FED FUNDS3.75–4.00%CMBS DQ (OCT)7.87% ▼15bpOFFICE DQ (SEP)12.2%ALT LENDER SHARE Q348%2026 MATURITIES$875BAS OF NOV 10
Latest episode: November 10, 2026A weekly podcast · New episodes Sundays
The CRE Grind
Episode 1 · Capital Markets

Half of Commercial Real Estate Loans Now Come From Outside the Banks

The capital stack, explained layer by layer on one Jersey City deal, plus who is writing the checks in late 2026, what the Fed's September hike means for floating-rate borrowers, and why rescue capital is having its moment.

▶Listen · 35 minThe Capital Stack: Who's Actually Lending in Late 2026
// Worked example · Jersey City multifamily
Price$100.0M
NOI / cap rate$6.5M / 6.5%
Senior @ 6.25% IO$65.0M
Pref equity @ 12%$15.0M
Sponsor equity$20.0M
DSCR / debt yield1.60x / 10.0%

Coming up

Sunday, Nov 15 · Asset Types

Retail: Grocery Anchors, NNN Leases, and Why Retail Is Quietly Winning

Sunday, Nov 22 · Capital Markets

Special Servicing & Workouts: What Happens When a CMBS Loan Goes Bad

Sunday, Nov 29 · Market Watch

Q3 REIT Earnings Season: What Management Teams Told Us

Every episode

NO.TITLESECTIONDATELENGTH
S1 · E01The Capital Stack: Who's Actually Lending in Late 2026Capital MarketsNov 1035:40
S1 · E02Retail: Grocery Anchors, NNN Leases, and Why Retail Is Quietly WinningAsset TypesNov 15Upcoming
S1 · E03Special Servicing & Workouts: What Happens When a CMBS Loan Goes BadCapital MarketsNov 22Upcoming
S1 · E04Q3 REIT Earnings Season: What Management Teams Told UsMarket WatchNov 29Upcoming

From the latest show notes

“The capital stack is being re-priced from the top down: senior lenders are sizing on debt yield at today's rates, leaving gaps that pref and mezz are filling, while alternative lenders, often financed by banks, take share.”

About the show

A weekly two-host podcast on commercial real estate: capital markets, asset types, and what is moving the market. Hosted by Maya and Dev. New episodes every Sunday. Every episode ships with a worked example, five takeaways and sources. Subscribe in any podcast app with the RSS feed.

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