The TreppWire Podcast: A Commercial Real Estate Show

In this special guest episode of The TreppWire Podcast, we are joined by Stefanie Stewart, Senior Vice President and Head of Real Estate Investments at Voya Investment Management. Drawing on nearly two decades of CRE lending experience, Stefanie discusses how lessons from the GFC continue to shape lending decisions and how Voya’s platform has evolved to meet today’s market. She shares the firm’s approach to deploying capital across stabilized, transitional, and floating-rate debt strategies, why industrial remains a core conviction, and why today’s market requires a stressed-sponsor rather than a stressed-asset approach. We also explore opportunities and headwinds across office and data center lending, as well as the growing role of AI in market analysis and investment decision-making. Tune in now.

Episode Notes
CRE lending through market cycles (2:51)
Stressed assets vs. stressed sponsors (7:07)
Evolution of insurance company lending (8:15)
Bridge, transitional, and core debt strategies (10:36)
Office market risks and recovery outlook (14:47)
Industrial real estate opportunities (18:01)
Capital markets and borrower flexibility (21:24)
Career advice, relationships, and industry shoutouts (23:29)
AI and technology in CRE finance (25:43)
Closing remarks and contact information (27:13)

Questions or comments? Contact us at podcast@trepp.com.      

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In this week's episode of The TreppWire Podcast, we explore the latest economic data and what rising Treasury yields could mean for commercial real estate as the Fed weighs its next move. We dig into Bain's estimate of a $4.2 trillion AI revenue gap and what it could mean for the data center boom, revisit New York City's pied-à-terre tax, and examine how rising construction costs are putting development projects on hold. In Digging Through the Data, we analyze $4.7 billion in October CMBS hard maturities, including the growing disconnect between loans that remain current today and those that may face refinancing challenges ahead. We close with the latest deals, including Torchlight's $238 million Doral financing, Morgan Stanley's major Dallas expansion, the Apple Sunnyvale maturity default, and an 81% loss severity on a Houston office loan.

Episode notes:
• Introduction
• Economic Data & Treasury
• Avalon Bay Merger Repricing Discussion
• AI Infrastructure Investment Revenue Gap
• NYC Luxury Tax Ruling Update
• Construction Cost Impact
• Digging Through the Data: CMBS Hard Maturities Analysis
• Recent Deals
• Programming Notes & Shoutouts

Questions or comments? Contact us at podcast@trepp.com.

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X: www.x.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down the 10-year Treasury moving above 5%, rising oil and diesel prices, persistent inflation, and the latest Fed commentary. We also dig into growing resistance around the AI buildout, from wider spreads on AI-related debt to Texas pausing state-issued data center permits.

In Digging Through the Data, we compare Marriott- and Hilton-flagged hotels to see what’s really driving loan performance. We also cover a $180 million student housing refinancing, a dramatic Chicago office appraisal decline, BREIT’s proposed $1.71 billion industrial refinancing, two highly occupied malls facing very different financing outcomes, and a Hyatt loan entering special servicing. Tune in now.

Episode notes:
Intro
Economic Update
Diesel Prices & Fed Commentary
AI Debt & Data Center Pushback
Marriott & Hilton Hotel Loans
Student Housing & Office Stories
Industrial, Retail & Lodging
Programming Notes & Shoutouts

Questions or comments? Contact us at podcast@trepp.com.     

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X: www.x.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of the TreppWire Podcast, we are joined by Joey Chilelli, partner at Vanbarton Group and one of New York City's most active office-to-residential conversion developers. Joey makes the case that the split between Class A space and everything else is structural rather than cyclical, walks through how Vanbarton has underwritten conversions since 2011, and explains what actually determines whether a building pencils, from going-in basis to exit on a per-unit level. He also covers the timeline advantage over ground-up development, how the lender group has widened from a handful to dozens, the role of City of Yes and 467M in growing the pipeline, and why he believes conversions are here for the long term. Tune in now.

Episode Notes
(00:00) Intro
(01:19) Joey's Path into CRE
(02:50) State of the Office Market
(07:10) Conversion Pipeline & NYC Incentives
(16:13) Underwriting & Financing
(21:59) Resident Experience & Renewals
(25:20) Which Buildings Convert & the Vanbarton Team
(32:28) The Next Five Years & Outro

Questions or comments? Contact us at podcast@trepp.com.     

Follow Trepp:  
X: www.x.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down the Fed's unanimous 25-basis-point hike, its first increase in three years, and what a 10-year Treasury above 5% means for CRE when oil, not demand, is driving inflation. We cover a robust retail sales report, businesses struggling to set prices, and new termination risk in GSA leases from anti-DEI provisions. We dig into new Trepp research on $6.6 billion of industrial CMBS exposure tied to Amazon and FedEx, including FedEx lease rollover ahead of loan maturity. We also discuss Hines and Rialto's $1.1 billion office credit fund, a partial office-to-residential conversion in Lower Manhattan, a major LA office extension, a Manhattan office transfer to special servicing, and new data center and retail deals. Tune in now.

Episode notes:
(00:00) Intro & Economic Update
(22:38) Federal Government Lease Risk
(27:37) Hines & Rialto $1.1B Office Fund
(30:22) Amazon & FedEx Industrial Exposure
(41:04) Office: Conversion, Extension & Transfer
(49:10) Data Center & Retail Deals
(54:25) Programming Notes
(56:27) Shoutouts

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
X: www.x.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp