The Dealmakers’ Edge with A.Y. Strauss

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Ryan Brome is the Chief Operating Officer of Investments at Forum Investment Group, an institutional platform with nearly $6.5 billion in total capitalization. He leads investment management operations across Forum’s development, ownership, and credit businesses, overseeing the investment lifecycle from sourcing through portfolio management and helping align the teams, processes, and risk controls supporting the platform’s growth.

Ryan has more than 15 years of experience across real estate and capital markets. Before becoming COO of Investments, he served as Forum’s Senior Managing Director and Head of Capital Strategy and previously led Capital Development. Earlier in his career, he held roles at HFF, Real Capital Solutions, and McWhinney, where he served as Vice President of Capital Markets and Investor Relations. He earned a Bachelor of Arts with an emphasis in Finance from the University of Colorado Boulder.

Insights from Ryan Brome on Multifamily Investing Through Market Cycles

Multifamily just absorbed one of the largest waves of new supply the country has seen, yet occupancy across Forum Investment Group’s portfolio has climbed from roughly 93% to 95% and 96%. Rent growth is beginning to return, concessions are becoming less necessary, and Ryan Brome sees improving fundamentals even as heavily supplied markets continue to face distress.

That uneven market requires more than a single investment strategy. Forum has built its platform to move between lending, acquisitions, and development based on where the strongest risk-adjusted opportunities are emerging. The result is a business designed to remain active as different parts of the multifamily cycle open and close.

In this episode of The Dealmakers’ Edge, Aaron Strauss and Ryan Brome discuss how to read the next phase of the multifamily cycle and how Forum prepared during the downturn to deploy capital as market conditions improve.

1:29 - Starting in capital markets and entering real estate through HFF

2:43 - The lunch that led Ryan to Forum Investment Group

4:38 - How Forum evolved from regional syndication into an institutional platform

5:38 - Building a multifamily business designed to invest through market cycles

8:14 - Where multifamily recovery is taking hold and where distress remains

10:55 - Integrating development, ownership, and credit across the investment team

13:54 - Why investor demand for 1031 exchanges and DSTs is growing

19:30 - Building Forum’s infrastructure during the real estate downturn

22:47 - How experience and organizational culture build resilience through difficult cycles

25:38 - Why relationships remain the differentiating factor as AI adoption grows

Mentioned In Building a Multifamily Platform Through Market Cycles with Ryan Brome

Forum Investment Group | LinkedIn

Ryan Brome on LinkedIn

Podcast Disclosures

This communication is intended for informational purposes only, does not constitute investment advice or a recommendation, and should not provide the basis for any investment decision. Investments in such transactions noted within this communication will be made solely by means of offering materials provided to the recipient by Forum or its affiliates.

This material does not constitute a part of the offering materials.

The term “Portfolio” used throughout this communication means Forum’s collection of direct syndication, stabilized multifamily investments; excluding properties sold and acquired during the quarter as well as multifamily developments closed, under construction and in lease-up as of the date of this communication, unless disclosed otherwise within this communication.

Discussion of 1031 exchanges is for informational and educational purposes only and should not be construed as an offer to sell, or a solicitation of an offer to buy, any security, nor as investment, tax, or legal advice. Individual tax situations vary; please consult your tax professional regarding your specific circumstances.

Investment in these transactions involves a high degree of risk, and investors should not invest in such transaction unless they can afford to lose their entire investment.

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE TRANSACTION AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE TRANSACTIONS HAVE NOT BEEN RECOMMENDED OR APPROVED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THESE AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS COMMUNICATION.

ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THE U.S. SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR SELLING LITERATURE.

INVESTORS SHOULD CAREFULLY CONSIDER THE RISK FACTORS. THE NON- MANAGING MEMBERSHIP INTEREST SHOULD BE PURCHASED ONLY BY INDIVIDUALS FAMILIAR WITH THE CONTENTION OF THESE TRANSACTIONS AND WHO ARE ABLE TO BEAR THE RISKS ASSOCIATED WITH SUCH TRANSACTIONS.

FORWARD-LOOKING STATEMENTS

This communication contains certain forward-looking statements that are based on current expectations (but which are not based on any prior operating history). In light of the numerous factors that can materially affect results, including those set forth in this communication, the inclusion of any such forward looking information herein should not be regarded as a representation by Forum, its manager or any other person that the Forum objectives will be achieved. Forward-looking statements contained herein, or other statements made for or on behalf of Forum or their affiliates, from time to time, are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Webpage Disclosures

This podcast is for informational purposes only and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to buy, sell or hold any security, investment, investment strategy, or market sector. This material is intended only to provide a broad market overview for discussion purposes. Discussion of 1031 exchanges is for informational and educational purposes only and should not be construed as an offer to sell, or a solicitation of an offer to buy, any security, nor as investment, tax, or legal advice. Individual tax situations vary; please consult your tax professional regarding your specific circumstances.

An investor should not construe the contents of this material as legal, tax, investment, or other advice. Investing involves risk, including the possible loss of principal and fluctuation of value. In considering any performance data contained herein, each recipient should bear in mind that past performance is not indicative of future results, and there can be no assurance that an investment program will achieve comparable results or will achieve any projected, estimated, or targeted results. Any projections, market outlooks, or estimates in this podcast are forward- looking statements and are based upon assumptions that are subject to inherent limitations. This podcast reflects our views and opinions as of the date herein. Which are subject to change at any time based on market and other conditions. We disclaim any responsibility to update these views. Any projections, outlooks, or assumptions should not be construed to be indicative of the actual events which will occur.

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Andrew Morris is a Managing Director at Blue Owl, where he supports the firm’s Real Assets business as a member of the Legal Team. His work spans the firm’s net lease, real estate credit, and digital infrastructure strategies.

Before joining Blue Owl, Andrew served as Associate General Counsel and Chief Compliance Officer at First Eagle Alternative Credit. Earlier in his career, he practiced at Kirkland & Ellis LLP and Davis Polk & Wardwell LLP, advising private fund sponsors on legal, regulatory, fund formation, and capital markets matters. He earned his JD, cum laude, from the University of Pennsylvania Carey Law School and his BA in International Affairs, magna cum laude, from The George Washington University.

Insights from Andrew Morris on Moving from Legal Execution to Business Leadership

Technical expertise can take someone a long way in commercial real estate. The next level requires something different. Leaders have to understand how the business fits together, how decisions affect multiple stakeholders, and where their team can create value beyond the work immediately in front of them.

Andrew Morris has built his career around that broader view. As his role expanded, so did the questions he was responsible for answering. The work became less about executing one transaction or solving one legal issue and more about helping people make better decisions, stay aligned, and move the platform forward.

In this episode of The Dealmakers’ Edge, Aaron Strauss and Andrew Morris discuss the shift from technical execution to business leadership, what it takes to earn trust across an investment platform, how leaders manage competing priorities, and why understanding the whole picture matters as responsibilities grow.

1:39 - Starting in finance during the financial crisis and finding his path into investment management

3:08 - Advising fund managers at Kirkland and learning how their businesses operate

4:25 - Moving to Chicago and transitioning from outside counsel to an in-house role

6:18 - Joining Blue Owl after the Oak Street acquisition

8:29 - How the role changes from legal execution to managing people and process

10:06 - Staying focused on durable, income-oriented assets in an uncertain market

11:59 - Where digital infrastructure fits within the mission-critical asset strategy

13:37 - Seeing the whole picture and creating value beyond transaction execution

17:58 - Learning the real estate business and earning trust after joining Blue Owl

19:59 - Why understanding a client’s business is the foundation of trust

21:06 - Building a culture where people feel valued and empowered

22:23 - Developing the next generation as the platform continues to grow

Mentioned In From Legal Execution to Business Leadership with Andrew Morris

Blue Owl | LinkedIn

Andrew Morris on LinkedIn

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Seth Fisher is a Principal and Head of Special Situations at Prime Finance and a member of the firm’s Special Situations Investment Committee. He is responsible for investment, portfolio construction, and asset management activity for the strategy, which Prime now refers to as Strategic Capital Solutions.

Prior to joining Prime Finance, Seth was Chief Investment Officer of Equity Investments for Starwood Property Trust’s REIS segment, where he led middle-market investment activity tied to CMBS exposure and commercial real estate special situations. Earlier in his career, he held roles across predecessor business lines at LNR Property, including credit investment activities, note sales, and loan workouts. Seth graduated from the Wharton School at the University of Pennsylvania with a B.S. in Economics.

Insights from Seth Fisher on Strategic Capital Solutions

A borrower may need a stretched senior loan, preferred equity, mezzanine debt, structured equity, or another capital solution altogether. For Seth Fisher and the team at Prime Finance, the advantage is being able to match the capital structure to the sponsor, the asset, and the situation.

That flexibility matters in a market where commercial real estate capital structures are still recalibrating for a normalized rate environment. Banks are being more strategic with capital, borrowers are hesitant to lock into long-term fixed-rate debt, and private credit is playing a larger role in how real estate borrowers solve for flexibility. Prime’s rebrand from Special Situations to Strategic Capital Solutions reflects a business that includes secondary loan acquisitions and partnership capital for complex situations.

