The Promote Podcast Reston Peace, Senioritis & A Capstack Crisis
Nov 12, 2025
The discussion dives into the chaotic world of senior housing, highlighting Blackstone's fire sale of a $1.8B portfolio and the challenges operators face. Brooklyn's skyline is at stake as Jonathan Landau attempts to raise funds for a new condo, navigating a complex cap stack amid high local prices. Meanwhile, Boston Properties is making moves, selling off legacy assets to finance high-end developments, positioning themselves for future success. Tune in for insights on these high-stakes real estate maneuvers!
AI Snips
Chapters
Transcript
Episode notes
Big Sellers Create Small-Buyer Opportunities
- When giants like Blackstone decide to exit, they create buying opportunities with steep haircuts for nimble buyers.
- Large sellers prioritize speed and certainty over squeezing extra price from a single asset.
Deal Structure Creates Alpha In Distress
- Structure is alpha in distressed or complex roll-ups like the Sonita–CNL deal.
- Asymmetric collars and equity controls let acquirers limit downside while keeping upside optionality.
Carey Partnership Unlocked A Dormant Site
- Landau partnered with the Carey family on 205 Montague Street to assemble a large Brooklyn Heights site.
- He planned a 47-story condo on a parcel that had sat dormant since 2010.