The Promote Podcast

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

In this bonus episode, we sit down with Presidio Bay’s Cyrus Sanandaji. Cyrus is at the vanguard of the comeback in America’s most important boom-and-bust town – San Francisco. His firm made prescient bets on SF’s recovery as the city began to emerge from the black hole of Covid, while also expanding a national development portfolio that today spans close to 6M square feet and is valued by the firm at $5.4B. We talk through doom loops and boom loops, capstack-sniping and how you cater to an AI industry defined by hypergrowth and extreme volatility.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!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.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] readingInside CXP's Bruising RestructuringThe shadow landlords secretly controlling SF’s distressed office towersInside the Hotel Heist of the Year

This week, we take stock of the tale of Lurin Capital, a multifamily syndicator that's now in the FBI's crosshairs. Jon Venetos was cut from very different cloth than the rest of the Sunbelt Dreamers, and his rise and fall are arguably even more cinematic. Next, it's a classic Manhattan tale of capstack sniping. With 245 Park ready to be graced by a $2 billion Refi, we look back at SL Green's Tranche Warfare with HNA at the Skyscraper, and what is already likely a monster payoff.Plus, our Punch List rundown of the newsiest CRE happenings:  Benefit Street Partners Leadership Shakeup, 485x's perverse incentives, Pontegadea's latest acquisition, Jeff Greene-Fort Partners, CBRE-Tenet dealSponsors:1) Pensford, the only interest-rate advisory focused exclusively on CRE 2) Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking 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.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/ListeningInside the SL Green PlaybookNot Easy Being [SL] GreenChina’s HNA Found to Owe $185 Million Over Bankrupt Manhattan SkyscraperA hedge funder’s syndication mess

This week, we visit CRE’s alpha lair, Blackstone HQ, where one of the industry’s top execs, global head of real estate Nadeem Meghji, is set to exit. His perch was among the best risk-adjusted seats in all business, but what does someone in that position do for their next act? And why is there so much churn atop the pyramid at BX? Next, we take stock of the most scrutinized real estate project in modern American history, the World Trade Center complex. Twenty-five years after 9/11, Larry Silverstein's final tower is set to rise, and the neighborhood it will serve is dramatically different from the one that existed at the time of the attack. Plus, our Punch List rundown of the newsiest industry happenings: Barnett's $1.3B Torch financing; Steve Ross strikes big in Boca; MF1 sale; Centerspace merger; Kroenke's Angels play.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here.2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!3) This episode is supported by 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 Harry Silvera. Silvera talks through structuring the modern-day capital stack for a trophy office project. 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/ListeningPower at Ground Zero: Politics, Money, and the Remaking of Lower ManhattanLarry’s White Whale: More Deets on 2 WTC DealLower Manhattan, 25 Years After 9/11One Attack or Two? Jury to Get Trade Center Insurance ClaimKey Blackstone Cub Leaving Lair UC Regents' Trophy Deal TarnishedAt Blackstone’s $339 Billion Property Arm, the Honeymoon Is OverStan Kroenke’s Angels Purchase Puts Angel Stadium Redevelopment Back in Play

This week, we dive into 2 operatic stories of ruin on different continents. We begin with the tale of Hui Ka Yan, a Chinese property tycoon who went from being a steelworker to one of the world’s richest men, before his firm Evergrande collapsed and sank the country’s real estate market with it. Hui has just been sentenced to life in prison. Then, we beam into a New York law firm boardroom, where one of CRE’s preeminent girthy lads, Meyer Chetrit, has given an extraordinary deposition as creditors pursue the Chetrit Group over hundreds of millions of dollars in personal guarantees. And finally, Blackstone’s finding the secular tailwinds in the marina business are strong enough to set sail.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here.2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!Partner Content:"Inside the Capstack" with Gibson Dunn's Eric Meer. Meer breaks down an emerging trend of GPs setting captive title insurance joint ventures. 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]'s on vacay: We're taking a fortnight off. Our next episode will drop 9/16. Arrivederci!Further Reading/ListeningHeat on Chetrit The Big Bank Battle of ChetritstanChetrits - Checkmated or playing possum?The man from MoroccoEvergrande delisting marks end of era for China’s property sectorChinese authorities accuse Evergrande of inflating revenues by $80bnLimit-Up Hotel KamikazesMarineMax to Be Taken Private by Blackstone-Owned Safe Harbor for $1.5 BillionExotic Alts