The TreppWire Podcast: A Commercial Real Estate Show

421. Beyond the Headlines: Office Distress, a $30.6B Multifamily Maturity Test, & Western CRE’s Mixed Signals | LIVE at California MBA's WSCREF 11.09.2026 55мин

In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, we dig into why today’s CRE market can seem so contradictory and what the data says when you look beyond the national headlines. We break down the three clocks driving CRE today: property performance, capital markets, and credit. We examine the uneven Western office recovery, life sciences distress, why Western multifamily is outperforming the Sun Belt despite a $30.6 billion maturity test, and whether self-storage is flashing an early warning for housing. Plus, we follow two properties through very different cycles to show how performance, value, and credit can tell completely different stories. Tune in now.Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

420. The Art of Storytelling in Commercial Real Estate with Spencer Levy, Host of CBRE’s The Weekly Take 08.09.2026 49мин

In this special guest episode of The TreppWire Podcast, we are joined by Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE and host of CBRE's podcast, The Weekly Take. Spencer shares how his diverse career spanning law, investment banking, and capital markets shapes his perspective on the commercial real estate industry and the trends influencing today's market.Throughout the conversation, Spencer emphasizes the value of relationships, communication, and strategic thinking, particularly in landlord-tenant dynamics and business decision-making. He offers insights into the current commercial real estate environment, discussing the impact of sustained high interest rates and the industry's growing focus on NOI growth and revenue generation over exit cap rates. Spencer also explores the power of storytelling, drawing on his experience hosting The Weekly Take, and explains how podcasting has expanded his network, credibility, and reach across the industry. Tune in now.Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

419. Back to School, Back to Price Discovery: The 5% Treasury Test, College Football’s $6.1B Student Housing Connection 04.09.2026 58мин

In this week's episode of The TreppWire Podcast, we break down the latest moves in rates and capital markets as the 10-year Treasury approaches 5%. We discuss what higher long-term yields mean for CRE and why capital continues to move despite the higher-rate environment. In Digging Through the Data, we kick off college football season with a surprising look at $6.1 billion of securitized student housing debt near AP Top 25 schools and debate the long-term outlook for student versus senior housing. We also cover Ares and Scion's $435 million student housing acquisition, a Houston multifamily loan in special servicing despite 93% occupancy, two very different office stories, major industrial portfolio activity, and a surprise mall payoff despite a nearly 50% drop in appraised value. Tune in now. Episode notes:(00:00) Economic Update(13:00) College Football & Student Housing(25:30) Student Housing Deals & Outlook(35:35) Multifamily & Office Stories(44:43) Industrial & Retail Stories(51:06) Programming Notes(53:11) ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

418. How CRE Lending is Changing: Bigger Deals, Data Center Capital, & AI with Catherine Sierakowski, BMO Capital Markets 01.09.2026 37мин

In this special guest episode of the TreppWire Podcast, we sit down with Catherine Sierakowski, Managing Director & Group Head of Corporate Banking, North American Real Estate at BMO Capital Markets. Catherine reflects on her nearly 20-year career at BMO, from starting in banking during the Global Financial Crisis to helping build the firm's institutional real estate platform and now leading its North American real estate corporate banking business. We discuss how CRE lending has evolved from traditional balance sheet lending to more strategic capital solutions, along with where Catherine sees opportunity in today’s CRE market. We explore the explosive growth of the data center sector and the unique challenges of financing assets that sit at the intersection of real estate, technology, power, and corporate credit. Catherine shares her perspective on relationship-driven lending, effective client engagement, and the importance of balancing AI-driven insights with experienced human judgment. Tune in now.Episode Notes• Start at BMO (0:00)• Real Estate Cycles (4:20)• BMO Banking Strategy (8:23)• Massive Data Center Deals Pricing (15:56)• Where to Find Opportunity in CRE (24:54)• How Transforms Lending (28:32)• Shoutouts & Closing (33:40)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