In this episode of The Dealmakers’ Edge, Aaron Strauss and Seth Fisher discuss how today’s recapitalization environment is shaping private credit, why Prime shifted from Special Situations to Strategic Capital Solutions, how flexible capital solutions are structured in practice, and why repeat relationships remain central to deal flow, credibility, and execution in commercial real estate.

1:53 - Learning real estate basics in industrial brokerage

3:15 - How the GFC shaped Seth’s view of risk and downside protection

4:14 - Building the three legs of special situations investing

6:31 - Moving back to Chicago and joining Prime Finance

7:57 - Strategic Capital Solutions and the specialized platform model

10:27 - The current era of recapitalization

16:58 - Rebranding from Special Situations to Strategic Capital Solutions

21:18 - Building relationships before you need them

23:18 - Managing stress by breaking problems into smaller pieces

Mentioned In Strategic Capital Solutions in a Recalibrating Market with Seth Fisher

Prime Finance | LinkedIn

Seth Fisher on LinkedIn

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Henry Stimler serves as an Executive Managing Director on Newmark’s Capital Markets Strategies team, where he specializes in originating and structuring in multifamily debt and equity with an emphasis on large bespoke portfolio transactions. Based in the firm’s New York headquarters, Stimler is known for guiding traditions Tri-State investors into new high growth markets across the U.S., including the Midwest, Texas and South Florida, while also sourcing global equity from key international cities like London, Tel Aviv and Johannesburg. Prior to joining Newmark, Stimler founded and served as Director of London Green Capital, a debt origination firm.

Insights from Henry Stimler on How Courage and Consistency Close Deals

Henry Stimler runs a full calendar. Client meetings, travel, prospecting, closings, and pipeline follow-ups take up most days, yet he still takes calls from young professionals, makes time for anyone genuinely trying to learn the business, and sees mentorship as part of the job.

That mindset was shaped by starting from zero after the 2008 crash. He went from a thriving business to being overdrawn at the ATM and had to rebuild his career piece by piece. It taught him to focus on real opportunities, protect his time and rely on a team where everyone brings a different strength.

In this episode of The Dealmakers’ Edge, Aaron talks with Henry about rebuilding from the ground up, sourcing and structuring large multifamily transactions, and keeping deals on track in challenging market conditions. Henry discusses rejection, resilience, mentorship and what it takes to close complex deals.

1:50 – Henry’s background growing up in London and leaving the traditional path

2:35 – Discovering an arbitrage opportunity and building Phoenix

2:50 – The 2008 crash and losing everything, including assets and business

3:20 – Rebuilding through club promotion, opening venues, and returning to finance

3:53 – Turning a shuttered Chinese restaurant into one of NYC’s hottest nightclubs

6:12 – Closing his first deal and earning a $25K commission before his son was born

6:21 – Transition to Newmark when Cantor rolls platforms together

7:03 – Building a national platform and taking NYC investors into new markets

7:57 – Success is not linear and why connection skills drive outcomes

10:51 – How to spot time wasters and protect your capacity

12:12 – “Fish with a net” and why small maybes drain time

14:24 – Making time for students and early-career outreach

16:35 – Keeping a billion-dollar pipeline moving toward closing

18:53 – Team structure in practice and the yin and yang with Bill Weber

21:32 – Developing junior talent and the cold outreach that led to a $230M closing

29:02 – The perspective and humility carried forward from the 2008 crash

Mentioned In How Courage and Consistency Close Deals with Henry Stimler

Newmark | LinkedIn

Henry Stimler on LinkedIn

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Sharon Solomon is a principal at Northlake Development Group, a family office development business with a pipeline of residential and multifamily projects across Santa Fe, New Mexico and South Florida. At Northlake, Sharon leads development strategy, capital planning, and partnership structuring, building the firm alongside her two sons as a multi-generational platform.

Prior to launching Northlake, Sharon spent 25 years in financial services, including 11 years at RBC Capital Markets, where she served as US Head of Brand and Client Strategy. Before RBC, she was a member of the executive team at Carlin Financial Group and a founder of predecessor firm Nextgen Trading. She began her career as a Product Manager at Goldman Sachs Asset Management. Sharon is a CPA and holds a BS in Accounting from Brooklyn College.

Insights from Sharon Solomon on Finding the Right Development Partners

Sharon Solomon spent two years getting to know a Dallas-based developer before structuring a JV for a 430-unit multifamily project in Santa Fe. She needed a partner with experience in mountain west markets who was also willing to share decision-making with a family that wanted to be deeply involved. That combination took time to find, and the structure they built together reflects it.

Not every project in her pipeline needed that same approach. In Naples, she hired a local developer as a consultant and brought in a builder with deep roots in the market. In Titusville, a planned JV converted into a fee builder arrangement when the structure didn't make sense. The thread across all of them is matching the partnership to what each project actually requires, and making sure the people involved are incentivized well enough to treat it like their own.

In this episode of The Dealmakers' Edge, Aaron Strauss and Sharon discuss how she evaluates what kind of partnership each project needs, why cutting a developer's fees can backfire on the project they're building for you, and how she's building a multi-generational development business with her two sons designed to outlast any single deal.

1:25 - Growing up in a family of Holocaust survivors and starting at Brooklyn College

5:05 - Starting in New Jersey with value-add rentals and Airbnb units

7:05 - Bringing her sons in and committing to a multi-generational development business

10:50 - The Santa Fe assemblage and why Los Alamos job growth drove the thesis

12:35 - Spending two years getting to know RCR before structuring the JV

14:10 - The Hutchinson Island oceanfront assemblage and looking for the right partner

16:01 - Titusville and a planned JV that converted into a fee builder arrangement

18:06 - Decision-making rights and negotiating co-developer status

22:17 - Getting ahead of Opportunity Zone 2.0 before the next designations

25:37 - Managing the ups and downs of development over years and decades

Mentioned In Finding the Right Partners and Building for Generations with Sharon Solomon

Northlake Development Group | LinkedIn

Sharon Solomon on LinkedIn

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When Abraham Cooper left JLL in January 2020 to launch Polly Park Capital, the world shut down within weeks. He saw it as an opening. By summer, he had financed Hudson Heritage, a $65 million construction loan for a ShopRite-anchored mixed-use community in upstate New York and one of the few retail construction loans to close anywhere in the country during the pandemic.

Polly Park was built as a merchant bank with two business lines. On the advisory side, Abraham has placed capital for transactions ranging from a $360 million construction financing for a senior living community in Tysons Corner to a $75 million programmatic joint venture for a Wilmington-based operator scaling to 10,000 units. On the principal side, he co-invests alongside local operators on ground-up development, anchored by a high-net-worth partner and focused on the New York tri-state and South Florida.

In this episode of The Dealmakers' Edge, Aaron Strauss and Abraham Cooper discuss how Polly Park's merchant banking and co-GP businesses work together, why he targets East Coast coastal cities where capital and tenancy understand the product, how he vets operating partners on co-GP deals, and the grounding that keeps him steady through the stress of dealmaking.

1:16 - Polly Park Capital and the merchant bank model

1:50 - Starting at CBRE and moving to JLL capital markets

2:16 - Launching Polly Park in 2020 and seeing the pandemic as an opportunity

2:50 - Financing Hudson Heritage during the pandemic

3:28 - How brokerage experience at CBRE and JLL shaped the principal mindset

6:47 - Having $200 million of advisory runway going into the pandemic

7:55 - Splitting time between merchant banking and co-GP investing

8:42 - Range of advisory transactions from Tysons Corner to Nashville to Wilmington

9:59 - Vetting local operators and structuring co-GP deals

11:34 - Targeting East Coast coastal cities where capital and tenancy understand the product

12:28 - Equanimity and grounding through the stress of dealmaking

15:00 - Reading the market and why better days are ahead

16:52 - Scaling from high-net-worth to institutional capital

18:39 - Using AI to augment, not replace, human underwriting

20:22 - Sticking to core markets and what's exciting ahead

Mentioned In Building a Raising Capital and Co-GP Investing with Abraham Cooper

Polly Park Capital | LinkedIn

Abraham Cooper on LinkedIn

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Adam Steinberg is a Principal at Ackman-Ziff Real Estate Group, where he co-heads the equity business and chairs the equity approval committee. Since joining in 2004, Adam has focused exclusively on raising common equity for clients, closing transactions aggregating billions of dollars of capital across traditional and alternative asset classes.

Prior to Ackman-Ziff, Adam spent four years as a principal at Partners Group, investing on behalf of an opportunity fund. Before that, he helped build a capital markets group at AEW Capital Management and worked as a capital advisor at Boston Financial Group, which was later acquired by Lend Lease.

Adam began his real estate career as a financial analyst in the real estate group at Salomon Brothers during the early 1990s. He holds a degree from Dartmouth College and an MBA from Cornell University.

Insights from Adam Steinberg on Raising Common Equity

When Ackman-Ziff's equity team evaluates a new assignment, the first question isn't whether the deal is good. It's whether they can win. Adam Steinberg and his partners treat time the way other firms treat capital. It's the scarce resource, and every deal that comes through the door gets measured against the probability of getting it done.

