<p>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 now</p><p><br></p><p>Episode notes:</p><ul><li>Chad&#39;s Background &amp; Path to Newmark (1:17)</li><li>How Today&#39;s Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)</li><li>Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps &amp; Continuation Funds (9:32) </li><li>What Separates Great Operators in Today&#39;s Market (13:20)</li><li>Why Senior Housing Is Outperforming Every Asset Class (16:25)</li><li>Class B/C Buyer Pools &amp; Class A Office Resurgence (23:39)</li><li>Dallas CRE Momentum (27:16)</li><li>How Newmark Uses Data &amp; Technology to Advise Clients (30:57) </li><li>Underwriting Priorities &amp; Closing Thoughts (32:28)</li></ul><p><br></p><p>Questions or comments? Contact us at <a href="mailto: [email protected]" target="_blank" rel="noopener noreferer">[email protected]</a>.     </p><p> </p><p><br></p><p>Follow Trepp:   </p><p>X: <a href="www.x.com/TreppWire " target="_blank" rel="noopener noreferer">www.x.com/TreppWire </a> </p><p>LinkedIn: <a href="www.linkedin.com/company/trepp " target="_blank" rel="noopener noreferer">www.linkedin.com/company/trepp </a></p>