# Stern Ambition, Nuveen's Belly Flop & Private Credit's Gypsy King

Page: https://stenobird.com/podcast/the-promote-podcast-7245267/stern-ambition-nuveen-s-belly-flop-private-credit-s-gypsy-king
Text version: https://stenobird.com/podcast/the-promote-podcast-7245267/stern-ambition-nuveen-s-belly-flop-private-credit-s-gypsy-king.md
Podcast: [The Promote Podcast](https://stenobird.com/podcast/the-promote-podcast-7245267)
Published: 2026-06-17T10:30:00+00:00
Episode link: https://share.transistor.fm/s/a0586185
Audio file: https://media.transistor.fm/a0586185/d307486c.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-promote-podcast-7245267/episodes/stern-ambition-nuveen-s-belly-flop-private-credit-s-gypsy-king
Duration seconds: 2398

## Resource

This week, we load up on chips n' vinegar and take you with us on an extraordinary journey into British caravan country . Embattled mobile-home king Robert Bull's tale brings together gypsies, Norwegian beauty queens and New York financiers – and yes, it is very much a CRE story. Next, we slip into Dolce & Gabbana and ride to the branded-condo epicenter of Miami , where JDS’ Michael Stern is prepping a rescue recap of his latest development – Stern is a first-draft pick for a real estate pirate, and we get into the backstory. And finally, a strong example of returns not mattering in institutional CRE – Nuveen has disclosed a string of meaty losses on its investing bets. Plus, our Punch List rundown of the newsiest industry happenings: a $1.3 billion arbitration award in an OC real estate dispute; Ken Griffin's empire-building; and Monty Bennett's pillaging of hotel REIT Braemar. Sponsors: 1) This episode is supported by Bravo Capital , a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. 2) This episode is supported by LoanBoss , the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves! 3) This episode is supported by Real Property Captive , the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. Further Reading/Listening Michael Stern: the highs and lows of a New York skyscraper king The Closing: Michael Stern An Insider’s Guide to the Miami Branded Condo Game Soffer to the rescue? A Miami Kingpin's Epic Aventura Nuveen's Loss Factor Carl I…

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## Transcript

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