynamics and Opportunities07:22 Investor Behavior and Market Changes10:27 Raising Capital in a Challenging Environment13:29 Underwriting Strategies and Exit Cap Rates16:23 Four Rules for Passive Investors22:17 Understanding Profit Sharing and Investor Communication25:56 Overcoming Investor Hesitations and Mental Barriers27:05 The Importance of Underwriting in Real Estate29:30 Defining Your Market and Business Plan32:08 The Role of Partnerships in Real Estate34:02 The Necessity of Active Management in Real Estate37:16 Navigating Market Cycles and Investment Timing40:06 Long-Term Wealth Building Through Real EstateShow NotesGuest: Ken Gee, founder of KRI PartnersWebsite: KRI PartnersLinkedIn: Ken Gee on LinkedIn

In this episode, John Pugh sits down with Carla Malone, Vice President of Property Management at Newmark in Dallas, Texas. With over two decades of experience in commercial real estate, Carla shares her insights on the evolving landscape of property management, particularly in the competitive Dallas market. She discusses the importance of asset performance driven by top-tier property management and how institutional owners are adapting to current demands. Carla emphasizes the shift back to office spaces post-COVID, the growth of industrial properties, and the resurgence of retail, highlighting the need for property managers to adopt a hospitality mindset to enhance tenant satisfaction and community engagement.Carla also delves into the qualities that make a standout property manager, stressing the importance of relationship-building, financial acumen, and leadership skills. She reflects on the challenges faced by property managers in distressed assets and the operational metrics that owners should prioritize. The conversation wraps up with Carla's optimistic outlook for the Dallas economy, particularly in retail and office leasing, as well as the significance of creating engaging environments for tenants to foster community and collaboration.Key TakeawaysYou have to approach the management of that asset from a hospitality perspective.Protecting NOI is so important, managing expenses without sacrificing quality.Creating community within a building is key to tenant satisfaction.Finding really good talent in property management is difficult.You have to commit to maintaining the quality of the assets.Chapters00:00 Introduction to Carla Malone and Her Background03:02 Current Trends in the Dallas Real Estate Market07:25 Identifying Standout Property Managers09:06 Value Creation in Property Management12:35 Creating Community in Office Spaces13:39 Challenges in Distressed Assets15:07 Operational Metrics for Property Owners18:33 Leasing Trends in Dallas21:37 The Future of Industrial Development22:54 Economic Drivers in Dallas24:40 Outlook for the Next 12-18 Months27:32 Retail Trends and Consumer Experience30:16 The Importance of Walkability in Dallas31:23 Advice for Aspiring Property ManagersShow Notes & Links:Guest: Carla Malone, Vice President of Property Management at NewmarkLinkedIn: Carla Malone

In this episode of Private Capital Perspectives, John Pugh sits down with his friend ⁠Jacob Schulder⁠, founder of ⁠Victoria Industrial Properties⁠, for a candid, wide-ranging conversation on building a real estate career through cycles, asset classes, and hard lessons learned as an operator.Jacob and John have crossed paths over the years as operators and partners, and the discussion reflects that familiarity. It is honest, practical, and grounded in real-world experience rather than theory. They talk openly about career pivots, pressure, mistakes, and what actually holds up over decades in this business.Having grown up in the Kushner real estate family, Jacob was exposed to the business early. But the perspective he shares in this episode is shaped by more than 20 years of operating through multiple market cycles, starting with hands-on work as a teenager, entering the industry full-time during the Global Financial Crisis, and ultimately building his own platform.From workforce housing in New Jersey and Brooklyn to institutional capital partnerships and eventual exits, Jacob walks through the realities of scaling multifamily operations, including management intensity, regulatory friction, and constant problem-solving. The conversation then turns to his transition into industrial real estate and why that shift was less about chasing trends and more about aligning asset class choice with scalability, risk tolerance, and long-term staying power.The episode closes with insights on building a national operating platform, partnering with local operators, generational versus value-add strategies, recommended resources for learning small-bay industrial, and a lighter discussion on Knicks basketball and leadership, ending with how listeners can connect with Jacob directly.Key TakeawaysCycles shape operators. Starting a career during the GFC forced discipline, creativity, and resilience.Multifamily scales pain as well as profit. Operational intensity grows exponentially with people-heavy assets.Industrial reduces friction. Triple-net leases and business tenants simplify management and improve scalability.You can’t time markets perfectly. Focus on conviction, fundamentals, and survivability.Debt is always available. Equity alignment is the real bottleneck in deals.Local knowledge still wins. National strategies require trusted boots-on-the-ground partners.Every asset has a personality. Buildings—even on the same block—operate differently.Clarity beats complexity. Simple strategies executed well outperform over-engineered plans.Chapters00:00 Podcast introduction and John Pugh’s investment philosophy01:30 Jacob’s early exposure to real estate and entering the industry during the GFC04:00 Launching an independent multifamily platform and scaling workforce housing08:00 Institutional partnerships, portfolio growth, and strategic exits12:00 Why multifamily management fatigue led to a pivot toward industrial14:30 Real-world operator stories that shaped Jacob’s risk tolerance and mindset19:30 Industrial market focus, geographic strategy, and asset selection22:30 Interest rates, seller financing, and capital market dynamics27:00 Operational advantages and scaling a national industrial platform30:30 2026 strategy: generational holds vs. value-add deals33:30 Recommended resources and the Small Bay Industrial community36:30 Knicks talk, leadership parallels, and how to connect with JacobShow NotesGuest: Jacob Schulder, Founder of Victoria Industrial PropertiesWebsite: Victoria Industrial PropertiesLinkedIn: Jacob Schulder on LinkedInRecommended Resource: Small Bay Industrial email newsletter and community

