Building a Niche in Opportunity Zone Capital w/ Ackman-Ziff

Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance. Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 10-year hold challenge for developers. From ground-up developments to post-CO recapitalizations, learn how these capital market experts are resetting the clock on distressed assets and preparing for the next era of "OZ 2.0." Whether you're a developer or an investor, this episode is a must-listen for navigating today's complex financing environment. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction 01:54 – Ackman-Ziff's History and Focus on Structured Finance 03:21 – Carving a Niche in the Opportunity Zone Space 04:35 – Structuring Preferred Equity for a 10-Year Hold 08:55 – Financing Ground-Up Development with OZ Pref 14:52 – The Math: 10-Year Outlook and Positive Leverage 18:05 – Opportunity Zone Fundamentals and Tax Benefits 21:28 – Strategic Recaps: Injecting New OZ Equity Post-CO 25:13 – Navigating Qualified Opportunity Zone Compliance 30:10 – OZ 2.0: Future Outlook and Global Gain Trends 37:21 – Case Study: $200M Recapitalization in Washington D.C. 48:41 – The Cycle of Common Equity vs. Private Credit For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.