Deal Flow Friday

In this episode of Deal Flow Friday, host David Moghavem sits down with Jared Zeisler, Principal at Capital Solutions, to unpack where capital is (and isn’t) flowing in today’s market. Jared shares why buying below replacement cost remains core to their strategy, why rescue capital isn’t the opportunity it seems without resetting basis, and how Capital Solutions is approaching deals with a “downside first” framework. They discuss why bridge debt is creeping back into deals (and why it still scares them), the real story behind student housing deals they’re buying at half of replacement cost, how their portfolio has held up through rate hikes, what makes a deal actually get capitalized today, and why conviction and downside protection matter more than pro forma upside in this market. If you’re an operator looking to raise equity or an allocator looking to deploy smart capital, this episode is packed with candid insights on underwriting, market cycles, and what it takes to get deals done in 2025. Chapters00:00 Introduction to Capital Solutions and Market Overview03:28 What Gets Funded Today vs. Passed On07:56 Development Challenges: High Costs, Low Absorption11:39 Portfolio Performance: Winners, Losers, and Lessons15:13 Rescue Capital Reality Check19:03 Does that "Positive Leverage Day One" deal really exist? 23:01 The Return of Bridge Debt. Did People Not Learn Their Lesson???28:28 The "Perks" of Multifamily? Government-Backed Leverage31:39 Investing in Student Housing36:37 Picking The Right Partner, Especially in a Down Cycle40:39 Advice for Operators Looking for Equity44:45 Haven't seen the "Flush Out" of Distress... Yet.

In this episode of Deal Flow Friday, host David Moghavem speaks with Joe Paskov from Bentall Green Oak about the current state of the real estate investment market. They discuss the challenges and opportunities in various asset classes, the impact of interest rates on investment strategies, and the importance of building strong relationships in the industry. Joe shares insights on BGOs geographic focus, market analysis, AI-driven algorithmic approach to choosing markets, and the dynamics of institutional investors, emphasizing the need for a long-term perspective in navigating the evolving landscape of real estate investing.Chapters00:00 Introduction & BGO Overview03:59 Where’s the Opportunity Now?  ZIRP era vs. Today12:17 Redemption Clauses & The Liquidity Crunch16:34 What Will Get BGO Off the Sidelines?24:16 Geographic Focuses in BGO's Fund Strategies26:03 Inside BGO’s AI-Driven Decision Making in Market Analysis33:26 Future Deal Activity and Market Trends39:33 Building Relationships with Institutional Partnerswww.dealflowfriday.com

In this episode of Deal Flow Friday, host David Moghavem speaks with Garrett Nondorf of Flagship Capital, a highly active Middle Market Credit and Equity allocator. They discuss the active deal flow at Flagship, including recent term sheets and the company's approach to investments in steady markets such as the Midwest, dive into the challenges in the Sun Belt, the supply side story within the Pacific Northwest, and operational issues affecting real estate in various geographies. Garrett shares insights on how sponsors can navigate the current market conditions and successfully raise capital.Chapters00:00 Intro, 'Stash talk', & LinkedIn Meme Game02:55 How is Flagship Capital Getting Deals Done?06:42 Focus on Equity Investments09:30 Steady-eddy Midwest16:39 SunBelt Owners Are Starting to Capitulate.20:46 Operational Challenges in the Market23:06 Pac-NorthWest, Supply-Side Story24:50 Challenges in California's Housing Market26:18 Navigating Investment Committee Challenges29:32 Identifying Opportunities in Secondary Markets32:18 Operational Challenges and Cost Stabilization37:20 Advice for Capital Raising in Today's Marketwww.dealflowfriday.com

In this conversation, Omar Morales and David Moghavem delve into the intricacies of the Miami real estate market, discussing the challenges and opportunities that have emerged in the wake of COVID-19. They explore the evolution of Trion, the impact of tariffs on development, and the importance of understanding local dynamics in order to find value in real estate investments. The discussion also highlights the significance of insurance rates, the emergence of new markets, and the challenges of fundraising in a changing economic landscape.Chapters00:00 Intro00:39 David's Background and Move to Miami03:03 Navigating Market Dynamics and Opportunities05:58 The Impact of Immigration on Miami's Growth08:54 Understanding Supply and Demand in Multifamily12:09 Challenges in Development and Construction14:55 The Role of Tariffs in Real Estate17:51 Investment Strategies and Market Trends21:01 Fundraising in a Changing Market24:08 Identifying Hidden Markets and Opportunities

In this episode, David Moghavem speaks with Adrian Berger from Cypress Equity Investments about the current state of the real estate market, the challenges and surprises in lending, and the importance of networking. They discuss the shift in off-market deals, the company's development strategy, and the potential opportunities in self-storage and affordable housing. Adrian shares insights on navigating insurance and operating expenses in LA, as well as the significance of building relationships in the industry.Chapters00:00 Intro01:35 Navigating the Current Market Landscape04:37 Surprises in Lending and Valuation07:38 The Shift in Deal Dynamics10:33 Cypress Equity's Evolution and Strategy13:26 Co-GP Partnerships and Diversification16:36 Future Directions and Market Opportunities21:07 Exploring Market Opportunities and Challenges24:32 Impact of Local Regulations on Development27:39 The Role of Long-Term Relationships in Development30:30 Adjusting Underwriting for Current Market Conditions32:30 Comparing LA with Other Markets33:40 Covered Land Plays and Their Benefits34:39 Investor Sentiment and Market Confidence35:33 The Future of the Entertainment Industry in LA37:54 The Ebb and Flow of LA's Market40:40 Investment Strategies in a Changing Landscape41:52 Navigating Affordable Housing Challenges45:14 The Complexity of Building in LA48:03 Insurance Challenges in Real Estate49:45 The Importance of Networking in Real EstateIG: https://www.instagram.com/dealflowfriday/X: https://x.com/dealflowfridayLinkedIn: https://www.linkedin.com/in/davidmoghavem/www.dealflowfriday.com

