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

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]

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]