Season 5, Episode 4: In this episode of Season 5, Jack and Alex are joined by Alex Killick, Senior Managing Director at CW Capital, one of the largest special servicers in the US. Alex pulls back the curtain on how CMBS special servicing actually works, who controls key decisions once loans move into workouts, and why today’s distress looks very different from past downturns.

The conversation covers pressure points across multifamily and office, the rise of tenant fraud and insurance costs, and why many resolutions are happening quietly rather than through forced sales. A rare, ground-level view of how distress moves through the real estate system.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS
01:00 – Alex’s Path to CW Capital and the GFC
06:29 – How Special Servicing and CMBS Work
08:35 – B-Piece Control and Servicer Power
14:20 – Why This Cycle Is Different
16:15 – Multifamily Stress in the Sun Belt
21:10 – Tenant Fraud, Insurance, and NOI
24:50 – Workout Decisions vs. Asset Takebacks
26:40 – Office Distress and Capital Costs
38:45 – Private Credit and Quiet Extensions
42:35 – The Metrics CW Capital Tracks

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.