What does it take to generate consistent 10–12% returns in today’s commercial real estate market? In this episode, Todd Stender shares how private credit and triple net development lending are creating unique opportunities for investors right now.

Todd Stender brings a powerful mix of Wall Street experience and real-world investing insight. From his early career in sales at ADP and Coca-Cola to earning his MBA from Pepperdine, Todd built a foundation that led him into equity research and ultimately to Wells Fargo Securities, where he specialized in REITs. After years of analyzing deals, he made the leap into investing himself—starting with a single triple net property and growing into institutional lending.

In this conversation, Todd explains how his current role at L&L Capital focuses on lending to developers building single-tenant retail properties like Starbucks, Chick-fil-A, and other essential businesses. These projects are backed by long-term leases and strong tenants, creating a lower-risk lending environment with attractive returns.

Bruce and Todd also explore the rise of private credit following the global financial crisis, and how today’s market—especially with billions in loans maturing—has opened the door for new lending opportunities. Todd shares why requiring signed leases before construction begins is key to minimizing risk, and how short-term loans (typically 12–15 months) allow for faster capital turnover.

The conversation also touches on broader market trends, including reshoring of manufacturing, the strength of industrial real estate, and the ongoing demand for “Amazon-proof” retail assets. Todd highlights how investor demand—from institutions to international capital—continues to flow into U.S. real estate for its stability and predictability.

If you’re interested in private credit, triple net investing, or where commercial real estate is headed over the next few years, this episode offers valuable insights from someone operating at the front lines.

--------------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

What does it really take to build thousands of homes in California—and navigate one of the most complex entitlement systems in the country? In this episode, Bruce Bean sits down with Nick Aronson to unpack the realities of large-scale homebuilding, from land acquisition to community pushback.

Nick shares his journey from engineering major infrastructure projects to working with Walt Disney, and ultimately becoming a leader in California homebuilding and land development. Now involved in master-planned communities like Mountain House, he brings deep insight into entitlements, market shifts, and housing demand.

The conversation dives into how recent legislation like SB330 is reshaping the development landscape, making it easier to move projects forward while still balancing community concerns. Nick also explains how developers manage relationships with local communities, including strategies for addressing NIMBY opposition and gaining broader support.

They explore the critical role of infrastructure—especially schools—and how funding mechanisms like SB50 and community facilities districts make large-scale developments possible. Nick also shares how environmental concerns, traffic, and quality of life all factor into planning decisions.

--------------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

Ryan Brown’s journey into real estate didn’t start in finance—it started in medicine. From growing up in a small Northern California town to becoming a nurse anesthesiologist, Ryan built a strong W-2 career before discovering the power of real estate investing. In this episode, he shares how one well-timed triplex purchase changed everything—and how that led to building a 5,500-unit self-storage portfolio across seven states.

Ryan breaks down the realities behind rapid growth, the lessons learned from scaling quickly, and why he focuses on “slow, unsexy” investing built on strong fundamentals. He also explains how disciplined operations, smart leverage, and a relentless focus on net operating income (NOI) have shaped his company’s success.

You’ll also hear how Ryan and his team use technology, remote management, and customer experience to stand out in a competitive market. From hiring his first overseas team member through a cold call to building a global support team, Ryan shares practical insights operators can apply immediately.

If you’re interested in self-storage, scaling a portfolio, or building a resilient real estate business, this episode is packed with actionable takeaways.

--------------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest