Not Easy Being [SL] Green & TPG's Shelf Life

Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King

This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar. 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. 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! 3) 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. Further Reading/Listening Michael Stern: the highs and lows of a New York skyscraper king [https://www.ft.com/content/1f95c4fc-7eb0-11ea-8fdb-7ec06edeef84?syn-25a6b1a6=1] The Closing: Michael Stern [https://therealdeal.com/magazine/new-york-february-2016/the-closing-michael-stern/] An Insider’s Guide to the Miami Branded Condo Game [https://www.thepromote.com/p/the-promote-insider-s-guide-to-miami-branded-condos-avison-s-damage-control-tour-blackstone-s-headac] Soffer to the rescue? [https://therealdeal.com/miami/2026/06/11/jeff-soffer-jds-work-1-billion-mercedes-benz-miami-loan/] A Miami Kingpin's Epic Aventura [https://podcasts.apple.com/us/podcast/megafunds-geezer-chasing-a-miami-kingpins-epic-aventura/id1801355295?i=1000720878980] Nuveen's Loss Factor [https://www.thepromote.com/p/tiaa-s-loss-factor] Carl Icahn settles the Texaco/Getty Oil lawsuit [https://www.youtube.com/watch?v=UEc8Xzn1WqU] The Bankrupting of a Mobile Home Billionaire [https://www.bloomberg.com/news/features/2026-06-12/how-private-credit-lost-big-on-bob-bull-s-mobile-home-empire]

Not Easy Being [SL] Green & TPG's Shelf Life

This week, we dive into the high-stakes, high-reward (not for shareholders tho) world of SL Green, the mighty REIT that is New York’s largest commercial landlord. From a deal junkie standpoint, SL Green is king of the hill, but no matter what it does, it can’t seem to get Wall Street to love it. Next, we convert our dollars to lek and head to Albania, where Jared Kushner is trying to create the next St. Barths. And finally, we load up those 10-cent bags and go shopping - for grocery anchored retail with TPG and friends. Plus, our "Punch List" rundown of the newsiest industry happenings: Brookfield's DC shutdown; Amancio Ortega's CRE fixer; Bears move to Indiana; LA mayoral race; and Paul Massey folds. 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! 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 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. Further Reading/Listening Inside the SL Green Playbook [https://www.thepromote.com/p/inside-the-sl-green-playbook] Gold in Them Distressed Capstacks [https://www.thepromote.com/p/gold-in-them-distressed-capstacks] SL Green Raises More Than $1 Billion for New NYC Debt Fund [https://www.bloomberg.com/news/articles/2025-07-17/sl-green-s-nyc-fund-surpasses-1-billion-with-latest-fundraising?utm_campaign=inside-the-sl-green-playbook&utm_medium=referral&utm_source=www.thepromote.com] Reset Basis [https://www.thepromote.com/p/reset-basis-multifamily-s-icarus#reset-basis] Albania’s Rama Backs Kushner Resort as Land Ownership Probed [https://www.bloomberg.com/news/articles/2026-06-01/kushner-resort-draws-albanian-leader-s-support-after-backlash] TPG-Led Investor Group Acquires Grocery-Anchored Retail Leader ECHO Realty [https://www.businesswire.com/news/home/20260604882009/en/TPG-Led-Investor-Group-Acquires-Grocery-Anchored-Retail-Leader-ECHO-Realty]

Hail Caesar, CoStar's M&A Mania & a ZOMbie Developer

This week, we look at Texas billionaire Tilman Fertitta’s $18B megadeal for the Caesars entertainment empire - this is really an excuse for us to talk Tilman, one of the industries "C"haracters. Next, we dive into CoStar’s $800M acquisition of home-data firm Zonda – part of Andy Florance’s quest to control every piece of data in the real estate universe. And finally, it might be curtains for prominent multifamily developer ZOM Living, who we’re told is prepping a bankruptcy filing. Plus, our Punch List rundown of the newsiest industry news: NYC rips, S2's special servicing, Fisher Island fracas, Brookfield bombs again, and banks are back! 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 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! 3) 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. Further Reading/Listening Big Fish- Tilman Fertitta [https://www.texasmonthly.com/news-politics/big-fish/] An Interview With Tilman Fertitta on A Restaurant Empire During Covid [https://www.texasmonthly.com/news-politics/tilman-fertitta-coronavirus-interview/] Tilman Fertitta’s Years-Long Pursuit of Caesars Is Paying Off [https://www.bloomberg.com/news/articles/2026-05-28/caesars-entertainment-agrees-to-5-7-billion-fertitta-takeover?embedded-checkout=true] The Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street [https://www.amazon.com/Caesars-Palace-Coup-Billionaire-Exposed/dp/1635767741/ref=sr_1_1?adgrpid=185689537905&dib=eyJ2IjoiMSJ9.PceTinPpWPkqSF-MIl6HRG6GH4NiCeF5ksmNDuegigxNJSnxBWCBhikv8uXddPHhpdAxgueKz6ujVJlp196ixs1iQYBY6Hxs3ZuD_mKbLrQXjZo2xRF7XN48LRTjk8YY.cxIXkY8p934akB-MEJGZWhatOebIU3ktFnrosHhB6EQ&dib_tag=se&hvadid=779733244208&hvdev=c&hvexpln=0&hvlocphy=9030951&hvnetw=g&hvocijid=11989311272540447439--&hvqmt=e&hvrand=11989311272540447439&hvtargid=kwd-1187277699000&hydadcr=15303_13843710_8858&keywords=the+caesars+palace+coup&mcid=08af7d0863ff3013a4d44d54650ca351&qid=1780462912&sr=8-1] CoStar to acquire homebuilding data giant Zonda for $800 million—why it matters [https://www.resiclubanalytics.com/p/commercial-real-estate-giant-costar-to-acquire-homebuilding-data-giant-zonda-why-it-matters] Costar’s Crusade [https://therealdeal.com/magazine/new-york-august-2016/costars-crusade/] Activist Dan Loeb dusts off his poison pen [https://www.cnbc.com/2026/01/31/activist-dan-loeb-dusts-off-his-poison-pen-as-he-seeks-a-board-refresh-at-costar-group.html] ZOM Prepping Bankruptcy Filing After Legal Wallop [https://www.thepromote.com/p/zom-prepping-bankruptcy-fishy-business-on-fisher]

Enemy at the Rates, Mayweather Gets KO'd & Newmark Nepomania

This week, we talk fear and loathing in interest rates: The 10Y and 5Y are going haywire and threaten to knock CRE's recovery off-kilter. Next, we discuss nepo babies running the asylum at Newmark: Howie Lutnick’s son Kyle has decided it’s his time to shine. And finally, we have to revisit one of the strangest sagas we’ve discussed on here: Floyd Mayweather is now throwing haymakers at his former confidant Jona Rechnitz in an explosive $175M lawsuit. Plus, our Punch List rundown of the newsiest industry news: A syndicator wipeout, BTR back from the brink, CO Power 100, EQR-AVB mega-merger is official. 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.

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]