In this episode of Deal Flow Friday, David Moghavem, Max Sharkansky, and Mitch Paskover discuss the current state of the real estate market, focusing on the impact of tariffs, inflation, interest rates, and investment strategies. They explore how these factors are influencing consumer confidence, lender behavior, and overall market trends. The conversation also delves into geographical investment opportunities and the challenges faced by investors in today's economic climate, concluding with thoughts on future market predictions and operational challenges.Chapters00:00 Introduction and Yearly Recap02:16 Tariffs and Economic Predictions04:48 Impact of Tariffs on Multifamily Sector08:10 Interest Rates and Future Predictions11:31 Investment Strategies and Market Trends15:31 "The Party Is Over" In The Midwest19:28 Long West Coast? Depends Where. 23:06 Emerging Distress in the Market28:33 Investor Sentiment and Market Dynamics33:46 Long-Term Perspectives on Real Estate Investments39:50 Optimism and Future Market Predictions

In this episode of Deal Flow Friday, host David Moghavem interviews Mike Sroka, founder and CEO of Dealpath, discussing the evolution of PropTech, the impact of economic changes on the real estate market, and the role of AI in enhancing real estate management. They explore how Deal Path has adapted to client needs and the importance of technology in navigating the current market landscape. The conversation also touches on the future of real estate technology and the potential for a rebound in the Bay Area.Chapters00:00 Introduction to Deal Path and PropTech Innovations03:31 Mike Sroka's Journey and the Birth of Dealpath09:27 Evolution of the Real Estate Software Landscape12:48 Navigating CRE Market Changes as a PropTech Company15:44 The Value of Dealpath in Different Market Conditions21:42 Adapting to Client Needs and Market Trends27:52 Leveraging Data for Product Development31:04 The Role of AI in Real Estate38:34 Assessing Technology Needs in Real Estate40:13 Real Estate's Digital Transformation Journey45:50 The Future of Real Estate in a Tech-Driven Market

In this episode of Deal Flow Friday, host David Moghavem speaks with Aleksey Chernobelskiy, founder of the GPLP match platform. They discuss the journey of entrepreneurship, the creation of the GPLP match platform, and the importance of connecting general partners (GPs) with limited partners (LPs) in real estate. Aleksey shares insights on leveraging technology, social media strategies, and common pitfalls in GP presentations. The conversation also touches on market insights, asset classes, and advice for LPs navigating investment opportunities.Chapters00:00 Introduction04:19 The GPLP Match Platform: Concept and Creation05:18 The GP-LP Match Platform06:50 The People Behind the Deal10:39 Solution to Managing Deal Flow13:44 Leveraging Technology to Increase Efficiency15:20 Social Media Presence & Strategy18:26 Common Pitfalls in GP Decks18:32 Navigating Political Risks in Real Estate20:55 Advice for LPs: Sifting Through Deals21:20 Aleksey's GP Pet Peeves & Red Flags24:21 What type of deals is Aleksey Bullish on? 29:24 Aleksey's Recommendations to LPs 

In this episode of Deal Flow Friday, host David Moghavem speaks with Greg Rollman, Managing Director at Tryperion Holdings. They discuss insights on contrarian investment strategies in office, retail, and multifamily sectors. Greg shares his contrarian approach to investing in regional malls and emphasizes the importance of in-place operations. The conversation also touches on geographic preferences in investment and the future outlook amidst market uncertainty. Last but not least, David and Greg foreshadow the looming effect on tariffs on commercial real estate, and the impact it will have on the industry.Chapters00:00 Introduction and Background04:39 Investment Strategies in Office and Retail15:06 Exploring the Mall Investment Philosophy20:21 Future Outlook and Market Dynamics29:12 Future Outlook33:52 Tariffs effect on CRE

David Moghavem was hosted with 3 other esteemed guests in the Real Estate Multifamily industry at IMN's annual Florida Middle-Market Multifamily Forum in Coral Gables, FL at The Loews Coral Gables. Their conversation delves into the complexities of the real estate market, focusing on the interplay between cap rates, interest rates, and market dynamics. The speakers, all experienced professionals in real estate development and investment, discuss the current state of the market, the challenges posed by rising interest rates, and the implications for future investments. They explore operational distress, the impact of supply and demand, and the importance of understanding regional market differences. The discussion also highlights strategies for navigating the current landscape, including the need for flexibility and the potential for future opportunities as interest rates fluctuate.Moderator: Fernando Levy Hara, Principal, Unico DevelopersPanelists:David Moghavem, Director of Acquisitions, Trion PropertiesBranko Kuzmanovic, Director of Acquisitions, Empira GroupJeffrey Ardizon, Principal, The Estate CompaniesChapters:00:00 Intro01:52 Understanding Cap Rates and Interest Rates07:16 Market Trends and Operational Distress09:58 Navigating Construction and Value-Add Strategies13:01 The Impact of Supply and Demand15:52 Investment Strategies in a Changing Market18:39 Regional Market Comparisons21:18 Future Projections and Market Sentiment