In this episode of Private Capital Perspectives, John Pugh sits down with Rahul Gupta, Managing Partner of RKG Holdings and Strategic Advisor to Mudita Venture Partners, to explore how disciplined investors are navigating today’s real estate cycle—and creating value in markets that feel anything but predictable.From pricing assets in a higher-rate world to deploying capital across retail, hospitality, and venture, Rahul shares how his Wall Street foundation and hands-on operating approach shape every investment he makes. The conversation covers market fundamentals, value-add strategy, capital allocation, and the mindset required to build durable wealth in an uncertain environment.Whether you’re a retail operator, real estate investor, or early-stage founder, this episode breaks down how long-term thinking, operational rigor, and selective concentration can drive outsized outcomes in today’s market.Key Takeaways:Today’s market rewards investors who price the world as it is, not as they wish it to be.Low leverage, disciplined underwriting, and 24-month value creation windows can build durability in any cycle.Retail on Florida’s Gulf Coast remains structurally strong, driven by population growth and low vacancy.Micro-market insight—down to the block level—creates real differentiation.Duality is an edge: Rahul underwrites like a banker and operates like a builder.Diversification across real estate, public markets, and venture supports long-term resilience.AI is becoming indispensable for diligence, research, and underwriting efficiency.The best opportunities flow through trust-based networks—not broad marketing.Entrepreneurship rewards action over perfection; momentum comes from doing.Chapter Breakdown:00:00 – Introduction to Rahul Gupta & RKG Holdings02:13 – Seeing Opportunity in Every Market04:09 – Rates, Inflation & the Path for Real Estate Values06:36 – How Interest Rate Cuts Could Shape the Next 24–36 Months09:29 – Building Value Within 24 Months: A Tactical Framework12:18 – How Rahul Allocates Capital Across Asset Classes14:55 – Why Florida’s Gulf Coast Is a High-Conviction Bet16:59 – From Wall Street to Retail Value-Add: Rahul’s Journey20:03 – Development, Single-Tenant Builds & Opportunistic Plays22:31 – Rahul’s Edge: The Capital Allocator With a Builder’s DNA25:16 – Inside Mudita Ventures & the Role of VC in His Portfolio28:57 – The 10-Year Vision for RKG Holdings30:34 – How AI Is Reshaping Diligence & Underwriting35:07 – Advice to Emerging Investors: Bet on Yourself37:26 – How to Connect With Rahul GuptaShow Notes & Links:Guest: Rahul Gupta — Managing Partner, RKG HoldingsConnect: Rahul at rahul@rkgholdco.com

