The TreppWire Podcast: A Commercial Real Estate Show

• 353. From Dot Plot to Deal Flow: Unpacking the Fed's Cut, Retail Data Stays Strong, Paramount’s $1.6B Play, Special Servicing Rates Fall

  In this week’s episode of The TreppWire Podcast, we analyze the Federal Reserve's recent rate cut and the impact on the commercial real estate (CRE) capital markets. We revisit the movement of the Secured Overnight Financing Rate (SOFR) and credit spreads leading up to the decision. We also unpack the stronger-than-expected retail sales data for August, debate whether economists are overestimating the impact of tariffs on spending, and touch on the current economic stability amid market risks. Turning to CRE stories of the week, we talk about Rithm Capital’s plans to acquire Paramount Group for $1.6 billion, Brookfield’s completed turn around of 660 Fifth Avenue, as well as SL Green and PGIM's $1.4 billion refinancing deal for 11 Madison Avenue. The episode ends with two recent trading alerts and key takeaways from Trepp’s August CMBS Special Servicing Report. Tune in now.Episode notes: Economic Update: Fed Cut Rates (0:28)What is Causing Elevated SOFR Rates? (9:46)CRE Loan Spreads Performance for the Week Ending Sept. 12 (13:40) Strong Retail Sales Growth & Economic Stability (15:40)Rithm Capital Plans to Acquire Paramount Group (27:45)Brookfield Turned 660 Fifth Avenue Around with a $1.7 Billion Investment (32:14)SL Green and PGIM's $1.4 Billion Refi for 11 Madison Avenue (35:52)Trading Alert: Huge Manhattan Office Loan Sent to Special Servicing (38:59)Trading Alert: Florida Mall Value Slashed Below Loan Balance (42:01)Programming Notes (43:34)Shoutouts (45:38)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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• 352. Nearly 1M Jobs Vanish, Industrial Demand Cools, Return-to-Office Mandates, D.C.'s Office-to-Resi Tax Incentives, & More

  In this week’s episode of The TreppWire Podcast, we unpack major labor market revisions, revealing that job growth was overstated by 911,000 jobs over the past year. We analyze recent data that strengthens the case for a 25-basis-point rate cut at the upcoming Fed meeting. We also dive into Treasury Secretary Scott Bessent’s op-ed, which critiques the Federal Reserve’s post-2008 monetary policy shift. In commercial real estate, we analyze a NAIOP report pointing to cooling demand in the industrial sector and share Trepp’s data on industrial delinquency. We discuss the latest return-to-office developments, with Paramount joining the list of companies enforcing mandates. Turning to office-to-resi conversion trends, we spotlight Washington, D.C., where new tax incentives aim to accelerate transformation. We close the episodes with two notable retail credit stories. Tune in now.Episode notes:• Economic Update: 911,000 Fewer Jobs (1:42)• Treasury Secretary Scott Bessent Op Ed (11:29)• Industrial Space Demand Falls (24:02)• Starwood $930M CMBS Loan (32:37)• Return to Office Mandates (34:59)• Washington D.C. Tax Abatements for Office-to-Resi Projects (40:45)• Retail Credit Stories (43:41)• Programming Notes (46:02)• Shoutouts (46:55)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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• 351. CMBS Loan Workouts Unfiltered with Shlomo Chopp

  In this special episode of The TreppWire Podcast, we’re joined again by Shlomo Chopp, Managing Partner of Case Equity Partners, to discuss commercial mortgage-backed security (CMBS) loan workouts and distressed property situations. Shlomo offers a deep dive into his firm’s strategic approach to navigating complex loan restructurings and asset management. He breaks down the dynamics between small and large borrowers, outlines why CMBS loans often present more flexible workout options than traditional bank financing, and stresses the value of early engagement and negotiation. We also explore current market trends in distressed deals and the challenges in today’s appraisal process. Tune in now.Episode Notes• Background & Start in Real Estate (2:01)• CMBS Loan Workouts (10:41)• Loan Negotiation Strategies for Borrowers (15:47)• Strategic Solutions for Asset Management (22:39)• Distressed Deals & Market Trends (30:32)• Challenges in the Current Appraisal Process (37:28) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

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• 350. CRE's Yield Curve Conundrum, Residential Reality Check, Bank Transparency on Trial & Office Bright Spots

  In this week’s episode of The TreppWire Podcast, we assess the current state of the market, explore the commercial real estate (CRE) yield curve, and check in on residential mortgage rate trends. We unpack recent changes to bank reporting rules that could make it easier for banks to hide troubled loans and conceal signs of distress in their lending portfolios. Turning to property stories of the week, we discuss the 1211 Avenue of the Americas loan, which may be returning to performing status despite contributing to the spike in August's CMBS delinquency rate. We also talk about office bright spots, with Manhattan’s strong office leasing recovery and the surge in AI-driven demand in San Francisco, and review three multifamily sales transactions. To close, we share insights from the LifeComps Report Q2 2025 and examine trends in life insurance commercial mortgage returns. Tune in now. Episode notes:Economic Update & Rate Cuts (0:27)Mortgage Rates Impact (8:03)Office Loan Returning to Performing (12:44)Manhattan Office Leasing Recovery (15:41)AI-driven Demand in San Francisco (18:57)Bank Report Transparency (24:57)Multifamily Sales Transactions (32:11)Life Insurance Commercial Mortgage Returns (36:32) Programming Notes (41:38)Shoutouts (42:55)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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• 349. Economic Resilience vs. Headlines: Tale of Two Consumers, Record Office CMBS Delinquency, & Multifamily & Office Inflection Point?

  In this week's episode of The TreppWire Podcast, we discuss retail earnings revealing a bifurcated consumer with value players like Five Below and Walmart raising guidance while restaurants struggle, and examine resilient GDP growth despite declining consumer confidence. We dive into our latest CMBS delinquency data, showing office hitting another all-time high of 11.66% and multifamily reaching a 9-year peak. We explore Starwood's $500 million industrial deal and discuss office sector momentum, including Prologis' Manhattan expansion and a unique office-to-hotel conversion proposal. We also examine multifamily transactions like Invesco's $390 million Houston portfolio financing, and apartment sales across Florida, California, and Kansas. Tune in now.Episode notes:Economic Update: Retail Earnings Analysis (1:26)Consumer Confidence Index vs. Negative Headlines (4:51)Trepp CMBS Delinquency Report (12:49)Industrial Sector: Starwood's $500M Deal (22:05)Office Sector Stories & Sales Transactions (26:57)Multifamily Financing & Sales Transactions (35:45)Programming Notes (41:59)Shoutouts (45:10)Questions or comments? Contact us at [email protected] Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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