The Promote Podcast

CRE's Paypal Mafia: The JMB Realty Story

In this special episode, we dive deep into the story of JMB Realty Corporation, one of the most influential firms in the modern history of CRE, with a playbook and an alumni network that continue to shape the industry today. You could argue that if JMB didn’t exist, real estate syndication would look very different today. M&A would look very different today. Hell, even the Heavenly Bed wouldn’t exist. From its humble beginnings as a glint in the eyes of Neil Bluhm, Judd Malkin and Robert Judelson, to its status as the powerhouse firm of the 80s and its legacy as the firm whose alum birthed Starwood, Blackstone Real Estate, Northwood and scores of other industry leaders, we explore it all. This is a must-listen both for industry vets and for up-and-comers looking to understand why the CRE industry looks the way it does today. Sponsors: 1) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here [https://bravocapital.com/the-silver-wave/]. 2) This episode is supported by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 3) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! For feedback: Write us at podcast@thepromote.com [podcast@thepromote.com] And please rate us and write a review on Apple [https://podcasts.apple.com/us/podcast/the-promote-podcast/id1801355295]. For brand partnerships: Reach out to partnerships@thepromote.com [partnerships@thepromote.com] For podcast swag: Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. [https://thepromote.store/] Up your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15]: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15] Further reading/listening: How Deal of the Decade Undid Malkin and Bluhm [https://www.chicagobusiness.com/article/19950408/ISSUE01/10009937/jmb-inside-the-slide-how-deal-of-the-decade-undid-malkin-and-bluhm-part-1-6] A Split for JMB Founders; Bluhm Starts Own Deal Fund [https://www.chicagobusiness.com/article/19941022/ISSUE01/100010975/a-split-for-jmb-founders-bluhm-starts-own-deal-fund] After Slide, Bluhm Is Blooming Again [https://www.chicagobusiness.com/article/19971025/ISSUE01/10004109/after-slide-bluhm-is-blooming-again] In Starwood Hotels, Barry Sternlicht reprises his greatest role [https://hotelsmag.com/news/in-starwood-hotels-barry-sternlicht-reprises-his-greatest-role/] JMB REALTY TO BUY CADILLAC FAIRVIEW [https://www.nytimes.com/1987/05/09/business/jmb-realty-to-buy-cadillac-fairview.html] A REALTY CONCERN WITH A BIG APPETITE [https://www.nytimes.com/1987/06/13/business/a-realty-concern-with-a-big-appetite.html]

S2's REIT Wipeout & A Lender's Extreme Show of Faith

This week, we dive into Sunbelt multifamily kingpin’s Scott Everett's (S2 Capital) audacious attempt to save his distressed portfolio via a private REIT – an attempt coming apart in real time. It's an opportunity for us to discuss the Sunbelt ZIRP-fueled boom/bust, the broader syndicator reckoning and how figuring out how to survive is sometimes all you can do. It’s then time to talk fathers and sons – a long-stalled FiDi site at 8 Carlisle may finally see salvation after lender Maxim Capital kept the faith in developer Grubb Properties after a decade-long debacle by the Ohebshaloms. And then it’s time to unpack the real estate legacy of a G-reat man,just-passed media mogul Ted Turner. Plus, our Punch List rundown of the newsiest industry happenings: A sextortion plot against Fortress founder Wes Edens; Gary Barnett's latest assemblage; La Caisse and EB-5 investors taking a bath in Brooklyn; and Soloviev's $526M windfall at a Manhattan office trophy.  Sponsors: 1) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here [https://bravocapital.com/the-silver-wave/]. 2) This episode is supported by Pensford [https://www.pensford.com/], the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates. 3) This week's Punch List is brought to you by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com [https://www.rpcaptive.com/] to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. For feedback: Write us at podcast@thepromote.com [podcast@thepromote.com] And please rate us and write a review on Apple [https://podcasts.apple.com/us/podcast/the-promote-podcast/id1801355295]. For brand partnerships: Reach out to partnerships@thepromote.com [partnerships@thepromote.com] For podcast swag: Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. [https://thepromote.store/] Up your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15]: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15] Further reading/listening: S2's REIT Reckoning [https://www.thepromote.com/p/s2-s-reit-reckoning-transamerica-s-prussian-war] S2 Capital targets $1B for multifamily private REIT [https://www.perenews.com/s2-capital-targets-1bn-for-multifamily-private-reit/] The Alan Stalcup Interview [https://www.thepromote.com/p/the-alan-stalcup-interview] Multifamily's Icarus: Alan Stalcup On the Record [https://podcasts.apple.com/us/podcast/multifamilys-icarus-alan-stalcup-on-the-record/id1801355295?i=1000761517926] Fortress Co-Founder Allegedly Extorted by Sexual Partner [https://www.wsj.com/us-news/law/fortress-co-founder-allegedly-extorted-by-sexual-partner-ee9d6666] FiDi Telenovela Set For Happy Ending [https://www.thepromote.com/p/fidi-telenovela-s-happy-ending-soloviev-s-526m-cash-crop] Debt Fund Whac-A-Mole   [https://www.thepromote.com/p/debt-fund-whac-a-mole-a-fortress-founder-sextorted] Ted Turner - Atlanta Magazine Profile [https://www.atlantamagazine.com/great-reads/ted-turner-may2011/] Born to Be Wired - John Malone Memoir [https://www.simonandschuster.com/books/Born-to-Be-Wired/John-Malone/9781668051535] Talking Tycoons: Tom Cousins [https://podcasts.apple.com/us/podcast/talking-tycoons-tom-cousins-jacob-chetrit/id1801355295?i=1000721795205]

Mega-Marriage of Convenience and Miami’s Abuelagate

This week, we discuss multifamily’s mega-marriage of convenience: After getting no love from the Street for being merely huge, multifamily REITs Equity Residential and AvalonBay are considering a merger. Will overuses the word “tectonic,” but it really does apply here, so we’re going to dive in as deep as we can. We then leave the public markets behind for a telenovela playing out at an old-school Miami real estate family: major developer Terra Group’s David Martin is being accused of playing the part of a Bollywood villain. This is the exact kinda story lineup we love here at The Promote - a lil’ meat, a lil’ masala. Plus, our Punch List rundown of the newsiest industry happenings: KKR's data-center play; Alan Stalcup's Starwood PGs; Newmark's earnings; Aby Rosen battles German lender at Soho hotel; Anthropic's NYC leasing tear. Sponsors: 1) This episode is supported by Pensford [https://www.pensford.com/], the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates. 2) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here [https://bravocapital.com/the-silver-wave/]. 3) This episode is supported by Cohorts [https://joincohorts.com/?utm_source=ThePromoteNL&utm_medium=email&utm_campaign=04-08-2026-1], your go-to peer group of GPs going through the same challenges as you. Check them out at joincohorts.com [https://joincohorts.com/?utm_source=ThePromoteNL&utm_medium=email&utm_campaign=04-08-2026-1] 4) This week's Punch List is brought to you by DealNav [https://deal-nav.com/], a map-first CRM and deal-tracking tool built by acquisition fiends for acquisition fiends. Our listeners get 50% off their first year by going to deal-nav.com [https://deal-nav.com/] and using code “ThePromote” at checkout.  For feedback: Write us at podcast@thepromote.com [podcast@thepromote.com] And please rate us and write a review on Apple [https://podcasts.apple.com/us/podcast/the-promote-podcast/id1801355295]. For brand partnerships: Reach out to partnerships@thepromote.com [partnerships@thepromote.com] Up your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15]: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15] Swag store is live! [https://thepromote.store/] Cop your CRE insider hats, hoodies, and pod swag at CRE's merch-ant bank. Further reading/listening: Multi’s Marriage of Convenience [https://www.thepromote.com/p/multi-s-marriage-of-convenience-a-phantom-megaproject#multis-marriage-of-convenience] Am I Being Too Subtle?: Straight Talk From a Business Rebel [https://www.amazon.com/Am-Being-Too-Subtle-Straight/dp/1591848237] The Eccentric Genius of Trammell Crow [https://www.texasmonthly.com/news-politics/eccentric-genius-trammel-crow/] Multifamily on Hard Mode [https://www.thepromote.com/p/multifamily-on-hard-mode] Trammell Crow, Master Builder: The Story of America's Largest Real Estate Empire [https://www.publishersweekly.com/9780471613268] Inside the Meruelo family schism [https://therealdeal.com/miami/2026/05/01/inside-meruelo-family-david-martin-deauville-allegations/] Sol Asylum [https://www.thepromote.com/p/the-promote-sol-asylum-the-rebbe-s-reprimand#sol-asylum]

Aman’s Dirty Laundry & Atlanta’s Phantom Megaproject

This week, we have the this-is-too-weird-to-be-real tale of Forge Atlanta, a $3.8 billion megaproject with the most bizarro development team and history we’ve ever come across for a project of this scale. We know ground-up is smoke and mirrors even on a good day, but this is NEXT LEVEL. We then slip into linen trousers and head to the embattled sun-kissed shores of hospitality giant Aman, where the involvement of a mysterious international fugitive has caused all sorts of drama between Aman and key partners Cain International and PIF. And finally, a quick wardrobe change into earnings-call appropriate attire, as CBRE absolutely crushes the AI boom. Sponsors: 1) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com [https://www.loanboss.com/] 2) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com [https://bravocapital.com/] 3) This week's Punch List is brought to you by Real Property Captive [https://www.rpcaptive.com/], the first group captive insurance for mid-market owners. Check out their platform at RPCaptive.com [https://www.rpcaptive.com/] to tap into the same insurance framework used by the market’s biggest players. For feedback: Write us at podcast@thepromote.com [podcast@thepromote.com] And please rate us and write a review on Apple [https://podcasts.apple.com/us/podcast/the-promote-podcast/id1801355295]. For brand partnerships: Reach out to partnerships@thepromote.com [partnerships@thepromote.com] Up your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15]: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15] Further reading/listening: Mysterious Developer Is Pushing Billions In Georgia Megaprojects [https://www.bisnow.com/atlanta/news/commercial-real-estate/mysterious-developer-is-pushing-billions-in-georgia-megaprojects-an-sec-veteran-warns-buyer-beware-130125] Developer Defaults On Mortgage For Planned $3.8B Atlanta Megaproject [https://www.bisnow.com/atlanta/news/capital-markets/webstar-defaults-seller-backed-loan-forge-atlanta-site-134170] Webstar Seeks Tax Break For $750M Forge Atlanta Development [https://www.bisnow.com/atlanta/news/economic-development/webstar-pursuing-bond-financing-for-forge-atlanta-site-131576] The Aman Infiltration: How a Global Money Laundering Kingpin Tainted a $3 Billion Hotel Brand [https://whalehunting.projectbrazen.com/the-aman-infiltration-how-a-global-money-laundering-kingpin-tainted-a-3-billion-hotel-brand/] The Aman Connection: How a Transnational Fugitive Became a Pillar of Dubai’s Most Elite Address [https://whalehunting.projectbrazen.com/the-aman-connection-how-a-transnational-fugitive-became-a-pillar-of-dubais-most-elite-address/] Cain International Invests in Aman Group to Support Global Expansion Strategy [https://cainint.com/news-and-insights/cain-international-invests-in-aman-group-to-support-global-expansion-strategy/] Pod: Behind the Deal - One Beverly Hills [https://podcasts.apple.com/us/podcast/tupac-vs-biggie-cre-edition/id1801355295?i=1000725873295] Cain and Able [https://www.thepromote.com/p/cain-s-cre-playbook-a-phantom-megaproject#cain-and-able] Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World [https://www.amazon.com/Billion-Dollar-Whale-Fooled-Hollywood/dp/031643650X] Meta partners with CBRE to train data center technicians [https://www.datacenterdynamics.com/en/news/meta-partners-with-cbre-to-train-data-center-technicians-in-the-us-for-free/] CBRE Profit Jumps 95%, Fueled By Data Centers [https://www.bisnow.com/national/news/commercial-real-estate/cbre-outperforms-q1-expectations-posts-19-increase-to-revenue-134256] High Rise: How 1,000 Men and Women Worked Around the Clock for Five Years and Lost $200 Million Building a Skyscraper [https://www.amazon.com/High-Rise-Million-Building-Skyscraper/dp/006092456X]

The Frum Fraudfather & Pied à Terre Purgatory

This week, we finally tackle the story of Mark Nussbaum – the real estate attorney who became the nexus of the underground Orthodox CRE dealmaking world, facilitating hundreds of millions of dollars in deals and "show capital" before it all collapsed spectacularly in a wave of lawsuits, criminal fraud allegations, and even the suicide of a close collaborator, Mendy Steiner. Nussbaum's tale is a lens into the gray economy of the frum, where huge deals are often done on a handshake and under the aegis of a close-knit community. We also explore New York's new push for a pied-a-terre tax, which has serious momentum with Mayor Zohran Mamdani and Gov. Kathy Hochul in lockstep. Finally, we look at how Dubai billionaire developer Hussain Sajwani's luxury condo at the site of the Surfside tragedy has yet to sell a single unit – a new development launch is like an IPO - you only get one shot at setting the narrative. Plus, our Punch List rundown of the newsiest industry happenings: SREIT's $1.7B refi, SL Green's Hyundai Tribeca rescue, more Stargate troubles and Ares' C-PACE bet. Sponsors: 1) This episode is supported by Bravo Capital [https://bravocapital.com/], a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors by visiting bravocapital.com [https://bravocapital.com/] 2) This episode is supported by LoanBoss [https://www.loanboss.com/], the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! Check them out at loanboss.com [https://www.loanboss.com/] For feedback: Write us at podcast@thepromote.com [podcast@thepromote.com] And please rate us and write a review on Apple [https://podcasts.apple.com/us/podcast/the-promote-podcast/id1801355295]. To advertise: Reach out to partnerships@thepromote.com [partnerships@thepromote.com] Up your CRE game:  Consider becoming a premium subscriber to The Promote Insider to unlock access to expert CRE breakdowns, exclusive online events, behind-the-deal stories, scoops, discounted swag and more. Here's 10% off on annual subscriptions [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15]: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15 [https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15] Further reading/listening: The Nussbaum-Steiner Escrow Trail [https://www.thepromote.com/p/landau-fails-snf-test-the-nussbaum-steiner-escrow-trail#the-nussbaum-steiner-escrow-trail] Dealmacher Nussbaum Charged W/ Grand Larceny [https://www.thepromote.com/p/nyc-rentopoly-a-dealmacher-s-grand-larceny-charge#dealmacher-nussbaum-charged-w-grand] Hush Money [https://www.thepromote.com/p/nussbaum-s-hush-money-syndicator-bad-boy-carve-outs#hush-money] Nussbaum's Firms File Ch. 11 [https://www.thepromote.com/p/lic-megadeal-brewing-diamond-in-the-rough#dealmacher-nussbaums-firms-file-ch-](Ephraim) Diamond in the Rough [https://www.thepromote.com/p/lic-megadeal-brewing-diamond-in-the-rough#diamond-in-the-rough] The Pied-à-Terre Tax Has Failed Before. Could This Year Be Different? [https://www.nytimes.com/2026/04/15/nyregion/pied-a-terre-tax.html] Tax The Rich: A Brief New York History [https://www.thepromote.com/p/grease-monkey-green-a-tax-the-rich-history-lesson#tax-the-rich-a-brief-new-york-histo] Habibi Come to Dubai Miami [https://www.thepromote.com/p/habibi-come-to-miami-a-rent-regulated-reckoning#habibi-come-to-miami] ‘Donald of Dubai’: real estate mogul rubbing shoulders with Trump [https://www.ft.com/content/09d7eae3-9724-4eca-acc2-aa5dbb5627bd?utm_campaign=habibi-come-to-miami-a-rent-regulated-reckoning&utm_medium=referral&utm_source=www.thepromote.com&syn-25a6b1a6=1] Tupac vs Biggie, CRE Edition [https://podcasts.apple.com/us/podcast/tupac-vs-biggie-cre-edition/id1801355295?i=1000725873295&l=pt-BR] zArjHivBrm11JMbA3M3J f434hzO95GHzDxr0iwTG