In this episode of Private Capital Perspectives, John Pugh sits down with Ehson Kolb, a leading voice in real estate and PropTech, to discuss how investors are navigating today’s capital environment and uncovering value amid uncertainty.From shifting capital flows to the evolving OpCo–PropCo structure, Ehson shares how operational expertise and technology are redefining where—and how—investors deploy capital. The conversation spans market trends, venture capital dynamics, and the practical realities of deal sourcing in a tighter, more selective environment.Whether you’re a fund manager, developer, or PropTech founder, this episode offers actionable insight into how innovation and discipline can coexist in real estate investing today.Key Takeaways:The current fundraising environment is challenging across real estate.Capital is gravitating toward credit and core industrial assets.Overlooked sectors—like senior housing and hybrid hospitality—present new opportunity.The OpCo–PropCo structure can unlock value but requires operational alignment.Venture capital remains active in early-stage PropTech innovation.Personal networks continue to drive high-quality deal flow.Economic uncertainty is forcing sharper focus on operational efficiency.Understanding market dynamics and team execution is essential for success.Chapter Breakdown:00:00 – Introduction to PropTech and Real Estate Capital Flow03:05 – Current Trends in Real Estate Investment05:48 – Opportunities in Overlooked Sectors08:43 – Evaluating Investments in PropTech and Real Estate11:44 – The OpCo–PropCo Structure and Its Challenges14:49 – Navigating the Hospitality Investment Landscape17:50 – Identifying Value in Private Deals20:39 – Sourcing Deals and Building Networks23:37 – Capital Raising Experiences and Market Outlook26:39 – Future Opportunities in a Changing Economic LandscapeShow Notes & Links:🎧 Listen now on Spotify or Apple PodcastsGuest: Ehson Kolb — Real Estate & PropTech InvestorConnect: Ehson Kolb on LinkedIn

This episode explores how thoughtful design, creative financing, and a community-first mindset can reshape urban landscapes.In this conversation, John Pugh sits down with Paul Ognibene, founder and CEO of Urban Spaces, to discuss how his firm approaches real estate development as a catalyst for community transformation. From innovative urban infill projects to middle-market housing strategies, Paul shares a developer’s perspective on what drives value—and impact—in today’s market.With projects like The Solair in Brookline and a new development in Winchester, Urban Spaces focuses on blending quality, sustainability, and neighborhood character. Paul also opens up about financing strategies, navigating the entitlement process, and why location and community connection remain the cornerstone of successful development.Whether you’re a developer, investor, or city planner, this episode offers real-world insights into how vision, discipline, and passion come together to build places that matter.Key TakeawaysUrban Spaces focuses on high-quality, community-oriented developments.The entitlement process can significantly add value to real estate projects.Creating affordable housing requires innovative design and financing strategies.Market demand drives the types of projects Urban Spaces undertakes.The importance of location in real estate development cannot be overstated.Retail spaces can serve as amenities for residential projects.Sustainable development requires balancing community needs with profitability.Experience in the industry is crucial for aspiring developers.Passion for the work is essential for long-term success.Flexibility and risk-taking are key traits for entrepreneurs.Chapter Breakdown00:00 – Introduction to Urban Spaces and Paul Ognibene03:05 – Paul’s Journey into Real Estate Development05:09 – Transformational Impact on Communities06:48 – Navigating Middle Market Housing Challenges11:40 – Financing Boutique to Mid-Size Projects13:51 – Current Trends in Real Estate Development17:15 – Amenities in Mid-Sized Developments20:03 – Balancing Reality and Perception in Real Estate23:16 – Innovative Retail Solutions for Urban Living26:05 – Exploring the Solair Project in Brookline27:40 – The Winchester Project: A New Approach to Downsizing32:15 – Designing for the Modern Homeowner34:01 – Keys to Sustaining Success in Real Estate Development35:39 – Advice for Aspiring DevelopersShow Notes & LinksListen now on Spotify or Apple PodcastsGuest: Paul Ognibene, Founder & CEO, Urban SpacesConnect: Paul Ognibene on LinkedInWebsite: urbanspacesllc.com

This episode of Private Capital Perspectives dives into the legal side of private capital and real estate partnerships.John Pugh sits down with Laura Maher, Partner at Nelson Mullins, to explore the structuring considerations that make or break deals. With over a decade of experience across top firms, private equity platforms, and in-house counsel roles, Laura offers a candid look at how legal strategy intersects with business realities.The conversation covers joint ventures, preferred equity, dispute mechanisms, and the soft skills required to guide clients through complex transactions. From family office dynamics to institutional capital processes, Laura shares her perspective on aligning incentives, minimizing disputes, and building resilient partnerships in today’s market.Key TakeawaysPartnership Dynamics: Success in JV structures often comes down to clear roles, responsibilities, and trust between sponsor and capital provider.Legal vs. Practical: Strong agreements matter, but execution and personalities often drive outcomes more than documents.Dispute Mechanisms: Buy-sell clauses, cure rights, and removal provisions can protect parties, but often the real resolution comes at the business level.Preferred Equity & Debt: Growing use of preferred equity and creative financing is reshaping the capital stack.Family Office Considerations: Advising family offices requires blending institutional rigor with personal relationship management.Emerging Areas: CPACE financing, data centers, and medical office are examples of evolving niches in the legal and real estate landscape.Human Element: Beyond the black and white of contracts, paying attention to personalities, family dynamics, and “soft issues” often determines long-term success.Chapter Breakdown00:00 – Intro & Guest BackgroundLaura’s journey from large law firms to private practice at Nelson Mullins.03:01 – Capital Providers vs. SponsorsHow institutional processes differ from entrepreneurial operators.07:00 – Defining Roles in JVsThe importance of management structures and setting expectations.10:30 – Trust & DiligenceWhy knowing your partner matters as much as the operating agreement.12:00 – Dispute ResolutionBuy-sell provisions, removal rights, and practical outcomes.17:00 – Case StudiesStructuring complex hotel and CPACE-financed developments.19:55 – Preferred EquityWhy it’s becoming central in today’s environment.23:00 – Exit StrategiesTransfer rights, put options, and navigating liquidity.26:00 – Market ConditionsHow interest rates and capital markets shifts impact structuring.28:30 – Family OfficesUnique considerations when advising family offices vs. private equity shops.32:00 – Soft Side of LawThe role of personality, trust, and service in client success.Show Notes & Links🎧 Listen now on Spotify or AppleNelson Mullins: nelsonmullins.comGuest: Laura Maher, Partner at Nelson MullinsConnect: Laura Maher on LinkedIn

This episode of Private Capital Perspectives goes inside how a modern family office is positioning itself in today’s real estate and capital markets.In this conversation, Mark Stroud Jr., President & CEO of Lindell Investments, opens the playbook of a $200M Tampa-based family office. He shares how the firm has evolved from its entrepreneurial roots into a diversified investor across opportunistic real estate equity and private credit. Mark explains the flexible capital allocation that defines their philosophy, why private debt and preferred equity are increasingly central to the strategy, and why sponsor quality matters more than ever. The discussion also highlights Lindell’s sector outlook, the realities of today’s interest rate environment, and their 2025 focus on building a scalable credit platform while keeping dry powder ready for equity opportunities.Key TakeawaysEntrepreneurial DNA: Lindell is a diversified family office built on entrepreneurial risk-taking, now applying that mindset to capital allocation.Evolving Philosophy: Since 2022, volatility has reshaped how they approach real estate equity — patience and discipline now trump chasing yield.Flexible Capital: With an informal structure, Lindell can pivot quickly between equity, credit, and liquidity — a major advantage in uncertain markets.Credit > Equity (for now): Private debt and preferred equity are becoming central as stabilized acquisitions rarely pencil against treasuries.Sponsor First: The most important factor in any deal is who you’re backing — a strong sponsor can salvage a tough deal, while a weak one ruins even the best opportunities.Sector Outlook: Industrial and multifamily remain staples, retail is becoming increasingly attractive, while assisted living and hotels are off the table for equity.Higher-for-Longer Rates: Structural inflationary forces (immigration, demographics, tariffs) point to elevated rates — equity assumptions must reflect that.2025 Credit Platform: Lindell Capital, the new credit arm, is the firm’s top priority this year — already deploying capital through bridge loans and preferred equity.Beyond Real Estate: Opportunistic bets extend outside of property — including a stake in Slide Insurance, now heading for IPO.Chapter Breakdown00:00 – Entrepreneurial RootsFrom car dealerships to a $200M family office platform.03:01 – Investment Philosophy ShiftWhy Lindell’s approach changed post-2022 and how they view risk today.05:58 – Capital Allocation in PracticeThe four “legs of the stool”: liquidity, private equity, private credit, and real estate.08:52 – Credit Takes Center StageHow preferred equity, mezzanine, and bridge loans became a core focus.14:39 – Sponsor First, Deal SecondWhy partner selection is the most important diligence step.19:55 – Sector FocusIndustrial, multifamily, and retail opportunities—and where Lindell won’t invest.28:49 – Evaluating Equity DealsA case study in industrial development and how Lindell underwrote it.36:00 – Rates & InflationMark’s candid view on “higher for longer” and structural inflation drivers.44:00 – Dual StrategyBalancing credit and equity to stay positioned in any market scenario.46:00 – Beyond Real EstateThe Slide Insurance bet and why entrepreneurial investments still matter.48:39 – Where to ConnectHow to learn more about Lindell Investments and reach Mark directly.