A Rolling Loan Gathers No Loss

The Real Estate Market Watch - current events through a real estate lens.

When workout specialist Norman Radow sat across from a developer who'd just lost a half-billion-dollar condo project in LA and asked what he'd change, the developer pounded the table, "I wouldn't change a thing. I did everything right!" That's when Norman knew exactly why he was there. Norman Radow is CEO of The RADCO Companies, an Atlanta-based opportunistic real estate firm that has acquired, invested in, and operated over 30,000 multifamily units across 15 markets and completed more than 100 deals totaling $3.3 billion over the past decade. But his story begins earlier – as Lehman Brothers' off-balance-sheet workout specialist, where he earned the title "workout king" from The New York Times in 2009 after unwinding some of the most complex distressed assets in modern real estate history. In this conversation, Norman shares battle-tested wisdom from three decades of buying buildings nobody else wanted – from the savings and loan crisis through the GFC to today's market paralysis. Five questions answered:

• Why did Norman wait three years to get back into the distress game – and what finally triggered his return?
• What do ALL failed condo projects he studied have in common? (Hint: it's not what you think.)
• Why are banks giving free extensions to sponsors with "unclean hands" instead of bringing in fresh operators?
• Where is institutional capital flowing right now – and why non-institutional investors shouldn't compete there.
• What's the real story behind "extend and pretend" 2.0?

If you're trying to make sense of today's multifamily market – the disconnect between debt and equity, why distressed deals aren't trading, and where smart money should position for the next 24-36 months – this delivers hard-earned pattern recognition from someone who's seen this movie before. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get:

• Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff.
• Real implications of macro trends for investors and sponsors with actionable guidance.
• Insights from real estate professionals who've been through it all before.

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