Episodios

  • Building an Enduring Real Estate Platform Through Focus, Discipline, and Succession - Casey Cummings - CEO at Ram Realty Advisors

    Building an Enduring Real Estate Platform Through Focus, Discipline, and Succession - Casey Cummings - CEO at Ram Realty Advisors
    Dec 23 2025
    In this episode of The Distribution, Brandon Sedloff sits down with Casey Cummings for a deep conversation on building a real estate investment firm over multiple decades and market cycles. Casey walks through his personal path into the business, the evolution of Ram Realty Advisors, and the strategic decisions that shaped its transition from family capital to institutional platforms. The discussion spans multifamily and grocery-anchored retail, with a strong focus on operational discipline, local market knowledge, and long-term capital alignment. Together, they explore how staying focused by geography and asset type has driven both growth and resilience. They discuss: Casey’s early career lessons and how hands-on operating experience shaped his leadership style The evolution of Ram Realty Advisors from family-backed projects to institutionally structured funds Why deep local market knowledge and on-the-ground decision-making create a competitive edge The differences in risk, supply, and opportunity across multifamily and grocery-anchored retail How Casey evaluates current macro uncertainty and positions the portfolio for unknown risks Links: Ram Realty Advisors - https://www.ramrealestate.com/ Casey on LinkedIn - https://www.linkedin.com/in/casey-cummings-16a618119/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:43) - Casey Cummings' background and early career (00:06:24) - Building and expanding Ram Realty Advisors (00:13:19) - Strategic decisions and institutional growth (00:21:39) - Current operations and business model (00:27:59) - Dodging bullets in real estate (00:28:36) - Evolution of project quality (00:29:55) - On-the-ground insights (00:34:28) - Balancing institutional structure and creativity (00:35:12) - Organizing acquisition teams (00:37:26) - Multifamily portfolio overview (00:38:47) - Grocery-anchored retail explained (00:44:21) - Future opportunities and challenges (00:44:51) - Macro-level economic conflicts (00:48:20) - Retail and multifamily market dynamics (00:53:28) - Biggest risks and concerns (00:56:20) - Conclusion and final thoughts
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    58 m
  • The For-Sale Housing Blind Spot: The Institutional Case for Financing Homeownership - Tony Avila - Founder @ Avila Real Estate Capital

    The For-Sale Housing Blind Spot: The Institutional Case for Financing Homeownership - Tony Avila - Founder @ Avila Real Estate Capital
    Dec 19 2025
    In this episode of The Distribution, Brandon Sedloff sits down with Tony Avila for a detailed discussion on the evolution of residential land development and homebuilding finance. Tony walks through his multi-decade career, from early exposure to real estate and investment banking to building platforms focused on capital solutions for developers and regional homebuilders. The conversation explores how institutional capital, regulatory shifts, and interest rate cycles have reshaped the housing ecosystem, and why today’s environment presents a distinct opportunity in land and construction lending. Together, they break down the mechanics behind land development loans, underwriting discipline, and the structural gaps left by traditional banks. They discuss: • Tony Avila’s career path through real estate workouts, investment banking, and homebuilding M&A • The institutionalization of homebuilding and the role of public markets and consolidation • Distressed land and development opportunities following the financial crisis • Why banks have pulled back from land and construction lending and how private capital is filling the gap • The fundamentals of land development loans, underwriting risk, and housing affordability Links: Tony on LinkedIn - https://www.linkedin.com/in/tony-avila-8879487/ Avila Real Estate Capital - https://www.avilacapllc.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:41) - Tony Avila's background and career (00:06:03) - The evolution of home building and institutionalization (00:08:46) - Mergers, acquisitions, and public listings (00:12:39) - Encore and distressed market opportunities (00:17:41) - Pivoting strategies in a changing market (00:20:01) - Current business structure and focus (00:24:58) - Understanding the fundamentals and opportunities (00:27:14) - Understanding land development loans (00:28:54) - Key considerations for land loans (00:30:43) - Distinguishing developers from builders (00:32:21) - Funding and underwriting strategies (00:39:35) - Navigating institutional capital (00:48:55) - Addressing housing affordability (00:53:16) - Conclusion and contact information
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    56 m
  • The Capital Stack Reset Creating Opportunities in Real Estate - Neville Rhone - Co-Founder & Managing Partner - Arc Capital Partners

    The Capital Stack Reset Creating Opportunities in Real Estate - Neville Rhone - Co-Founder & Managing Partner - Arc Capital Partners
    Dec 12 2025
    Neville Rhone joins host Brandon Sedloff on The Distribution for a thoughtful conversation about his path from engineering to real estate, the experiences that shaped his investment philosophy, and the evolution of Arc Capital Partners. He reflects on early lessons from Morgan Stanley and Canyon Partners, the formation of Arc, and why the middle market remains the most compelling area for generating durable returns. Neville also breaks down today’s capital-constrained environment, the structural challenges facing owners, and how Arc is positioning itself as a solution provider during a period of dislocation. The discussion closes with a look at where he sees the greatest opportunities ahead and what GPs should know before reaching out. They discuss: • Neville’s early influences and shift from engineering into real estate • Key takeaways from roles at Morgan Stanley and Canyon Partners • The founding of Arc Capital Partners and the firm’s middle-market focus • How today’s capital crisis is creating opportunities for structured solutions • The sectors and geographies Arc is prioritizing over the next several years Links: Neville on LinkedIn - https://www.linkedin.com/in/neville-rhone-jr-60936a3/ Arc Capital Partners - https://arccapitalpartners.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:09) - Neville's background and career (00:13:07) - Joining Canyon Partners (00:19:26) - Founding Arc Capital Partners (00:23:19) - Early challenges and successes (00:27:52) - The importance of investing during difficult times (00:29:55) - Current state and future of Arc Capital (00:32:25) - Navigating capital crises (00:33:11) - Advice for aspiring institutional capital raisers (00:35:44) - Opportunities in the middle market (00:39:49) - Arc Capital's investment focus (00:47:19) - Future opportunities and focus areas (00:53:46) - Conclusion and contact information
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    56 m
  • How Hands-On Operations Built a 35,000-Unit Multifamily Platform - David Moore - CEO at Knightvest Capital

    How Hands-On Operations Built a 35,000-Unit Multifamily Platform - David Moore - CEO at Knightvest Capital
    Dec 9 2025
    David Moore joins Brandon Sedloff on The Distribution for a candid conversation about his unconventional path into real estate, the early grind of building Knightvest, and how his team has scaled into one of the country’s most active multifamily owner operators. He reflects on growing up in an entrepreneurial household, navigating early career uncertainty, and stumbling into real estate through necessity rather than design. David walks through the chaotic early days of buying properties at auction, running them by hand, and slowly transforming that experience into a vertically integrated, disciplined, and highly scaled platform. He also shares his perspective on today’s operating environment, how he thinks about acquisitions, and what it takes to sustain performance across cycles. They discuss: • The influence of David’s upbringing and the entrepreneurial parallels he saw in his father’s work • Knightvest’s origin story, including buying its first apartments at a tax auction and learning the business on-site • How the firm evolved from survival mode to institutional partnerships and large-scale operations • The decision to adopt a fund model and what it means for long-term continuity • Knightvest’s renovation philosophy, vertical integration, and localized acquisition strategy • Current portfolio trends, market pressures, and how the team is preparing for future opportunities Links: Knightvest Capital - https://knightvestcapital.com/ David on LinkedIn - https://www.linkedin.com/in/david-moore-03005a39/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:53) - David’s background and career (00:05:35) - Transition to real estate and founding Knightvest (00:09:22) - Early struggles and first investments (00:18:31) - Scaling the business and institutional partnerships (00:22:31) - Current state of Knightvest (00:26:43) - Challenges in fundraising (00:30:40) - Scaling (00:32:34) - Renovation philosophies (00:36:36) - Vertical integration pros and cons (00:41:15) - Market trends and portfolio insights (00:44:54) - Future strategies and acquisitions (00:48:29) - Choosing the right investment partner (00:52:56) - Conclusion and contact information
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    55 m
  • Episode 100: A Solo Look Behind the Mic After 100 Conversations - Brandon Sedloff - Chief Real Estate Officer - Juniper Square

    Episode 100: A Solo Look Behind the Mic After 100 Conversations - Brandon Sedloff - Chief Real Estate Officer - Juniper Square
    Dec 5 2025
    Brandon Sedloff marks the 100th episode of The Distribution with a reflective deep dive into the most consistent themes, lessons, and market insights gathered across his conversations with leaders throughout private markets. He revisits the origins of the show, shares his perspective on today’s uniquely challenging environment for investment managers, and distills the personal, operational, and strategic principles that repeatedly surface in his discussions. From authenticity and storytelling to operational excellence, shifting capital structures, and the growing role of technology and AI, Brandon outlines what it takes to build a durable, differentiated firm in an increasingly competitive landscape. He discusses: • The personal nature of private markets and why authenticity, relationships, and lifelong learning consistently define top performers • The growing emphasis on building durable enterprises, intentional culture, and leadership rooted in patience, transparency, and trust • How managers can create true differentiation by deeply understanding their unique advantages and reimagining organizational structure • Major strategy themes across private credit, living sectors, digital infrastructure, energy transition, and global market opportunities • The evolution of capital structures, including open-end vehicles, the rise of the private wealth channel, and increasing consolidation and GP-strategic capital activity • The operational and technological shifts reshaping the industry, including data readiness, outsourcing undifferentiated work, and the cultural mindset required for AI adoption • Key career, leadership, and strategic advice distilled from 100 episodes of conversations with private markets leaders Links: Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:36) - Themes across 100 podcast episodes (00:06:17) - Key leadership traits from guests (00:07:45) - Operational alpha (00:11:55) - Trends in investment style (00:16:42) - GP staking and strategic M&A (00:19:34) - AI (00:23:16) - Advice for GPs and operators (00:25:59) - Innovation (00:30:59) - Predictions for 2026
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    39 m
  • Understanding Today’s Office Market: Distress, Recovery, and Selective Opportunity - Nick Bienstock - CEO & Co-Chairman - Savanna

    Understanding Today’s Office Market: Distress, Recovery, and Selective Opportunity - Nick Bienstock - CEO & Co-Chairman - Savanna
    Nov 25 2025
    Nick Bienstock joins host Brandon Sedloff on The Distribution for a detailed conversation about his path into real estate, the evolution of Savanna, and what he is seeing across the New York and West Palm Beach markets. He reflects on early experiences that shaped his investing philosophy, the formation of Savanna’s vertically integrated platform, and the strategic discipline required to operate in complex urban environments. Nick also offers a ground-level view of today’s office landscape, including the bifurcation between high-quality assets and aging buildings, as well as the emerging opportunities driven by market repricing and renewed demand. The discussion closes with an exploration of Savanna’s major new development in West Palm Beach and the long-term demographic and economic trends fueling the region’s growth. They discuss: • Nick’s early exposure to real estate, his education, and foundational career experiences • The creation and long-term partnership behind Savanna, including its vertically integrated model • How New York’s office market has repriced, recovered, and bifurcated since COVID • Why institutional investors are slowly returning to office and how transactions are shifting • The development story and long-term thesis behind Savanna’s West Palm Beach residential project Links: Savanna - https://savannafund.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics (00:00:00) - Intro (00:01:32) - Nick's background and early career (00:12:24) - Founding and growth of Savanna (00:17:54) - Savanna's business model and strategy (00:22:16) - Vertical integration and market focus (00:26:41) - Current market trends and office sector insights (00:29:31) - New York's resilient recovery (00:32:25) - Challenges and strategies in the office market (00:47:22) - West Palm Beach: a new frontier (00:53:39) - Conclusion and final thoughts
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    56 m
  • From Ambiguity to Permanence: The New Era of Opportunity Zone Investing - Jeff Feinstein - Founder and Managing Partner of Pinnacle Partners

