In this episode of Deal Flow Friday, host David Moghavem interviews Zihao Wang, founder of PARES AI, a software designed to streamline the underwriting process for commercial real estate. They discuss Zihao's journey, insights from the Florida Multi-Family Summit, and his contrarian investment strategies in the current real estate market. The conversation also delves into the importance of technology in real estate, particularly how PARES AI aims to enhance efficiency and decision-making for acquisition teams.

Chapters

00:00 Introduction to Zihao Wang and Paris AI
03:11 What the Florida Multifamily Summit Says About Today’s Market
04:07 Contrarian Investing: Older Vintage vs Newer Assets
06:28 Target Markets for Patient Capital
09:15 Target Sunbelt Submarkets & Strategies
12:19 Navigating the Carolinas and Secondary Markets
15:17 Would You Still Invest in Los Angeles?
17:50 Supply-Constrained Markets vs Sunbelt Volatility
19:09 The Case for Investing in Atlanta
20:49 Bullish on the Bay today, Can this also happen in LA?
23:19 Introducing PARES AI: Revolutionizing Underwriting Processes
29:10 The Future of PARES AI

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In this episode of Deal Flow Friday, David Moghavem sits down with Zach Streit, Founder and President of Priority Capital Advisory, for a wide-ranging conversation on the shifting dynamics of today’s commercial real estate capital markets. Drawing on nearly two decades of experience, Zach breaks down why there is currently more capital than deals, how banks and insurance-backed debt funds are driving spread compression, and what that means for borrowers across the capital stack. The discussion explores why the long-anticipated wave of distress never fully materialized, how capital is now moving from credit and preferred equity back toward common equity, and where fixed-rate versus bridge financing fits in this new environment. Zach also walks through the closing of a $175 million construction and land recapitalization in California, sharing lessons on perseverance, counterparty risk, and relationship-driven dealmaking, before wrapping with insights on “naked brokerage,” building trust, and creating your own luck in a competitive market.

Chapters

00:00 Introduction: Zach Streit (Priority Capital Advisory)
03:12 CREFC Vibe Check: “More capital than deals”
06:08 Debt Funds Folding/Consolidating + Counterparty Risk
07:45 Credit-to-Equity Domino Effect + Capital Moving Up the Stack
12:05 Why Distress/Pref Equity Didn’t Deploy Like Everyone Expected
16:12 Why Acquisition Bridge is Muted (and where bridge is happening)
23:51 Case Study: $175M Santa Maria Construction + Land Recap (Deal Breakdown)
30:56 Creating Your Own Luck in Brokerage
35:26 “Naked Brokerage” Explained + Advice for Young Brokers

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In this episode of Deal Flow Friday, David Moghavem reflects on the past year in multifamily real estate, discussing predictions made for 2025 and how they played out. He emphasizes the importance of iterative reflection in real estate and shares insights on market conditions for 2026, including the potential for seller capitulation and the impact of AI on rental markets, particularly favoring Class B housing.

Chapters

00:00 Celebrating One Year of Deal Flow Friday
03:11 Reflecting on Predictions and Market Trends
07:36 2026 Market Winners: "Category 2 & 3"
16:54 AI Impact to Renters: Class B as the Winner