No Cap by CRE Daily

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs.

The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
00:00 – Intro And Why QC Invests Across Verticals
04:36 – Chris’ Background And How QC Capital Started
08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record
12:47 – Why QC Moved Beyond Multifamily
13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration
16:44 – Why Multifamily Could Stay Tough Over The Next Cycle
19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield
21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs
27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation
34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating Up

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.

They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
00:00 – Intro And Canyon’s Role In Real Estate Credit
02:50 – Matt’s Path Into Real Estate And The GFC Years
06:00 – From Walton Street To Angelo Gordon To Canyon
09:40 – How Canyon Thinks About Credit Vs Equity
14:10 – What LPs Are Looking For Right Now
18:20 – The Wall Of Maturities And Private Credit Demand
23:40 – Macro Vs Micro Data And Reading The Market
28:10 – Multifamily, Housing, And Quiet Distress
33:20 – Structuring Capital Solutions In Today’s Market
39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.

The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
00:00 – Intro and Setting the Stage
05:20 – Alex’s Nontraditional Path Into Development
09:40 – Early Deals and Learning Through Adaptive Reuse
15:30 – Why Complexity Became the Strategy
21:10 – Capital Stacks, Risk, and Creative Structuring
27:40 – Scaling From Local Projects to a National Platform
33:50 – Markets, Mistakes, and Hard Lessons
40:20 – Where Adaptive Reuse Still Works
46:30 – What Development Looks Like From Here

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.

Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
01:00 – Bill’s Background and Entry Into Credit
06:30 – What Loan Servicers Actually Do
10:00 – Private vs. Public Credit Servicing
18:55 – Multifamily Stress Signals
26:40 – Office Risk and Capital Costs
31:40 – Lodging and Other Trouble Spots
38:45 – Extensions, Refinancing, and the Data
41:00 – Where We Are in the Cycle
46:50 – Culture, Scale, and Building Trimont

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns.

The conversation covers pressure points across multifamily and office, the rise of tenant fraud and insurance costs, and why many resolutions are happening quietly rather than through forced sales. A rare, ground-level view of how distress moves through the real estate system.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
01:00 – Alex’s Path to CW Capital and the GFC
06:29 – How Special Servicing and CMBS Work
08:35 – B-Piece Control and Servicer Power
14:20 – Why This Cycle Is Different
16:15 – Multifamily Stress in the Sun Belt
21:10 – Tenant Fraud, Insurance, and NOI
24:50 – Workout Decisions vs. Asset Takebacks
26:40 – Office Distress and Capital Costs
38:45 – Private Credit and Quiet Extensions
42:35 – The Metrics CW Capital Tracks

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.