The Promote Podcast – Episode Summary

Podcast: The Promote Podcast
Host(s): Hiten Samtani (“Bard of CRE”), Will Krasne
Episode: SNFing out Megadeals and Syndicator Patient Zero
Date: January 21, 2026

Episode Overview

This week, The Promote dives deep into the wild world of Commercial Real Estate (CRE) dealmakers, tracing the saga of megadeals, industry power brokers, and the strange, lucrative, and sometimes scandalous world of skilled nursing facilities ("sniffs"). The hosts kick off with a rapid-fire news rundown—covering major moves in NYC multifamily, studio real estate in LA, and eye-popping development missteps in Miami—before taking us inside the secretive, heavily Orthodox world of skilled nursing operators and the recent Genesis Healthcare megabankruptcy. The episode closes with an unplugged, revealing interview with Alan Stalkup of GVA, a central figure in the syndicator-fueled rise and crash of Sun Belt multifamily.

Key Discussion Points & Insights

1. CRE Weekly News Bulletin (00:23–12:01)

a) Marty Berger's New Venture (01:29–05:29)

Background: Former Silverstein CEO Marty Berger is making another comeback, this time teaming up with David Levinson (L&L).
History of False Starts: Berger and Levinson (and partners like Andrew Farkas, Marianne Gilmartin) have tried similar ventures before; none stuck.
Challenges: Berger, lacking a balance sheet, often had to source debt after tying up deals, which limited his power post-Silverstein.
Media Spin: Coverage in Crain’s is criticized as misleading—“an ousted CEO who redeveloped the WTC...”, using the Trade Center for clickbait.
Insight: When you leave the institutional machine, “You stop getting the emails... It’s really hard.” – A (03:17)

b) Soho House Take Private Update (05:37–06:31)

Tyler Morse and Morse Ventures: Initially lacked funds, now sourcing through note financing; $100M split between fund and Morse Ventures.
“Left hand, right hand. The deal gets done. Ron Burkle pays himself.” – A (06:31)

c) Summit Pinnacle’s Acquisition of NYC Rent-Stabilized Units (06:31–08:17)

Biggest Bankruptcy Auction: Summit secures over 5,000 units, with Flagstar again stepping in ($330M financing).
Asset Management Challenge: Immense work ahead—walking units, curing violations, vast complexity.
“To wrap your arms around this... is preposterous.” – A (07:53)

d) Hackman Capital and LA Studios in Trouble (08:21–10:32)

Soundstage Bets Falter: Hackman and Hudson Pacific’s big pandemic-era thesis is tanking.
Specialization Required: Handling these unique assets is daunting, especially for lenders like Goldman Sachs.
“You need a specialized skill set... Not something just anyone can step into.” – A (09:12)
Possibility of Founders Staying In: Sometimes the only ones who can fix it are those who caused the mess.

e) Two Roads’ Miami Condo Buyout Collapse (10:32–11:55)

Unprecedented Legal Setback: Not only did Two Roads lose the case, but the judge also ordered them to make units habitable again, multiplying costs and risk.
“It's like when you sign up for an Ironman and they're like, actually, you need to run the other way first.” – A (11:35)

2. Industry Deep Dive: Skilled Nursing Facilities (SNFs) (12:53–21:05)

a) Lay of the Land (13:46–15:46)

~15,000 SNFs serving over 1.3 million people—dominated by a small group, often Orthodox Jewish, with roots in cash-rich, under-the-radar deals.
Financing: High leverage HUD-financing is standard—“Borrowing money from the government against old people.” – A (14:13)
Playbook: Passed down almost like scripture, with musings about the space in esoteric newsletters like the “Sniff Schmooze.”
Key Players: Joel Landau, Darrell Hagler, Kenneth Rosenberg—some have even bought airlines, underscoring the sheer scale.

b) Genesis Healthcare Bankruptcies (15:58–20:50)

Rise and Fall: Genesis exploded from a handful to hundreds of facilities, went public, peaked at $4B, then experienced repeated bankruptcies.
2021 Restructuring: Joel Landau (“Satmar Pezenovante”) enters as a major creditor.
Recent Auction Chaos: Landau tries a controversial stalking horse bid that would have shielded him from $1.6B in liabilities—“That’s the game when you’re dealing with the elderly.” – A (18:40)
Rival Intervenes: Jacob Saad disrupts the process; finally, an LLC linked to Abe Tress buys the portfolio, but the saga may not be over.
Why SNFs Matter: “What is financeable dictates all the moves in the market.” – B (14:40)
Colorful Insider Quote: “The playbook is like the Bill Walsh coaching tree—handed down and super concentrated.” – A (15:15)

3. Interview – Sun Belt Syndicator Patient Zero: Alan Stalkup, GVA (22:10–33:13)

a) GVA’s Meteoric Rise and Wipeout (22:10–27:24)

Scale: At peak, GVA owned 30,000+ Sun Belt units, mostly bought in the market's frothiest period (80% purchased in 2021–2022).
Legal Battles: Now facing $400M+ in lawsuits (e.g., personal guarantee carveouts with Benefit Street, Starwood) and possibly an SEC probe.
Blame Game: Stalkup pins collapse on Fed’s rate hikes, not his strategy; doesn’t address falling rents/occupancy or overpaying at thin cap rates.
Due Diligence Shortcuts: “If you’re buying thousands of units every six months, the diligence process has to be compromised.” – B (25:07)
Operational Chaos: Even opening bank accounts or switching utilities became a massive challenge; allegations of “cooking the books.”
Transparency… or Not: Claims of disclosure—“We sent 300 page financials.” – A (29:28)
Memorable Critique: “That’s how you don’t disclose things. Death by complexity.” – B (29:28)

b) Stalkup’s Candid Tone (27:24–30:39)

Losses Shared: Claims biggest individual losses ($400M).
Positioning: Attempts to separate himself from “syndicator” stigma: “I care about your $100,000, but also my $5 million.” – Stalkup (26:29)
Defiance & Future Plans: Apparently open to SEC investigations, but “pretty much done”—intends to wind down and help others.
“This is one of the first times I‘ve heard someone across CRE really say, like, I’m pretty much done.” – B (30:39)
Root Cause: FOMO, unchecked growth, and the lure of “a billion in LP money” driving reckless expansion.

Notable Quotes & Memorable Moments

On Leaving the Institutional Machine:
“It’s really hard... once you’re on your own, it’s a whole different skill set.” – A (03:22)
On Asset Management Overload:
“The asset management here, to wrap your arms around, is preposterous.” – A (07:53)
On SNF HUD Financing:
“You’re borrowing money from the government against old people.” – A (14:13)
On Syndicator Mentality:
“None of the syndicators... have really talked about supply demand dynamics.” – B (24:18)
On the Illusion of Disclosure:
“That’s how you don’t disclose things. Death by complexity.” – B (29:28)
On Human Nature and FOMO:
“It’s hard to resist the call of the wild... If you raise a billion dollars of LP equity and buy $3 billion of debt, that’s a lot of fees.” – A (32:36)
On Redemption After Bust:
“The great thing about America is you can declare bankruptcy and come back. You can fail and come back and that’s okay.” – A (27:28)

Important Timestamps

00:23–12:01: CRE News Bulletin (Berger, Soho House, Summit, Hackman, Miami collapse)
13:46–21:05: Skilled Nursing Facilities Deep Dive
22:10–33:13: Alan Stalkup interview – Sun Belt Syndicator Crash
Select Quotes:
- On HUD financing: (14:13)
- On disclosure complexity: (29:28)
- On asset management scale: (07:53)
- On personal loss and candor: (26:10–26:36; 30:39)

Episode Tone & Takeaways

The hosts balance snarky, insider banter with sharp, clear-eyed analysis. Through war stories and candid interviews, they illuminate the real human and financial mechanics of CRE's biggest bubbles and busts. Whether digging into the secretive playbook of "sniff" operators or the psychodrama of failed Sun Belt syndicators, the episode emphasizes both nuance ("It doesn't make it right just because it's market") and the enduring role of human nature and FOMO.

This is a can’t-miss listen for CRE insiders—and a sobering, illuminating window for any outsider curious about the money and mania shaping tomorrow’s skylines.

The Promote Podcast – Episode Summary

Podcast: The Promote Podcast
Host(s): Hiten Samtani (“Bard of CRE”), Will Krasne
Episode: SNFing out Megadeals and Syndicator Patient Zero
Date: January 21, 2026

Episode Overview

Key Discussion Points & Insights

1. CRE Weekly News Bulletin (00:23–12:01)

a) Marty Berger's New Venture (01:29–05:29)

Background: Former Silverstein CEO Marty Berger is making another comeback, this time teaming up with David Levinson (L&L).
History of False Starts: Berger and Levinson (and partners like Andrew Farkas, Marianne Gilmartin) have tried similar ventures before; none stuck.
Challenges: Berger, lacking a balance sheet, often had to source debt after tying up deals, which limited his power post-Silverstein.
Media Spin: Coverage in Crain’s is criticized as misleading—“an ousted CEO who redeveloped the WTC...”, using the Trade Center for clickbait.
Insight: When you leave the institutional machine, “You stop getting the emails... It’s really hard.” – A (03:17)

b) Soho House Take Private Update (05:37–06:31)

Tyler Morse and Morse Ventures: Initially lacked funds, now sourcing through note financing; $100M split between fund and Morse Ventures.
“Left hand, right hand. The deal gets done. Ron Burkle pays himself.” – A (06:31)

c) Summit Pinnacle’s Acquisition of NYC Rent-Stabilized Units (06:31–08:17)

Biggest Bankruptcy Auction: Summit secures over 5,000 units, with Flagstar again stepping in ($330M financing).
Asset Management Challenge: Immense work ahead—walking units, curing violations, vast complexity.
“To wrap your arms around this... is preposterous.” – A (07:53)

d) Hackman Capital and LA Studios in Trouble (08:21–10:32)

Soundstage Bets Falter: Hackman and Hudson Pacific’s big pandemic-era thesis is tanking.
Specialization Required: Handling these unique assets is daunting, especially for lenders like Goldman Sachs.
“You need a specialized skill set... Not something just anyone can step into.” – A (09:12)
Possibility of Founders Staying In: Sometimes the only ones who can fix it are those who caused the mess.

e) Two Roads’ Miami Condo Buyout Collapse (10:32–11:55)

Unprecedented Legal Setback: Not only did Two Roads lose the case, but the judge also ordered them to make units habitable again, multiplying costs and risk.
“It's like when you sign up for an Ironman and they're like, actually, you need to run the other way first.” – A (11:35)

2. Industry Deep Dive: Skilled Nursing Facilities (SNFs) (12:53–21:05)

a) Lay of the Land (13:46–15:46)

~15,000 SNFs serving over 1.3 million people—dominated by a small group, often Orthodox Jewish, with roots in cash-rich, under-the-radar deals.
Financing: High leverage HUD-financing is standard—“Borrowing money from the government against old people.” – A (14:13)
Playbook: Passed down almost like scripture, with musings about the space in esoteric newsletters like the “Sniff Schmooze.”
Key Players: Joel Landau, Darrell Hagler, Kenneth Rosenberg—some have even bought airlines, underscoring the sheer scale.

b) Genesis Healthcare Bankruptcies (15:58–20:50)

Rise and Fall: Genesis exploded from a handful to hundreds of facilities, went public, peaked at $4B, then experienced repeated bankruptcies.
2021 Restructuring: Joel Landau (“Satmar Pezenovante”) enters as a major creditor.
Recent Auction Chaos: Landau tries a controversial stalking horse bid that would have shielded him from $1.6B in liabilities—“That’s the game when you’re dealing with the elderly.” – A (18:40)
Rival Intervenes: Jacob Saad disrupts the process; finally, an LLC linked to Abe Tress buys the portfolio, but the saga may not be over.
Why SNFs Matter: “What is financeable dictates all the moves in the market.” – B (14:40)
Colorful Insider Quote: “The playbook is like the Bill Walsh coaching tree—handed down and super concentrated.” – A (15:15)

3. Interview – Sun Belt Syndicator Patient Zero: Alan Stalkup, GVA (22:10–33:13)

a) GVA’s Meteoric Rise and Wipeout (22:10–27:24)

Scale: At peak, GVA owned 30,000+ Sun Belt units, mostly bought in the market's frothiest period (80% purchased in 2021–2022).
Legal Battles: Now facing $400M+ in lawsuits (e.g., personal guarantee carveouts with Benefit Street, Starwood) and possibly an SEC probe.
Blame Game: Stalkup pins collapse on Fed’s rate hikes, not his strategy; doesn’t address falling rents/occupancy or overpaying at thin cap rates.
Due Diligence Shortcuts: “If you’re buying thousands of units every six months, the diligence process has to be compromised.” – B (25:07)
Operational Chaos: Even opening bank accounts or switching utilities became a massive challenge; allegations of “cooking the books.”
Transparency… or Not: Claims of disclosure—“We sent 300 page financials.” – A (29:28)
Memorable Critique: “That’s how you don’t disclose things. Death by complexity.” – B (29:28)

b) Stalkup’s Candid Tone (27:24–30:39)

Losses Shared: Claims biggest individual losses ($400M).
Positioning: Attempts to separate himself from “syndicator” stigma: “I care about your $100,000, but also my $5 million.” – Stalkup (26:29)
Defiance & Future Plans: Apparently open to SEC investigations, but “pretty much done”—intends to wind down and help others.
“This is one of the first times I‘ve heard someone across CRE really say, like, I’m pretty much done.” – B (30:39)
Root Cause: FOMO, unchecked growth, and the lure of “a billion in LP money” driving reckless expansion.