The process starts with investors. Before sourcing deals, Adam's team goes to equity partners first, asking what's on their shortlist and what they can actually get through their investment committee. That investor-first approach has pushed the practice into alternative asset classes like powered land, clustered student housing, and solar and battery storage, where risk-adjusted returns are more compelling than in traditional deals.

In this episode of The Dealmakers' Edge, Aaron Strauss and Adam Steinberg discuss how the equity advisory business has evolved over two decades, why common equity is harder to raise than preferred, what it takes to get a deal done, and how sponsors can position themselves to attract institutional capital for the first time.

3:18 - First real estate job as a financial analyst at Salomon Brothers during the early nineties recession

4:23 - Three lessons from Salomon Brothers that still drive how he works today

5:36 - Cornell, investment sales, and building a capital markets group at AEW

7:30 - Joining Ackman-Ziff in 2004 and growing the equity business

10:17 - How the practice evaluates deals and why time is the scarce resource

13:06 - Common equity versus preferred and mezzanine

15:04 - Reverse engineering deal flow by going to investors first

18:22 - Programmatic versus one-off deals and what a successful program requires

21:41 - When to stay with friends-and-family capital and when to move to institutional

23:26 - Using a recapitalized asset as a seed deal for an institutional partner

26:24 - Where the common equity market stands today

30:47 - Finding the mental break that forces you fully off the deal

Mentioned In Raising Common Equity and Building an Investor-First Practice with Adam Steinberg

Ackman-Ziff Real Estate Group | LinkedIn

Adam Steinberg on LinkedIn

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Cannabis is showing up in more CRE conversations than ever, and most of the people having those conversations are figuring it out as they go. The asset class looks familiar enough on the surface that standard deal instincts seem to apply. They rarely do.

Jennifer Cabrera and Sahar Ayinehsazian have guided landlords, lenders, and investors through enough of these deals to know where the assumptions break down. The financing options exist but require a different approach to find. The regulatory framework is specific enough that getting local counsel early changes outcomes. And the market is maturing in ways that are creating real opportunity for the people paying attention.

In this episode of The Dealmakers' Edge, Aaron Strauss is joined by Jennifer Cabrera and Sahar Ayinehsazian to discuss what landlords need to know before signing a cannabis lease, how lenders are approaching cannabis-related properties, and where the real opportunities are as more state markets mature. For a deeper dive into the regulatory outlook for the year ahead, Jennifer and Sahar are hosting a webinar on April 21st.

3:09 - Retail leasing trends and what makes a cannabis-zoned property valuable

5:01 - The landlord, lender, and tenant triangle and why transparency with your lender matters

8:08 - How to find a bank willing to finance a cannabis-related property

9:45 - Financing options for operators and sponsors without institutional backing

13:35 - What a cannabis lease actually needs to cover and why standard counsel isn't enough

16:03 - Local approval in New Jersey and why planning boards get it wrong

19:07 - Building lease exit provisions for regulatory surprises outside anyone's control

20:42 - Default post-occupancy and the opportunity a departing cannabis tenant can leave behind

23:31 - Why cannabis operators have no bankruptcy protection and what landlords should plan for instead

25:56 - The unlicensed market problem and what happened in Los Angeles

30:13 - Landlord liability for unlicensed cannabis tenants

31:36 - Advertising restrictions for cannabis and what billboard and signage owners need to know

34:08 - When to call cannabis counsel and what it actually costs to wait

37:29 - Market maturation, the liquor store model, and the hemp beverage loophole closing

41:21 - Why market maturation is improving the quality of cannabis investment opportunities

Mentioned In Cannabis Law and Commercial Real Estate with Jennifer Cabrera and Sahar Ayinehsazian

A.Y. Strauss | LinkedIn

Jennifer Cabrera on LinkedIn

Sahar Ayinehsazian on LinkedIn

Sign up for the April 21st webinar - A.Y. Strauss Presents: The 2026 Cannabinoid Compass: Legal, Compliance & Regulatory Concerns

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Derrick Barker is the co-founder and CEO of Nectar, a real estate tech financing company that provides liquidity to commercial real estate sponsors across the country. Nectar has completed more than 140 deals across 29 states, deploying over $40 million to lower middle market and middle market operators who need access to equity trapped in their existing assets.

After leaving Goldman Sachs, Derrick built his real estate portfolio to more than 4,700 units and $400 million in asset value across multiple brands, including Civitas Communities, a multifamily platform focused on transforming distressed assets into quality housing, and DOMOS Co-Living, a co-living concept renting larger units by the room.

Derrick began buying real estate from his dorm room at Harvard, where he also founded a student organization connected to Wall Street that became his first major business success. After graduating, he spent three years trading complex securities at Goldman Sachs while simultaneously building a 500-unit portfolio in his hometown of Atlanta before leaving to focus on real estate full time.

Derrick Barker on Multifamily Growth and Tech-First Lending

When Derrick Barker was four days from his earnest money going non-contingent on a Koreatown property, his lender came back short. He had equity sitting across his portfolio at 40% and 50% leverage. He didn't want to refinance. There was no clean way to access it without tripping a covenant. That's the problem Nectar exists to solve.

Building Nectar meant becoming a technology company first. Derrick went through Techstars, built AI-native processes from the ground up, and created tools his borrowers use to run their businesses more efficiently. The platform is built to provide both data and liquidity to commercial real estate operators.

In this episode of The Dealmakers' Edge, Aaron Strauss and Derrick Barker discuss how he built a multifamily portfolio while trading at Goldman, how Nectar is structured to give sponsors access to trapped equity without tripping existing loan covenants, and why relationships matter more in the age of AI than they ever have.

1:44 - Starting his first business at Harvard and how it connected to Wall Street

3:14 - What it felt like walking onto Goldman's trading floor right after the crisis

5:37 - Why rebuilding the community he grew up in drove his early real estate bets

6:59 - What the Civitas model was built on and why distressed assets were hiding demand

8:07 - How DOMOS Co-Living came out of watching single people navigate shared apartments

11:29 - Being four days from non-contingent earnest money when his lender came back short

13:01 - Why Nectar had to be a technology company

15:39 - Running businesses with his wife since college and what makes it work

17:54 - Why he anchors his identity outside of the next success

19:52 - Keeping his personal life low leverage and cash flowing while taking big swings

21:26 - Why relationships matter more in the age of AI and advice for anyone starting out

Nectar | Nectar LinkedIn

Derrick Barker on LinkedIn

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Purpose-built student housing wasn't always an institutional asset class. When Jared was tracking the sector in college, two public companies dominated it and most developers hadn't touched it. His first deal in Syracuse required staking out an unresponsive seller on his morning commute just to get a conversation going — and delivered 40% net returns in 18 months when it sold to a publicly traded company.

From that first project, deal sizes have grown from $18 million to $100 million-plus, and the capital stack has evolved alongside them. What started with friends-and-family money has shifted toward institutional partnerships as the sector matured and larger players began paying attention. Aptitude has stayed ahead of that curve by sourcing deals directly, doing the heavy lifting on underwriting before ever approaching a capital partner, and being selective about the markets worth betting on.

In this episode of The Dealmakers' Edge, Aaron and Jared discuss how he broke into student housing before institutions cared about it, why large state schools are the only markets worth betting on long term, how to design buildings that hold up against 18-to-22-year-old tenants, and the mindset that keeps him steady through the volatility of development.

1:20 - Falling into real estate by accident and discovering entrepreneurship through development

7:19 - The eight-month pursuit of a seller that launched Aptitude’s first project

11:15 - The importance of disciplined land basis and refusing to “lie to yourself” in underwriting

13:58 - Scaling from friends-and-family capital to institutional partnerships

18:10 - The set-up of Aptitude’s executive team and launching an in-house management platform without team bloat

23:19 - Why student housing is operationally intense, but fundamentally durable, and designing for durability with 18-22 year old tenants

28:23 - Competition within the student housing asset class and why large state universities represent a long-term bet on enrollment stability

33:06 - Creating liquidity through quality construction and long-term market selection

34:19 - Jared’s resilient mindset for when things aren’t going well

Mentioned In Pioneering Student Housing and Scaling a Development Business with Jared Hutter

Aptitude Development | LinkedIn

Jared Hutter on LinkedIn

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Jeff Gronning is the CEO of Cannon Hill Capital Partners, a vertically integrated real estate private equity firm formed through a management-led buyout of the investment management business of Columbia Property Trust. Prior to founding Cannon Hill, Jeff served as Executive Vice President and Chief Investment Officer at Columbia Property Trust.

Before Columbia, Jeff spent 15 years at Normandy Real Estate Partners, where he co-led the growth of a vertically integrated real estate private equity firm. Prior to Normandy, he served as CFO of Morgan Stanley's real estate investing division.

Insights from Jeff Gronning on Capitalizing on Market Cycles in Commercial Real Estate

After 35 years navigating market cycles from the RTC era through the financial crisis and COVID, Jeff Gronning recognizes the current setup in office real estate. Values are down 40% to 70% from peak, and capital has been flowing away from the sector for years. In late 2025, his firm Cannon Hill Capital Partners announced a partnership with TriPost to acquire up to $1.5 billion in distressed office assets across the Northeast.

Jeff's conviction is rooted in what he's lived through before. When the financial crisis hit in 2008, he and his partners at Normandy Real Estate Partners had dry powder and capital markets expertise that allowed them to acquire assets like Boston's John Hancock Tower while the rest of the market stayed frozen. He believes this moment offers the kind of opportunity he hasn't seen in 15-plus years.

In this episode of The Dealmakers' Edge, Aaron and Jeff discuss what it takes to stay unflappable through multiple market cycles, why persistence and hard work matter more than timing, and what makes this moment feel like a generational opportunity in distressed office.

1:39 - Growing up in Northern Virginia and starting at Coopers & Lybrand during the RTC era

2:56 - Moving to Morgan Stanley and working on Real Estate Fund No. 1

4:44 - Leaving Morgan Stanley in 2005 to co-found Normandy Real Estate Partners

8:17 - Acquiring defaulted loans and controlling assets like John Hancock Tower

12:06 - Negotiating the Normandy-Columbia merger in late 2019 and closing in January 2020

13:13 - PIMCO's take-private transaction and navigating activist investors

15:24 - Spinning out 55 people to form Cannon Hill Capital Partners

17:12 - Announcing the TriPost Capital Partners strategic partnership in Q4 2025

18:25 - Office values down 40-70% and the opportunity in distressed office

20:19 - Three-part strategy: distressed debt, gap equity, and conversions

24:39 - Developing the mental edge to stay unflappable through market cycles

25:50 - Controlling what you can control and grinding through with persistence

Mentioned In Capitalizing on Market Cycles and Office Distress with Jeff Gronning

Cannon Hill Capital Partners | LinkedIn

Jeff Gronning on LinkedIn

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Chad Lavender is the President of Capital Markets for North America at Newmark. He has more than 15 years of commercial real estate experience, particularly in healthcare and senior housing. Over his career, Chad has completed more than $50 billion in transactions across the U.S., beginning his journey in markets like Alabama and Dallas.

Prior to joining Newmark, Chad worked in high-rise development before moving to lead the National Seniors Housing Group at HFF (Holliday Fenoglio Fowler), growing it into the number one senior housing platform in the country. He also worked as an investment advisor with Apartment Realty Advisors’ (ARA) senior housing group before ARA was acquired by Newmark.

Insights from Chad Lavender on Servant Leadership in Capital Markets

Chad Lavender leads one of the largest capital markets teams at Newmark. Ask him who he reports to, and he'll point to the advisors on his platform. His job is supporting the people doing deals, helping them hit their goals, and clearing obstacles out of their way. That approach has kept his senior housing team at number one in the country for more than a decade.

The same thinking shapes how he works with clients. For two years straight, Chad and his partner Ryan Maconachy told prospects they should refinance their assets instead of selling them. Refinancing didn't generate a commission. Selling did. But refinancing was the right call for those clients at that moment, so that's what Chad recommended. They played for the long term, put client interests ahead of their own revenue, and ended up doubling their business every single year from 2012 to 2019.

In this episode of The Dealmakers' Edge, Aaron and Chad discuss what servant leadership actually looks like in a transaction business, why telling clients the truth builds more value than chasing every deal, how market dominance comes from discipline and consistency, and why attitude, effort, and energy are the only variables you can actually control.

2:08 - Growing up in Tuscaloosa with family in real estate and development

3:22 - Running a T-shirt business at Alabama and learning sales

4:02 - Starting in high-rise development in January 2008 as the financial crisis hit

5:16 - Cold-calling 62 groups and asking for introductions, not jobs

6:08 - Working triple duty as an analyst and broker at ARA

7:10 - Launching senior housing with Ryan Maconachy and advising clients to refinance

8:12 - Pitching HFF and doubling revenue every year from 2012 to 2019

9:03 - Maintaining number one market share through COVID

14:16 - Servant leadership and reporting to advisors

19:23 - Controlling attitude, effort, and energy

20:51 - Market outlook across asset classes and emerging opportunities

24:01 - Be forever curious and work relentlessly

Mentioned In Servant Leadership and Market Dominance with Chad Lavender

Newmark | LinkedIn

Chad Lavender on LinkedIn

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James Ryan founded RYCO Capital in 2018 and has led the firm since its inception. Since establishing the company, James has personally overseen all aspects of its growth and operations. His team has grown and expanded, and he has been a contrarian to great success, acquiring multifamily properties across New York City.