    From Ambiguity to Permanence: The New Era of Opportunity Zone Investing - Jeff Feinstein - Founder and Managing Partner of Pinnacle Partners
    Nov 21 2025
    Jeff Feinstein joins host Brandon Sedloff on The Distribution for a deep dive into the evolution and future of opportunity zone investing. The conversation traces Jeff’s path from a decades-long career in technology to building Pinnacle Partners, a firm dedicated exclusively to opportunity zone development. Jeff explains how tax policy shaped his investing journey, why OZ legislation has become a powerful tool for individual investors, and how Pinnacle structures institutional-quality multifamily and build-to-rent projects across thousands of eligible zones. Throughout the discussion, he highlights the mechanics, benefits, risks, and real-world execution behind ground-up OZ development. They discuss: • Jeff’s transition from tech operator to real estate fund manager and OZ pioneer • How opportunity zones were created, how they work, and what changed under OZ 2.0 • Why Pinnacle focuses on institutional underwriting, JV partnerships, and multi-asset funds • The role of RIAs, family offices, and private wealth in OZ distribution • What makes a strong or weak development partner in OZ projects • Key risks, real estate fundamentals, and why policy permanence matters • Markets and asset types Pinnacle favors, including workforce housing, BTR, and rural zones Links: Pinnacle Partners - https://pinnacleoz.com/ Jeff on Linkedin - https://www.linkedin.com/in/jefffeinstein/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:48) - Jeff's career and background (00:08:30) - The role of tax policy in investing (00:11:09) - The launch of Pinnacle Partners (00:13:51) - The evolution of opportunity zones (00:17:07) - How opportunity zones are created (00:20:20) - Pinnacle Partners' strategy and success (00:23:37) - Pinnacle Partners' approach to development (00:25:19) - Capital strategy and fund structure (00:26:46) - Who benefits from opportunity zones? (00:30:25) - Strategies for nurturing investor relationships (00:31:34) - The importance of tax efficiency (00:37:29) - Challenges and opportunities in real estate (00:40:20) - Selecting and evaluating development partners (00:44:26) - Future market trends and investment strategies (00:48:59) - Conclusion and contact information
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    51 m
  • How Strategic Capital is Transforming Real Estate Operators - David Robertson - CEO & CIO @ FrontRange Capital

    How Strategic Capital is Transforming Real Estate Operators - David Robertson - CEO & CIO @ FrontRange Capital
    Nov 11 2025
    In this episode of The Distribution, host Brandon Sedloff sits down with David Robertson, CEO and Chief Investment Officer of FrontRange Capital, to unpack the evolution of strategic capital in real estate. David shares his unexpected journey from a childhood in Burbank’s entertainment industry to Harvard Business School and eventually into investment banking and real estate. The conversation explores how his experiences at Aimco shaped his perspective on capital structures, partnerships, and the growing role of GP stakes investing. Together, they discuss how operator needs have evolved, the nuances of co-GP relationships, and why alignment and integrity matter as much as capital itself. They discuss: • The formative experiences that shaped David’s career in real estate and finance • How changes in the 1990s REIT legislation fueled the institutionalization of real estate • Lessons learned from building Aimco and the origins of FrontRange Capital • The continuum of operator growth and the evolving role of strategic capital • Misconceptions about GP capital and how co-GP partnerships create accretive value • What investors find compelling about GP stakes and co-GP structures • The importance of personal alignment and partnership dynamics in long-term success • David’s outlook on the future of GP investing and operator partnerships Links: FrontRange Capital - https://frontrangecap.com/ David on LinkedIn - https://www.linkedin.com/in/david-robertson-979b17109/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:30) - David’s career and background (00:11:42) - Investment banking and real estate (00:21:13) - Founding FrontRange Capital Partners (00:24:28) - Strategic capital for real estate operators (00:26:46) - The evolution of operator needs (00:27:22) - Scaling and liquidity challenges (00:28:52) - Institutionalization and changing needs (00:29:48) - The value of co-GP partnerships (00:31:02) - Advising operators on strategic capital (00:33:37) - Common misconceptions about GP capital (00:39:00) - Investor perspectives on GP capital (00:50:39) - The future of strategic capital (00:55:47) - Conclusion and final thoughts
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    58 m