The Apollo Program & Dirty Ground Games

This week, we break down an ingenious scheme that has wreaked havoc on several regional banks. Lad of Lakewood Shaya Prager became one of the biggest buyers of suburban office in the pandemic era – everyone wondered how his Opal Holdings could make the numbers pencil – perhaps his lenders should have wondered harder, too. Next, we look at how Apollo is looking to become the Everything Store of CRE finance: Two fresh deals – with UDR and with Mubadala Capital – showcase the breadth of its ambition. Plus, our Punch List rundown of the newsiest industry happenings: 350 Park's construction loan; Webstar's fugazi project; Hines sells to Hines DST; Lower Manhattan's heimish transformation; NYC's nonprofit dibs ruling. Sponsors: 1) Harvard AMDP, the premier advanced leadership program for mid-senior CRE pros. Applications for the Summer 2027 term are now open. 2) LoanBoss, the industry-leading debt management software, now supercharged by AI. 3) Bravo Capital, a leading HUD and bridge lender. Sign up for their upcoming HUD market-rate webinar here. 4) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity. NYC Live POD: Nov. 5, 2026 - by invitation only. Inquire about sponsorships here. Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to deep dives, bonus content and expert perspectives. Take 10% off annual subscriptions by using this link: For feedback: Write us at [email protected] And please rate us and write a review on Apple 🙏 For brand partnerships: Reach out to [email protected] Further Reading/Listening Sleepless in Seattle: The Martin Selig Story Capstack for Citadel’s NYC Tower Takes Shape Atlanta’s Phantom Megaproject Lower Manhattan’s Heimish Era Nonprofits to get first dibs on buying distressed multifamily housing Prager Pain Hits More Banks Lads of Lakewood Apollo To Buy Majority Stake In $2B UDR Portfolio Apollo Sinks Tentacles Deeper Into CRE Credit