Dan McNamara, Founder and Chief Investment Officer, Polpo Capital
Are Office Buildings the Next Big Short?
My guest today is Dan McNamara, co-founder and chief investment officer at Polpo Capital, who famously and very successfully shorted malls in 2020 and who is now training his sights on the office market.
Dan shares the story of his mall short and how similar strategies are being applied to the office sector. He also talks about the multifamily market's current state, discussing the challenges and potential investment opportunities that he sees in that asset class.
You’ll learn which resources Dan uses to conduct his market analyses, and you’ll hear more about how he and his team underwrite risk, how they use data to do that, and what he’s seeing as the market faces a significant maturity wall of debt.
Dan explains how banks’ common practice these days for ‘extend and pretend’ helps him hedge his investments, and he provides a nuanced view of today’s commercial real estate market dynamics, including the potential for a massive repricing of assets and the implications of a high-interest rate environment on his investment strategies.
In today’s episode of The Real Estate Reality Show, you’re getting a comprehensive understanding of the current commercial real estate market, will learn about the delicate balance required in managing investment portfolios, the timing of short positions, and the strategic maneuvers employed by seasoned investors like Dan to thrive in this challenging economic environment.
Listen To or Watch the Full Podcast Here
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