The Walker Webcast James Millon, President & Co-Head of Capital Markets U.S. & Canada at CBRE Capital Markets, Justin Wheeler, Chief Executive Officer of Berkadia, and Michelle Herrick, Head of Commercial Real Estate at JPMorganChase
4 snips
Feb 19, 2026 James Millon, CBRE capital markets leader with data center and global CRE expertise; Michelle Herrick, JPMorgan Chase commercial real estate head overseeing major lending; Justin Wheeler, Berkadia CEO focused on multifamily finance and firm growth. They discuss CRE cycle timing, buyer-seller gaps and what could unlock deals. AI and data centers shaping investment and lending. Leadership, hiring and industry consolidation trends.
AI Snips
Chapters
Transcript
Episode notes
Buffett Told Me To Build The Franchise
- Justin recounts sending Warren Buffett a memo urging yield optimization and getting praised to instead focus on building the franchise.
- That blunt feedback liberated Justin to prioritize long-term platform growth over short-term yield plays.
Underwrite Data Centers Broadly
- Underwrite data centers holistically: assess borrower, tenant, construction timeline, and national security implications.
- Use cross-functional credit, corporate and real-estate analysis for large-scale data center financings.
Data Centers Are A New Asset Class
- Data centers have evolved into a distinct asset class with predictable tenancy and underwriting nuances compared with early colocation models.
- CBRE leverages operating data and management experience to provide lenders and investors an information advantage.