Prior to founding RYCO Capital, James held leadership and finance roles across real estate development and early-stage technology firms. He earned his BA in Political Science from Yale University.

Insights from James Ryan on Contrarian Investing in New York City Multifamily

When New York passed the Housing Stability and Tenant Protection Act in 2019, capital fled the multifamily market overnight. When COVID hit in early 2020, the exodus accelerated. James Ryan saw something different: supply constraints in the tightest housing market in the country, with assets trading at prices that still cash-flowed even if rents stayed flat.

RYCO Capital's family office structure gave James an advantage most syndicators don't have - he could say no to deals that didn't make sense and wait for the right opportunities. Between 2020 and 2024, while others stayed on the sidelines, he bought across Brooklyn and Manhattan, raised capital by showing protected downside scenarios, and built a team capable of executing complex, multi-year value-add projects.

In this episode of The Dealmakers' Edge, Aaron and James discuss contrarian investing, raising capital without fee pressure, building quality assets that can hold through market cycles, and managing the grind of daily operations while staying focused on long-term goals.

1:40 - Growing up in Rochester and starting in Brooklyn real estate after Yale

3:31 - Family office background in Rochester and buying out father’s partner after a tragic loss

5:33 - Looking at secondary markets in 2019 and finding everything overpriced

6:10 - How the Housing Stability and Tenant Protection Act changed the NYC market overnight

7:35 - Closing on four Brooklyn properties in January 2020 and what happened next

8:48 - The thesis: supply constraints and New York City isn't dead

11:21 - Raising capital and focusing on deals the team believes in

12:28 - Underwriting for downside protection and returning principal to investors

15:38 - Why having institutional backing prevents deal-making adrenaline

18:41 - Building a vertically integrated team that executes at a high level

23:22 - Managing adversity, the daily grind, and staying focused on long-term vision

26:08 - Work-life balance, family time, and avoiding hustle culture

Mentioned In Contrarian Investing and Building for the Long Term with James Ryan

RYCO Capital | LinkedIn

James Ryan on LinkedIn

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Jason Bordainick started his first company from a dorm room at the University of Virginia. Off Campus Partners became the nation's largest online marketplace for student housing and was eventually acquired by CoStar. That success gave him credibility, momentum, and the confidence to take on something harder.

In 2010, he and his childhood friend Andy Cavaluzzi decided to build a business in affordable housing preservation. Expertise, relationships, and regulatory fluency created steep barriers to entry in the space. They had vision but no track record in the asset class, no institutional backing, and no family real estate firm to lean on. For three and a half years, they submitted proposals, chased deals, and came up just short. That grind built the discipline and partnership that would eventually shape Hudson Valley Property Group into one of the leading platforms in the space.

In this episode of The Dealmakers' Edge, Aaron and Jason discuss what it takes to break into a market with high barriers to entry, how to build institutional trust from scratch, and why consistency and execution matter more than having all the answers upfront. Jason shares lessons from proving out a model, earning credibility deal by deal, and leading a business that does well by doing good.

2:57 - Starting Off Campus Partners from a dorm room and winning a business plan competition

4:57 -Teaming up with childhood friend Andy Cavaluzzi to start Hudson Valley Property Group in 2010

6:48 - Understanding capital-A Affordable housing and the role of Section 8 and LIHTC programs

11:49 - Starting with $5,000 and $10,000 checks and compounding investor trust

14:52 - Values-first leadership and how you do anything is how you do everything

16:21 - Using discipline and AI to screen projects and deploy capital at scale

18:16 - Managing adversity and the mental challenges of entrepreneurship

21:14 - How adversity strengthens partnerships and builds equal commitment

23:35 - Career advice for the next generation and the value of specialization

Mentioned In Leading the Future of Affordable Housing with Jason Bordainick

Hudson Valley Property Group | LinkedIn

Jason Bordainick on LinkedIn

Enjoy the show? Have a guest in mind? Email us at podcast@aystrauss.com to let us know your feedback and who you want to hear on the next episode.

Connect with Aaron and the A.Y. Strauss team:

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Henry Stimler serves as an Executive Managing Director on Newmark’s Capital Markets Strategies team, where he specializes in originating and structuring in multifamily debt and equity with an emphasis on large bespoke portfolio transactions. Based in the firm’s New York headquarters, Stimler is known for guiding traditional Tri-State investors into new high growth markets across the U.S., including the Midwest, Texas and South Florida, while also sourcing global equity from key international cities like London, Tel Aviv and Johannesburg. Prior to joining Newmark, Stimler founded and served as Director of London Green Capital, a debt origination firm.

Insights from Henry Stimler on How Courage and Consistency Close Deals