Notable Quotes & Memorable Moments

On Leaving the Institutional Machine:
“It’s really hard... once you’re on your own, it’s a whole different skill set.” – A (03:22)
On Asset Management Overload:
“The asset management here, to wrap your arms around, is preposterous.” – A (07:53)
On SNF HUD Financing:
“You’re borrowing money from the government against old people.” – A (14:13)
On Syndicator Mentality:
“None of the syndicators... have really talked about supply demand dynamics.” – B (24:18)
On the Illusion of Disclosure:
“That’s how you don’t disclose things. Death by complexity.” – B (29:28)
On Human Nature and FOMO:
“It’s hard to resist the call of the wild... If you raise a billion dollars of LP equity and buy $3 billion of debt, that’s a lot of fees.” – A (32:36)
On Redemption After Bust:
“The great thing about America is you can declare bankruptcy and come back. You can fail and come back and that’s okay.” – A (27:28)

Important Timestamps

00:23–12:01: CRE News Bulletin (Berger, Soho House, Summit, Hackman, Miami collapse)
13:46–21:05: Skilled Nursing Facilities Deep Dive
22:10–33:13: Alan Stalkup interview – Sun Belt Syndicator Crash
Select Quotes:
- On HUD financing: (14:13)
- On disclosure complexity: (29:28)
- On asset management scale: (07:53)
- On personal loss and candor: (26:10–26:36; 30:39)

Episode Tone & Takeaways

This is a can’t-miss listen for CRE insiders—and a sobering, illuminating window for any outsider curious about the money and mania shaping tomorrow’s skylines.

SNFing out Megadeals and Syndicator Patient Zero

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Summary

The Promote Podcast – Episode Summary

Episode Overview

Key Discussion Points & Insights

1. CRE Weekly News Bulletin (00:23–12:01)

a) Marty Berger's New Venture (01:29–05:29)

b) Soho House Take Private Update (05:37–06:31)

c) Summit Pinnacle’s Acquisition of NYC Rent-Stabilized Units (06:31–08:17)

d) Hackman Capital and LA Studios in Trouble (08:21–10:32)

e) Two Roads’ Miami Condo Buyout Collapse (10:32–11:55)

2. Industry Deep Dive: Skilled Nursing Facilities (SNFs) (12:53–21:05)

a) Lay of the Land (13:46–15:46)

b) Genesis Healthcare Bankruptcies (15:58–20:50)

3. Interview – Sun Belt Syndicator Patient Zero: Alan Stalkup, GVA (22:10–33:13)

a) GVA’s Meteoric Rise and Wipeout (22:10–27:24)

b) Stalkup’s Candid Tone (27:24–30:39)

Notable Quotes & Memorable Moments

Important Timestamps

Episode Tone & Takeaways

Summary

The Promote Podcast – Episode Summary

Episode Overview

Key Discussion Points & Insights

1. CRE Weekly News Bulletin (00:23–12:01)

a) Marty Berger's New Venture (01:29–05:29)

b) Soho House Take Private Update (05:37–06:31)

c) Summit Pinnacle’s Acquisition of NYC Rent-Stabilized Units (06:31–08:17)

d) Hackman Capital and LA Studios in Trouble (08:21–10:32)

e) Two Roads’ Miami Condo Buyout Collapse (10:32–11:55)

2. Industry Deep Dive: Skilled Nursing Facilities (SNFs) (12:53–21:05)

a) Lay of the Land (13:46–15:46)

b) Genesis Healthcare Bankruptcies (15:58–20:50)

3. Interview – Sun Belt Syndicator Patient Zero: Alan Stalkup, GVA (22:10–33:13)

a) GVA’s Meteoric Rise and Wipeout (22:10–27:24)

b) Stalkup’s Candid Tone (27:24–30:39)

Notable Quotes & Memorable Moments

Important Timestamps

Episode Tone & Takeaways