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Artwork for Inside the Deal, a CRE Podcast by Berkadia®

Inside the Deal, a CRE Podcast by Berkadia®

Ernest Katai
Berkadia
Senior Living
Westminster Towers
Multifamily
HUD 221-D4
Santa Monica
Artificial Intelligence
Multifamily Real Estate
Houston, United States
Interest Rates
HUD
Gses
Debt Markets
PXV Multifamily
Sutherland Hotels, Inc.
Hospitality
Citigroup
LIHTC
Investors
Greystar

Every deal has a story — and a lesson. On Inside the Deal, a CRE Podcast by Berkadia®, Ernie Katai explores the bold thinking, smart execution, and collaborative wins that define success in today's commercial real estate capital markets. Visit berkadia.com to learn more.

PublishesMonthlyEpisodes10Foundeda year ago
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Business NewsInvestingNewsBusiness

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Artwork for Inside the Deal, a CRE Podcast by Berkadia®

Latest Episodes

On this episode of Inside the Deal, we sit down with Brian Bobek of Vesper Holdings and Berkadia's Aaron Moll to break down the rapid evolution of the student housing market and the growing demand driving the sector's expansion.

Brian and Aaron joi... more

In the high-stakes world of hospitality, closing a multi-million-dollar deal is rarely a straight path—it's a test of resilience, perseverance, strategy, and mental endurance. In this episode, we dive into the real story behind a deal that nearly fel... more

In this special episode of Inside the Deal, recorded at Berkadia's 2026 National Production Meeting in Orlando, Florida, host Ernie Katai and Senior Managing Director Mitch Sinberg of Berkadia sit down with PXV's Founder, Matt Ferrari, to talk about ... more

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Ernie welcomes Berkadia's Mike Miner and Josh Bodin to take a look back at the top deals from 2025, how the CRE market shifted, and what the industry should prepare for in 2026.

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Recent Guests

Jen Dakin
Berkadia hotels and hospitality mortgage banking platform lead
Berkadia
Episode: The Deal That Almost Died: Perseverance Turns a "No" into a Big Win
Webb Wilson
CIO and managing partner, Kemmons Wilson Hospitality Partners
Kemmons Wilson Hospitality Partners
Episode: The Deal That Almost Died: Perseverance Turns a "No" into a Big Win
Matt Ferrari
Founder of PXV Multifamily and partner at Broadvale
PXV Multifamily, Broadvale
Episode: Peaks, Platforms, and Partnerships: Matt Ferrari on PXV and Berkadia
Mike Miner
Head of Investment Sales at Berkadia
Berkadia
Episode: The State of CRE: 2025 in Review and 2026 Forecast
Josh Bodin
Senior Vice President, Capital Market Strategy and Trading at Berkadia
Berkadia
Episode: The State of CRE: 2025 in Review and 2026 Forecast
Dave Fasano
Senior housing investment sales platform leader at Berkadia
Berkadia
Episode: Investing in the Future of Senior Living Communities
Mike Wagner
Head of Leo Brown Group's pursuit and development of senior living and healthcare projects
Leo Brown Group
Episode: Investing in the Future of Senior Living Communities
Tim Leonhard
Managing Director, Berkadia Affordable Housing Group
Berkadia
Episode: Financing a Market Rate to Affordable Housing Conversion
Sam Caspert
Partner at Sunrise Affordable
Sunrise Affordable Housing Group
Episode: Financing a Market Rate to Affordable Housing Conversion

Host

Ernie Katai
Host of Inside the Deal

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#227
United States/News/Business News
Apple Podcasts
#176
Israel/News/Business News
Apple Podcasts
#235
India/News/Business News

Talking Points

Recent interactions between the hosts and their guests.

Financing a Market Rate to Affordable Housing Conversion
Q: What makes this deal stand out compared to other affordable housing transactions you've worked on?
The combination of a high-profile, well-located asset, a rare one-to-one political and community partnership, and a creative, multi-loan structure that enabled substantial rent reductions and a guaranteed long-term affordability across AMI bands—along with a successful resyndication path—sets Indigo apart.
Financing a Market Rate to Affordable Housing Conversion
Q: What were the biggest hurdles in convincing HUD and local authorities to support this deal?
Educating HUD on the specific goals and benefits of the conversion, securing unanimous local support (city, county, state), and aligning multiple subsidies and forms of debt to create a feasible economic and social outcome were the key hurdles, all of which were overcome through persistent collaboration.
Financing a Market Rate to Affordable Housing Conversion
Q: How did you structure the financing to convert market-rate units back to affordable housing while maintaining long-term viability under LIHTC requirements?
We used a 221D4 loan to facilitate displacement protection, layered LIHTC equity, and a package of subsidies from the city and county, along with a 10-year operating horizon under LIHTC rules, which allowed us to lower rents across AMI bands while preserving the asset's long-term affordability.
Special Edition: Berkadia CEO Justin Wheeler Talks Legacy, Leadership, and Future
Q: What's the biggest leadership challenge you've faced as CEO and what have you learned?
Getting accurate, timely information from the front lines is critical, and staying nimble as the company grows is essential; we've kept organizational layers flat to maintain speed and clarity.
Breaking Down HUD 221(d)(4): Financing a Planned Class A Multifamily Property
Q: Who is the most interesting person you've met in all the years as a mortgage banker?
We had the privilege to meet Warren Buffett; he highlighted Jeff Bezos and the rise of Amazon as a huge inspiration, underscoring the value of innovative leadership.

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Frequently Asked Questions About This Podcast

What is This Podcast about and what kind of topics does it cover?

The show consistently centers on complex commercial real estate financings, market dynamics, and deal execution. Episodes explore multi-party capital stacks, debt markets, government programs, and operating strategies across sectors like hospitality, multifamily, seniors housing, and affordable housing. A recurring thread is how collaboration among sponsors, lenders, and advisors unlocks creative solutions—often amid rate volatility and policy shifts. Notable moments often highlight pragmatic finance tactics, resilience, and real-world anecdotes that illuminate the nuts-and-bolts of closing sizable CRE transactions. This mix makes it valuable for professionals evaluating financing strategies, platform partnerships, or sponsorship opportunit... more

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1. The Rent Roll with Jay Parsons
2. The Walker Webcast
3. The TreppWire Podcast: A Commercial Real Estate Show
4. The Promote Podcast
5. The Weekly Take from CBRE

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this podcast launched a year ago and published 10 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on this podcast?

Recent guests on this podcast include:

1. Jen Dakin
2. Webb Wilson
3. Matt Ferrari
4. Mike Miner
5. Josh Bodin
6. Dave Fasano
7. Mike Wagner
8. Tim Leonhard

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