Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King

What this episode covers

This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country. Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami, where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!3) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/ListeningMichael Stern: the highs and lows of a New York skyscraper kingThe Closing: Michael SternAn Insider’s Guide to the Miami Branded Condo GameSoffer to the rescue? A Miami Kingpin's Epic AventuraNuveen's Loss FactorCarl Icahn settles the Texaco/Getty Oil lawsuitThe Bankrupting of a Mobile Home Billionaire

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