417. Who Writes the Next Check? Fund Redemptions, Cash-Out Refinancing Trends, & CRE Workouts 28.08.2026 52мин

In this week’s episode of The TreppWire Podcast, we break down the latest PCE inflation data and what the fine print could mean for rates, plus new Canadian tariffs and another potential hit to construction costs. We also cover Dick’s Sporting Goods’ record stock drop and continued struggles at Foot Locker, Google’s unusual $10 million purchase of Spirit Airlines’ internal corporate data, and the $2.2 billion redemption queue testing liquidity at Invesco’s real estate fund. We dig into the return of cash-out refinancing, and why today’s borrowers are taking less equity off the table than they did at the market peak. We close with five CRE distress stories that trace the spectrum of outcomes for impaired assets, from successful modifications and fresh equity buying time to sponsor liquidity shortfalls, foreclosure, and a staggering 98% valuation cut. Tune in now.Episode notes: () Macro Update: PCE Inflation, Rounding & Rate Outlook() Canadian Tariffs Add to Construction Cost Pressures() Dick's Sporting Goods' Record Drop & Foot Locker Weakness() Google's $10M Purchase of Spirit Airlines' Data() Invesco's $2.2B Redemption Queue()Cash-In vs. Cash-Out Refinancing() Five CRE Distress Stories: Who Writes the Next Check?() Programming Notes() ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

416. The Bond Market Bites Back: Treasury Intervention, AI’s $3 Trillion Bet, Office Loans Below Breakeven, & Forced CRE Sales 21.08.2026 48мин

In this week's episode of The TreppWire Podcast, we unpack a volatile week in the bond market as the 30-year Treasury yield climbed above 5.3%, Treasury Secretary Scott Bessent stepped in with expanded long-term buybacks, and much of the initial market reaction quickly reversed. We discuss what the move says about the battle over long-term rates, growing capital demands, and whether the Fed's next move could actually be a hike. In AI, increasingly complex financing structures and roughly $3 trillion in off-balance-sheet commitments are raising new questions about leverage, interconnected risk, and just how much has to go right for the infrastructure boom to pay off. We then examine $12.1 billion of performing securitized office loans with DSCRs below 1.0x, including surprisingly well-occupied properties, and the maturity wall that could force borrowers to confront those cash-flow shortfalls. We close with major CRE transactions, including Rexford Industrial's $1.2 billion portfolio sale and a wave of maturity- and distress-driven hotel sales in California. Tune in now. Episode notes: (00:00) Macro Update: Yields, Buybacks & Fed Hike Talk (11:28) Goldman Sachs Buys LCN Capital (16:54) Data Center Deals & $3T Commitments (28:07) Office Loans Below Breakeven (37:19) Rexford's $1.2B Sale & Hotel Distress (42:50) Programming Notes (44:31) Shoutouts Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

415. The Retail Story Everyone Gets Wrong with Jim Dillavou, Paragon Commercial Group 18.08.2026 40мин

In this special guest episode of The TreppWire Podcast, we are joined by Jim Dillavou, co-founder and principal at Paragon Commercial Group, a retail investment and development firm. Jim left a career as a real estate and finance attorney to launch Paragon after the global financial crisis, betting on necessity retail when almost no one else wanted the asset class. He explains why treating retail as one asset class is misleading, and how grocery-anchored centers built on daily trips deliver durable cashflow across cycles. Jim also walks us through why institutional capital is lining up for the sector and still struggling to get in. We cover the value-add work most investors avoid, from repositioning drugstore boxes and out parcels to vetting mom-and-pop tenants with no credit behind them. Jim closes with what COVID revealed about tenant quality and why he believes this is not a guesswork business. Tune in now.Episode notes:• From Big Law to Buying Retail in the GFC (1:17)• Defining Necessity Retail & Why Nuance Matters (3:23)• Why Capital Cannot Easily Get Into the Sector (7:00)• Fixed Rent Bumps & the Shift to Risk-Off Capital (9:34) • Retailer Failures, Mark-to-Market Upside & an Operator's Market (14:44)• Value-Add Playbook: Demising Boxes, Drugstores & Out Parcels (20:28)• Tenant Mix, Cross-Shopping & the Mom-and-Pop Surprise (25:41) • Vetting Non-Credit Tenants, Elbow Space & Final Take (31:24)Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

414. The AI Capital Boom, Stubborn Treasury Yields, Office Bets, & Insurance Relief 14.08.2026 1ч 2мин

In this week’s episode of The TreppWire Podcast, we break down the latest inflation and jobs data, what it could mean for the Fed, and why long-term Treasury yields and CRE borrowing costs may remain elevated. We also dig into the extraordinary scale of the AI capital boom, from surging hyperscaler bond issuance to Nvidia’s $500 billion financing initiative, new compute futures, and growing questions around credit and the pace of the AI buildout. In CRE, we discuss AI’s growing footprint in San Francisco office, a new contrarian fund betting on the office sector’s recovery, major multifamily and data center deals, and moves across retail and lodging. Plus, we examine Trepp data showing signs of relief in Florida multifamily insurance costs after years of sharp increases, and what that means for underwriting going forward. Tune in now.Episode notes: Macro Update (00:00)AI Economy (9:15)Hyperscaler Data Center Trends (11:48) Compute Trading Evolution (18:56)Florida Insurance Data (26:24)Office Transactions (34:51)Multifamily & Data Center Deals (42:31)Retail & Lodging Stories (49:15)Programming Notes & Shoutouts (55:39)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

413. Inside Nomura's Return to CRE Finance with CMBS Industry Icon Larry Kravetz 11.08.2026 29мин

In this special guest episode of The TreppWire Podcast, we are joined by Larry Kravetz, Head of U.S. Commercial Real Estate (CRE) and Commercial Mortgage-Backed Securities (CMBS) at Nomura, to discuss the firm’s return to CRE finance and the expansion of a full-service CRE platform.With more than 30 years of experience in the industry, including helping launch Lehman Brothers' large-loan CMBS business in the 1990s and later leading U.S. CRE Finance at Barclays, Larry reflects on his career, the evolution of the CMBS market, and how lessons from past market cycles are shaping today's CRE landscape.We explore the resilience of today's CRE market, the continued momentum behind SASB issuance, CMBS's role in providing liquidity during periods of market disruption, and the opportunities and challenges surrounding data center financing. Larry also shares his outlook for the market ahead, Nomura's rapid growth in CRE finance, and the career advice that has guided him throughout his decades in the industry. Tune in now.Episode Notes(0:00) Larry's Background(11:47) Nomura's Return(15:21) State of of the Market(20:13) Data Centers & More(24:10) What's Next in CRE(26:26) Career Advice(28:21) ClosingQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

412. Refinancing, Right-Sizing, & Repositioning: $5.49B in CMBS Hard Maturities, Camden Heads South, & Apollo's Austin Bet 07.08.2026 59мин

In this week’s episode of The TreppWire Podcast, we break down mixed economic signals as stronger manufacturing activity contrasts with softer labor market data. At the same time, higher interest rates continue to pressure housing and commercial real estate. We also dig into what CMBS hard maturities reveal about refinancing risk, why current loan performance can mask looming maturity challenges, and what those trends mean for lenders and investors. Then we cover several notable CRE headlines, including the $3.3 billion financing for New York City's 350 Park Avenue development, Best Buy's continued expansion of smaller-format stores, Apollo's official plans for a second headquarters in Austin, and what Diamond Rock’s earnings reveal about today's increasingly K-shaped economy. We also discuss the surprising strength of Austin's newest office buildings, discuss signs that the Airbnb investment boom may be reversing as listings flood the market, and examine why demand for data centers continues to surge despite growing development constraints. Tune in now. Episode notes: Macro Update: Mixed Economic Signals (0:28) Camden Property Trust leaving California (5:41) Diamond Rock’s Earnings (10:54) Apollo’s Second Headquarters in Austin (21:34) $5.49B in CMBS Hard Maturities (27:34) $3.3 Billion Office Development Loan (41:38) Data Center Regulation in Lewton County (48:04) Programming Notes (53:43) Shoutouts (56:49) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

411. Play the Ball? Bonds Threw a Curve: New York CRE Shakeups & What Super Regional Bank Earnings Mean for CRE 31.07.2026 56мин

In this week's episode of The TreppWire Podcast, we unpack a week of mixed market signals as the Fed held rates steady, but the bond market told a different story. We discuss what the market's reaction says about inflation, interest rates, and the outlook for CRE financing. We also cover a series of major New York City real estate stories, including new stop-work orders at office-to-residential conversion projects, Macy's decision to remove its iconic Herald Square shopping bag sign, the latest on the Flatiron Building's luxury residential conversion, and the rollout of the city's new pied-à-terre tax database. Finally, we break down super regional bank earnings to assess what they reveal about CRE lending and credit availability, before discussing the latest data center developments, from AI-driven market volatility and power constraints to tenant credit risk, and another massive project announcement. Tune in now.Episode notes: • Macro Update: The Fed Holds Steady & the Bond Market Pushes Back• AI Anxiety Triggers Circuit Breakers in South Korea• New York Property Tour: Stop Work Orders, Macy's Sign, the Flatiron & the Pied-à-Terre Tax• Digging Through the Data: Super Regional Bank Earnings• July CMBS Delinquency Rate • Data Centers: A Kentucky Mega-Campus, Grid Constraints & Neocloud Risk• Programming Notes• ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

410. The Plot Thickens: Inflation Rerun, AMC’s Comeback, Data Center Spreads and Corporate Real Estate Shifts 24.07.2026 55мин

In this week’s episode of The TreppWire Podcast, we unpack the return of geopolitical and trade risks to the forefront of market discussions. We break down AMC’s latest earnings and what they reveal about the health of theater credit, and examine how companies, including Verizon, Pep Boys, and Cracker Barrel, are rethinking their real estate strategies amid changing business priorities and market conditions. In a digging through the data section, we analyze four recent data center CMBS deals that priced between May and July, finding that pricing differences were primarily driven by lease terms and tenant credit quality rather than AI-related sentiment concerns. Finally, we review notable credit stories, including major appraisal reductions on office properties in Philadelphia and New York, and discuss the potential implications of Yellowstone Real Estate Investments assuming control of the Parkmerced redevelopment project in San Francisco. Tune in now. Episode notes: Macro Update: Geopolitical & Trade Risks (0:29) AMC Earnings & Real Estate Impact (8:50) Real Estate Strategies: Verizon, Pep Boys & Cracker Barrel (16:40) Data Center Issuance Digging through the Data (24:25) Office Credit Stories: Philadelphia & New York (34:50) Parkmerced Apartment Complex (41:53) Programming Notes (49:08) Shoutouts (51:07) Questions or comments? Contact us at [email protected].      Follow Trepp:X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

409. The Next Phase of CRE Capital Markets with Marty Allen of Grandbridge Real Estate Capital 21.07.2026 30мин

In this special guest episode of The TreppWire Podcast, we’re joined by Marty Allen, Head of Capital Markets at Grandbridge Real Estate Capital, a Truist company, which recently launched a master and special servicing platform. Why now? Marty breaks down how today's commercial real estate market created the opportunity, how the shift from middle-market to institutional borrowers reshaped the business, and what he's seeing across agency, CMBS, and institutional lending. Marty also offers a servicer's perspective on the maturity wall, the move from 10-year to 5-year loan terms, why early intervention beats reacting at resolution, and how data and AI influenced the platform's launch. Plus, he shares advice for professionals looking to build a career in commercial real estate. Tune in now. Episode Notes:Background and Path to Capital Markets (0:48)Launching Master and Special Servicing (5:25) CRE Cycle Outlook, SASB Growth, and 5-Year Terms (7:16)The Maturity Wall and the Extension Debate (9:40)Where Servicing Adds Value Through Early Intervention (14:38)Data, AI, and the Launch Process (17:01)Career Advice and Rethinking This Cycle (20:55) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

408. Beneath the Headlines: AI Spending, Inflation, Bank Earnings, & Austin Multifamily 17.07.2026 58мин

Inflation cooled, bank earnings surged, and AI spending accelerated, but are the headline numbers masking what's really happening beneath the surface?In this week's episode of The TreppWire Podcast, we discuss why softer inflation may be a head fake, what record bank earnings reveal (and what they don't), how AI infrastructure investment is creating new economic bottlenecks, and why Austin's multifamily market highlights the growing gap between occupancy and cash flow. We also break down the growing wave of data center moratoriums, walk through a Back Leverage 101 on loan-on-loan financing and its risks, and share an exclusive client trading alert on Chicago's Aon Center. Plus, in this week's Digging Through the Data, we break down Austin's multifamily watchlist trends, rent concessions, and what recent loan vintages reveal about the market. Tune in now. Episode notes: Economic Inflation Update: Softer CPI & PPI, a Head Fake? (1:52)Bank Earnings: JP Morgan, Goldman Sachs & Morgan Stanley (7:06)AI Spending & IBM's Earnings Miss (15:06)Digging Through the Data: Austin Multifamily Concessions & Watchlist Trends (18:16)Back Leverage 101: Loan-on-Loan Financing & Its Risks (30:55)Trading Alert: Chicago's Aon Center Reappraisal (37:45)Data Center Moratoriums, Property Headlines & Credit Stories (45:38)Programming Notes (50:44)Shoutouts (54:57)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

407. Retail Isn't Dead, It's Evolving: From Outlet Centers to Lifestyle Destinations with Tanger’s Justin Stein 14.07.2026 32мин

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Stein, Executive Vice President, Chief Revenue Officer at Tanger, a leading owner and operator of open-air outlet and lifestyle shopping centers across the United States. Justin discusses Tanger's evolution from an outlet retail leader to an operator of open-air lifestyle destinations, sharing how food and beverage, experiential retail, data-driven leasing, and strategic acquisitions are redefining the modern retail experience. We also explore today's value-focused consumer, the importance of retailer partnerships and analytics, and why Justin believes the future of retail belongs to destinations that blend shopping, dining, and entertainment. Tune in now.Episode NotesBackground & Start in the Industry (1:16)Tanger’s Retail Strategy Evolution (5:09)How Brands Use the Outlet Channel (9:10)Food Options to Meet Market Demands (13:18)Organizational Structure and Land Development (16:31)Omnichannel Strategies Post-COVIDData-Driven Retail Partnership Strategies (19:03)Future of Retail Real Estate (26:59)Business Success Advice (29:38)Closing (31:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

406. Challenging CRE Narratives: Mid-Year Reality Check, Office Conversion Risks & Multifamily Mixed Signals 10.07.2026 1ч 2мин

In this week's episode of The TreppWire Podcast, we take a mid-year pulse check on the commercial real estate market and revisit some of Trepp's biggest predictions for 2026. We explore why CMBS issuance continues to exceed expectations, what persistently stable delinquency rates tell us about today's credit environment, and whether the market is finally shifting from an "extend and pretend" mindset to a more definitive "resolve and recognize" approach. We also break down several of the week's most notable headlines, including the structural and economic hurdles highlighted by a stalled Manhattan office-to-residential conversion, the Texas Stock Exchange's latest milestone on its path to launch, and what recent multifamily developments reveal about today's investment landscape and capital flows. Finally, we dive into Trepp's latest research on the Midwest-versus-Sunbelt debate, examining why investors may need to look beyond familiar market narratives and focus instead on the underlying fundamentals. Tune in now. Episode notes: Economic Update (0:29)Office-to-resi Conversion in NYC (8:35)Texas Stock Exchange Launch Plans (15:37)Mid-year Check In: CMBS Issuance Growth Trends (18:44)S2 Capital Fund Collapse (42:22)AvalonBay Communities’ Acquisition of a Full City-Block in Miami (50:20)Trepp Report: Midwest Multifamily Market Analysis (52:00)Programming Notes & Shoutouts (56:59)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

405. 250 Years of Commercial Real Estate, NYC Rent Freeze, Kroger's Next Move, & More 02.07.2026 39мин

In this week’s episode of the TreppWire Podcast, we mark 250 years of American commercial real estate with a special Fourth of July deep dive into the original 13 colonies and how their markets evolved. We also spotlight three historic properties still carrying active CMBS debt today. Before the history, we cover a softening macro backdrop, the New York City Rent Guidelines Board's freeze on roughly 1 million stabilized apartments, and Sergey Brin's reported exit from a New York multifamily fund at six cents on the dollar. We also hit Kroger's planned acquisition of Giant Eagle, Digital Realty's $3.5 billion data center buyout, and Target's latest store openings. Happy Fourth of July from all of us at Trepp. Tune in now. Episode notes: • Economic Update: Manufacturing, Labor & the Housing Affordability Squeeze • New York Multifamily Under Pressure: Rent Freeze & Sergey Brin's Exit • Kroger's Next Move: The $1.65B Giant Eagle Acquisition • Digital Realty Buys Out Blackstone's $3.5B Data Center Stake • 250 Years of American Real Estate: The 13 Colonies in Today's CMBS • Three Historic Properties Older Than the Country • Programming Notes & ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services 30.06.2026 51мин

In this special guest episode of the TreppWire Podcast, we are joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, for a discussion on commercial real estate servicing and market dynamics. David shares his non-traditional path from political science into commercial real estate finance and outlines what servicing entails, noting its focus on managing the intersection of structure, credit, legal, operational, and investor considerations. He discusses the shift from 10-year to 5-year securitization terms, explaining how shorter durations are increasing pressure on borrowers and making workouts more complex. He also highlights the rise of SASB issuance and how this shift is changing the servicing landscape. David emphasizes the importance of experienced servicers and the need for early communication and transparency to drive better outcomes. We also cover challenges in office properties, particularly in secondary markets, potential risks in data center lending, and the current tone of the overall market. Tune in now.Episode Notes• Background & Start in the Industry• What Servicing is & Misconceptions• Pooling and Servicing Agreements• Importance of Servicer Experience & Expertise• CMBS Market and Risk Challenges• SASB Issuance, Conduit CMBS• Data Center Lending Risk• ClosingQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

403. Selective Capital, Greenspan's Legacy, Morgan Stanley's Dallas Bet, & 2021 Multifamily Lessons 26.06.2026 58мин

In this week’s episode of the TreppWire Podcast, we examine what is becoming one of the defining themes of today's commercial real estate market: capital is still available, but it is moving far more selectively. We break down the Federal Reserve’s increasingly hawkish stance under new chair Kevin Warsh, following the latest inflation data, and reflect on the legacy of former Fed Chair Alan Greenspan. We dive into key CRE headlines, including Wheeler REIT’s plan to sell a significant portion of its portfolio as it grapples with ongoing leverage challenges and balance sheet strain, and discuss Morgan Stanley’s potential $1.3 billion office investment in Dallas as it expands its presence in Texas. We also break down the lending landscape, where banks are increasingly lending to private credit lenders rather than making direct CRE loans. Finally, we dive into Trepp's latest research on the 2021 multifamily vintage, examining how acquisition activity differed across major and secondary markets before bringing the data to life with a case study of 10X Living at Weston as it approaches maturity. Episode notes: Economic Update: Greenspan’s Legacy (0:23) The 21st Century ROAD to Housing Act (13:27) Wheeler REIT Marketing its Portfolio (18:23) Morgan Stanley Office Tower Investment in Dallas (23:56) Commercial Real Estate Lending Evolution (32:58) Multifamily Market Analysis 2021 (38:43) Case Study: 10X Living at Weston Loan (41:48) Programming Notes (55:18) Shoutouts (55:44) Questions or comments? Contact us at [email protected].      Follow Trepp:  X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

402. The New Reality: Warsh's Fed, CRE Disruption, Apollo's Exit, & Credit Risk Transfer 101 19.06.2026 55мин

In this week's episode of The TreppWire Podcast, we discuss Kevin Warsh's first FOMC meeting as Fed Chair and what the potential end of forward guidance means for CRE investors. We also examine Apollo's decision to wind down ARI, revisit key themes from our conversation with Scott Rechler on the "Age of Disruption" and why today's environment increasingly favors operators, explore what current office cap rates may be signaling about market sentiment, and break down credit risk transfer (CRT) and its potential impact on bank lending. We close with several notable trading alerts, including Bank of America Plaza in Los Angeles and the Fairmont Austin. Tune in now.Episode notes: • Economic Update: Fed Holds Rates Steady (2:14)• Apollo To Shutter Mortgage REIT Following $9B Loan Sale (9:44)• Scott Rechler, RXR on the Age of Disruption, AI & NYC Office Cap Rates (14:59)• 101: Credit Risk Transfer and What It Means for Bank Lending (23:46)• Office Deals & Trading Alerts: BofA Plaza, 26 Broadway, Illinois Center (30:43)• Programming Notes (46:50)• Shoutouts (50:31)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp