The TreppWire Podcast: A Commercial Real Estate Show

In this special guest episode of The TreppWire Podcast, we sit down with Chad Lavender, President of Capital Markets for North America at Newmark, to unpack how credit, liquidity, and pricing have recalibrated through the 2025 maturity wave and what that signals for 2026. With more than $50 billion in investment sales, recapitalizations, debt placements, and JV equity transactions to his name, Chad brings a front-row view of the capital stack. He explains why this cycle differs fundamentally from the GFC, thanks to deep debt liquidity, why senior housing is outperforming every asset class with his team alone closing over $12.5 billion this year, and how operational alpha is separating winners from losers. We also cover the resurgence of Class A office, the rise of active adult and medical office, GP-led recaps and continuation funds, and why Dallas remains one of the most investable CRE markets in the country. Tune in nowEpisode notes:Chad's Background & Path to Newmark (1:17)How Today's Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps & Continuation Funds (9:32) What Separates Great Operators in Today's Market (13:20)Why Senior Housing Is Outperforming Every Asset Class (16:25)Class B/C Buyer Pools & Class A Office Resurgence (23:39)Dallas CRE Momentum (27:16)How Newmark Uses Data & Technology to Advise Clients (30:57) Underwriting Priorities & Closing Thoughts (32:28)Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp 

In this week's episode of The TreppWire Podcast, we examine the selective stabilization theme shaping CRE in 2026, with strong retail sales and pending home sales pointing to forward motion even as affordability still caps housing. We break down Blue Owl's $2.4 billion acquisition of Sila Realty Trust, dig into multifamily supply dynamics as the top 25 developers command a record share of starts, and cover New York City's $4 billion pension commitment to affordable housing. We walk through Trepp's latest CRE debt universe analysis, showing banks finally showing early signs of credit expansion. We then dedicate a deep dive to data centers, covering operational resilience, the emerging power stack, Meta's $1 billion Tulsa AI facility, Maine's new construction ban, and Google-linked data centers' record $5.7 billion junk bond. Tune in now.Episode NotesEconomic Update: Retail Sales & Pending Home Sales (1:55)Blue Owl's $2.4B Sila Realty Acquisition (6:10)Multifamily Supply & the NMHC Top 25 Developer Shake-Up (12:43)NYC Pension Fund's $4 Billion Affordable Housing Bet (17:34)CRE Debt Universe Update: Credit Growth & Banks Re-Entering (20:54)Data Center 101: Operational Resilience Tiers & the Power Stack (25:41)Meta's $1 Billion AI Data Center in Tulsa, Oklahoma (35:25)Maine Bans Large Data Center Construction (40:14)Google-Linked Data Centers' Record $5.7 Billion Junk Bond (45:26)Multifamily Deals: San Francisco, New Jersey, & St. Petersburg Foreclosure (46:53)Programming Notes & Shoutouts (50:26)Questions or comments? Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Kennedy, Co-Founder and Managing Partner of 3650 Capital, to discuss the state of commercial real estate (CRE) through the lens of nearly three decades of experience. Justin outlines how 3650 Capital operates across stable cash flow lending, real estate credit solutions, and special situations. We dive into significant market dispersion in the market and why micro-market fundamentals and property utility matter more than ever, as performance increasingly diverges across similar assets within geographic proximity. Justin explains how technology-driven shifts in retail and office demand represent secular change, why investors must focus on forward-looking utility over historical metrics, and how AI is beginning to influence real estate analysis. Tune in now.Episode Notes• Background in CRE & CMBS• 3650 Investment Strategy & Three Vehicle s• Real Estate Market Dispersion• Market Evolution: CRE Today• Technology Impact on CRE• AI's Role in Real Estate Workflows• Closing Thoughts & AdviceQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. Tune in now.Episode notes: Economic Update (0:29)Market Liquidity & Mortgage Trends: Blue Owl Capital's Bonds (11:36)Banks Earnings & Trading Challenges (18:02)Texas Stock Exchange & Dallas Discussion (33:10)1031 Exchanges 101 (40:22)Blackstone Data Center REIT IPO (51:56) Trading Alert: Aon Center Loan (54:56)575 Fifth Avenue Acquisition (59:25) Trading Alert: South Plains Mall Loan (1:01:20) WeWork Go (1:06:50)Programming Notes (1:10:55)Shoutouts (1:13:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.Episode NotesBackground & Start in the Industry (1:18)Office Sector Evolution (3:08)Three Strategies for Investing in the Office Sector (14:36)Market Trends & Cycles: 2023 to Today (23:28)Opportunities in Dallas and Austin (26:54)AI's impact on the Office Sector (36:47)Betting on Office (40:54)Closing Thoughts (45:27)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp