The TreppWire Podcast: A Commercial Real Estate Show

Hosted by The TreppWire Podcast, A CRE Show

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Episodes

433

Latest episode

Nov 2026

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EN-US

About the show

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. Questions or comments? Please contact us at podcast@trepp.com.

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60 recent

November 6, 20261 hr 1 min

433. Power, Politics, and Property Values: The Macro Overlay & Midterms, Data Center Referendums, NYC Affordability Pressures

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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

November 3, 202640 min

432. The Net Lease Playbook: Institutional Capital, Sale-Leasebacks, & Market Evolution with Glen Kunofsky, SURMOUNT

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 podcast@trepp.com . Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 30, 202655 min

431. The Ghost of Hikes to Come: AI Credit Jitters, Haunted CMBS, and a $6.2B Office Bet

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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 23, 20261 hr 0 min

430. Hike or Rate Spike? The Fed's Next Move, 245 Park's Second Act, Large Servicer Transfers, & a Chicago Office Foreclosure

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 podcast@trepp.com . Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 20, 202636 min

429. Multifamily Value-Add, Development, and Opportunity Zone Strategy with Barrett Linburg, Savoy Companies

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 podcast@trepp.com . Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 16, 202657 min

428. Pressure Beneath the Profits: Bank Earnings, Hot Inflation, Falling Yields, & $2.9B in Hurricane-Exposed CRE

In this week's episode of The TreppWire Podcast, we unpack a week of conflicting economic signals as hotter-than-expected inflation readings collide with a surprisingly rally in Treasury yields. We discuss the latest bank earnings results, highlighting strong loan growth alongside rising funding costs, and signs of softness in capital markets activity. In Digging Through the Data, we examine $2.9 billion in securitized CRE debt exposure across Hurricane Isaias-affected Florida counties, highlighting key geographic and property-type concentrations. We also cover several notable property stories, including the $235 million acquisition of the Chrysler Building leasehold interest in New York, Publix's ongoing strategy of acquiring shopping centers anchored by its grocery stores, and the sale of a Four Seasons resort in Scottsdale. Tune in now. Episode notes: - Economic Update: Inflation, Rates & Markets (0:00) - Bank Earnings Breakdown (12:57) - Florida CRE Risk & Hurricane Exposure (21:28) - Chrysler Building Deal (30:53) - Publix Acquisition Strategy (36:48) - Scottsdale Resort Sale (39:38) - Programming Notes (49:49) - Shoutouts (52:10) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 9, 202656 min

427. Inflation Revisions, Refinancing Decisions: $78B in Hard Maturities, Negative Leverage, & a $508M Retail Bet

In this week's episode of The TreppWire Podcast, we examine what higher financing costs mean for borrowers and investors. We break down the latest jobs and manufacturing data, pressure on Treasury yields, and what lenders are saying about leverage, underwriting, and borrowers bringing more equity to the table. We widen our look at CMBS hard maturities to the next five quarters, with roughly $78 billion coming due through the end of 2027 and $22 billion carrying debt yields at or below 8%. We discuss how a borrower can remain current and still face a refinancing gap, where maturity pressure is concentrated, and several loans we're watching. We also dig into positive and negative leverage, including why comparing cap rates with interest rates doesn't tell the whole story. We close with a $127 million multifamily construction takeout in Fort Lauderdale and Federal Realty's $508 million acquisition of The Summit in Birmingham. Tune in now. Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 6, 202628 min

426. CRE Lending Through Cycles: Stressed Sponsors, Industrial Conviction, & Today’s Debt Market with Stefanie Stewart, Voya Investment Management

In this special guest episode of The TreppWire Podcast, we are joined by Stefanie Stewart, Senior Vice President and Head of Real Estate Investments at Voya Investment Management. Drawing on nearly two decades of CRE lending experience, Stefanie discusses how lessons from the GFC continue to shape lending decisions and how Voya’s platform has evolved to meet today’s market. She shares the firm’s approach to deploying capital across stabilized, transitional, and floating-rate debt strategies, why industrial remains a core conviction, and why today’s market requires a stressed-sponsor rather than a stressed-asset approach. We also explore opportunities and headwinds across office and data center lending, as well as the growing role of AI in market analysis and investment decision-making. Tune in now. Episode Notes CRE lending through market cycles (2:51) Stressed assets vs. stressed sponsors (7:07) Evolution of insurance company lending (8:15) Bridge, transitional, and core debt strategies (10:36) Office market risks and recovery outlook (14:47) Industrial real estate opportunities (18:01) Capital markets and borrower flexibility (21:24) Career advice, relationships, and industry shoutouts (23:29) AI and technology in CRE finance (25:43) Closing remarks and contact information (27:13) Questions or comments? Contact us at podcast@trepp.com . Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

October 2, 202657 min

425. The Payoff Problem: Rising Yields, $4.7B in Hard Maturities, & AI’s $4.2T Revenue Gap

In this week's episode of The TreppWire Podcast, we explore the latest economic data and what rising Treasury yields could mean for commercial real estate as the Fed weighs its next move. We dig into Bain's estimate of a $4.2 trillion AI revenue gap and what it could mean for the data center boom, revisit New York City's pied-à-terre tax, and examine how rising construction costs are putting development projects on hold. In Digging Through the Data, we analyze $4.7 billion in October CMBS hard maturities, including the growing disconnect between loans that remain current today and those that may face refinancing challenges ahead. We close with the latest deals, including Torchlight's $238 million Doral financing, Morgan Stanley's major Dallas expansion, the Apple Sunnyvale maturity default, and an 81% loss severity on a Houston office loan. Episode notes: • Introduction • Economic Data & Treasury • Avalon Bay Merger Repricing Discussion • AI Infrastructure Investment Revenue Gap • NYC Luxury Tax Ruling Update • Construction Cost Impact • Digging Through the Data: CMBS Hard Maturities Analysis • Recent Deals • Programming Notes & Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

September 25, 20261 hr 1 min

424. The Numbers Need Context: 5%+ Treasury Yields, AI Roadblocks, and Hotel Distress

In this week’s episode of The TreppWire Podcast, we break down the 10-year Treasury moving above 5%, rising oil and diesel prices, persistent inflation, and the latest Fed commentary. We also dig into growing resistance around the AI buildout, from wider spreads on AI-related debt to Texas pausing state-issued data center permits. In Digging Through the Data, we compare Marriott- and Hilton-flagged hotels to see what’s really driving loan performance. We also cover a $180 million student housing refinancing, a dramatic Chicago office appraisal decline, BREIT’s proposed $1.71 billion industrial refinancing, two highly occupied malls facing very different financing outcomes, and a Hyatt loan entering special servicing. Tune in now. Episode notes: Intro Economic Update Diesel Prices & Fed Commentary AI Debt & Data Center Pushback Marriott & Hilton Hotel Loans Student Housing & Office Stories Industrial, Retail & Lodging Programming Notes & Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp