Recap with Brandon Roth

Ep. 13 - CMBS Financing (Eric Smith - Deutsche Bank)

Eric Smith is a CMBS loan originator at Deutsche Bank. Over the past 28 years, he has closed more than 1,300 CMBS loans.  Our conversation covered many topics, including: - What is CMBS and how does it work? - Why is there a higher concentration of multifamily in CMBS pools today? - What's the role and impact of CMBS rating agencies? - Why is Fitch the primary rating agency? - What is a B-piece? - History of CMBS (1.0 vs. today) - Is CMBS becoming more borrower-friendly post-closing? - What are the most common asset types for CMBS?  - What are the typical loan sizes, leverage, and pricing? - What are the primary benefits for a borrower? - Takeaways from MBA CREF in San Diego If you have any questions, please send me an email at brandon.roth@ipausa.com. Check out www.crecapitalinsights.com for my weekly capital markets newsletter.

Ep. 12 - Multifamily Market in 2026 (IPA - Alex Tartaglia)

Alex Tartaglia is part of IPA's multifamily investment sales team in Northern California. They've sold approximately 50% of all institutional multifamily sales in the Bay Area over the past 10 years, including $2B in 2025.  Our conversation covered many topics, such as: - 2025 recap & what's driving more sale transactions - Buyer profiles and target returns - How NOAH deals work  (Property Tax Welfare Exemption) - Submarkets in highest demand - Property performance trends  - Demand drivers in the Bay Area - Undewriting (rent growth, exit caps, etc.)  - Acquisition financing  - NMHC recap - Rent-to-income ratios - 2026 forecast If you have any questions, please send me an email at brandon.roth@ipausa.com.

Ep. 11 - Starting a GP Fund (The Martin Group - Stephen Siri)

Stephen Siri is Co-Managing Principal of The Martin Group, a privately held real estate investment firm located in Oakland, CA. Founded in 1984, the company has acquired, developed, and invested in more than 24 million square feet. The firm specializes in multifamily, student housing, and mixed-use real estate projects throughout California. Our conversation covers many topics, including: - The Martin Group's investment strategy - Starting a GP fund (benefits, lessons learned, etc.) - State of the market in Oakland - Recent deals in Oakland, Berkeley, and San Mateo --- If you’d like to receive market updates that cover my weekly conversations with various capital providers, visit www.crecapitalinsights.com

Ep. 10 Bridge-to-Agency Financing (Joe Pizzutelli - M&T)

Joe Pizzutelli is the Head of National Production for M&T's agency platform, as well as their on-balance sheet multifamily bridge platform focused on transitional and lease-up multifamily assets across the country. Our conversation covers many topics, including: - Lending programs - Loan modifications - Outlook for 2026 If you’d like to receive my weekly market update based on lender conversations, visit www.crecapitalinsights.com [http://www.crecapitalinsights.com]

Ep. 9 Hospitality-to-Multifamily Conversions (Ryan Sudeck - Sage Investment Group)

Ryan Sudeck is the CEO of Sage Investment Group, which is a development company that specializes in converting hotels to multifamily and now manages 2,671 units across six states.  Our conversation covers how they execute their business model from start to finish and includes:  - Market Selection - Deal Sourcing - Underwriting - Capital Raising - Construction management - Lease-up If you're an investor that'd like to explore investment opportunities with Sage, please visit their website: https://sageinvestment.com/