Logan Stepan (@Step2Logan) header
Logan Stepan (@Step2Logan) profile picture
Minnesota
Joined March 2023
Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)Photo by Logan Stepan (@Step2Logan)
Every GOP strategist, consultant, and candidate should be forced to participate in a role-playing exercise this morning. Your name is Bob. You’re a 49-year-old blue-collar worker in Ohio. You’ve always struggled to make ends meet. The good jobs were all shipped to China and the few remaining pay a pittance wage, undercut by endless illegal labor. You’re a 3x Trump voter because you believed he would finally make America great again. You put your son through Ohio State. He graduated cum laude in computer science. You couldn’t have been prouder. After months searching, he landed an entry-level job at Microsoft. Beneath his qualifications, but a good start for a smart kid. Then he got laid off. That same month, Microsoft applied for 150,000 more H-1B visas because it can’t find qualified Americans. Your son has spent six months back in his childhood bedroom, sending hundreds of applications without landing an interview. On TV, Trump boasts about the greatest economy in history and how many women and minorities are finding jobs. You decide a father-son steak night might cheer him up. Gas is $4.50 a gallon. Filling your truck costs over $100. At Kroger, ribeyes are $30/lb. You settle for hamburger, even though 70/30 ground beef still costs $10+. At checkout, a fat black woman is screaming at the cashier because her EBT will only cover most of the filet mignon and lobster in her cart. You think to yourself how the Iran war has made everything expensive, but at least we’re stopping their nuclear bomb. You weren’t even sure where Iran was before you googled it after we first bombed them in March. After dinner, you take your son to the county fair. Half the people aren’t speaking English. Virtually none of the crowd looks like you. You’re forced to leave early after a “teen takeover” turns violent. A foreign born judge pledges none of them will go to jail. Back home, you turn on the TV. Vivek Ramaswamy is lecturing the crowd about American mediocrity and why Ohio needs more foreign talent. Your son grows upset. You change the channel. Now a Republican surrogate, the daughter of a governor or wife of an elderly billionaire, explains that young White men are the REAL welfare queens. They’d rather play videogames in their parents’ basements than work. Your son says nothing. He just goes back to his childhood bedroom. You turn off the TV. Then your neighbor starts blasting reggaeton and cracking open Modelos. He brought his cousin’s family from Mexico to help with all the minority-business contracts his construction firm keeps winning. Tonight they’re celebrating his nephew’s birth, the family’s first birthright American citizen. You sit alone in your living room. You worked hard, paid taxes, obeyed the law, and raised your son to do everything right. You voted Republican again and again because you believed somebody in Washington would finally fight for you. Instead, your wages are stagnant. Groceries are unaffordable. Your community is unrecognizable. Your country is fighting another foreign war. And upstairs, the son you sacrificed everything for is lying awake in the bedroom he slept in at twelve, wondering what the heck he’s even supposed to do with his life now. Every time you turn on the TV, the Republicans you elected are either congratulating themselves or explaining why you and your son are the problem. For ten years, they told you America’s future depended on your vote. Now you aren’t even sure America has a future worth defending. The Republican Party needs to answer one simple question this morning: You’ve spent a decade demanding Bob’s loyalty. You’ve given him stagnant wages, unaffordable groceries, another foreign war, and a son who did everything right but can’t find work. And when they complain, you call them lazy, entitled, and racist. What possible reason have you given Bob and his son to vote Republican? Do you honestly think you deserve their vote?
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Foshay Tower that houses the W Minneapolis scheduled for foreclosure sale in December. Sold for $86M in 2015. Defaulted on $42.3M CMBS loan. "Sheriff of Hennepin County will sell at public auction, to the highest bidder, for cash, on the 18th day of December, 2026 at 10:00 AM at the Hennepin County Sheriff's Office, 350 South Fifth Street, Room 30, Minneapolis, MN" 229 Rooms Built 1929 821 S. Marquette Ave. Minneapolis, Minnesota -bizjournals #CommercialRealEstate
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Apollo’s CEO Mark Rowan: “Companies have $40-60 billion market caps and they're paying 16-18% for their debt, one of those things is wrong.” “I think we have yet to focus on it in energy but we have certainly seen it in chips and ai and data. There's only two sources of debt capital in the world: banks or investors.” “Most of what we're building is long dated and complex. What you see is businesses like ours who were at sub $40 billion AUM pre-2008 and now were at $1.1 trillion. I'd like to attribute it to good management, but let's face it, a trend is dragging us in that direction.” “It is not possible for banks and public credit to do the job with financing, private credit must step in.” “In the credit business, you are not paid to be concentrated because you only get your interest and your principal. If someone wants you to be concentrated they need to give you more return and more safety. More return is not enough because you can never make up for losses in credit, the scale of capital demand is starting to put pressure on firms with chip financing and AI.” “Companies have $40-60 billion market caps and they're paying 16-18% for their debt, one of those things is wrong.” “You’re starting to see even the largest companies start to crowd out other markets, even the government. We're going to see that in energy as well.”
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Charlotte-based Laxmi Hotels Group purchased the 360-room Royal Sonesta hotel in downtown Minneapolis for $5M, a staggering 93% discount from its previous $75M sale price in 2018. "The hotel occupies 17 floors of the 36-story PwC Plaza office tower, which is also currently up for sale." 35 S 7th St Minneapolis, Minnesota -Minneapolis/St. Paul Business Journal #CommercialRealEstate
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Logan Stepan retweeted
The best rivalry in college hockey is back tonight as the North Dakota Fighting Sioux are behind enemy lines visiting the Minnesota Golden Goofballs at Marucci Arena in the guts of DinkyTown. It's time to go Gopher hunting but more importantly it's time to go Chin Hunting. I bet that arena will be painted 70%+ green tonight!! There are no fans even close to SIOUX FANS !! @UNDmhockey
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Logan Stepan retweeted
Dinner with an exec/friend at a large national property management company tonight. This person oversees ~150k apartments; access to an insane amount of data. Current multifamily market in most of the country is worse than S&L, .com bust, or the GFC. Worst they’ve seen. Class A mostly fine, decent rent growth. However: - credit scores at class A have gone down meaningfully over the past 3 years. - more people are paying rent via credit card. - average bank account balance noticeably lower than even 2 years ago - class A tenants stretched thin, living beyond their means. 20k comes in, 20k goes out every month. - starting to see these renters move down a tier Class B: - simply too many apartments, we built too much new stuff. Ripple effect is enormous. - fewer renters tomorrow than today. Same store foot traffic noticeably down year over year. Some markets down 40-50% - considering dropping rents below $700 a month on some 1beds in major southern markets. Class C: - looking at degrading NOI. Rents aren’t growing for a long time, but expenses keep creeping up - more renters are one missed paycheck away from disaster than they can remember seeing in decades - tenants aren’t paying rent because they simply don’t have it - wage growth has not kept up Lenders: - some major investment funds, household names, haven’t paid their mortgages in 2-3 years. Banks won’t foreclose because “X is a big client.” Mexican standoff. - a roof leak gets ignored, becomes water damage, then mold, then a down building. Buildings are rapidly deteriorating as some owners choose cash preservation over funding losses. - number of pre-foreclosure and REO deals is the highest as a % of total units they can recall. - data providers know it’s bad, but they’re paid to sell optimism to owners/lenders. So every forecast is “it will probably get a little better next year maybe” and that gets regurgitated at investment committees all over. I asked “how do you think this ends?” “Not sure. My gut says slowly then suddenly, and things will get really bad. Been doing this 40 years, you can feel it in the air. But, there’s a chance it’s just a decade of tolerable pain. I’m praying for that.”
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Logan Stepan retweeted
California's Billionaire Tax Act would collect roughly $30 billion. Accounting for lost income taxes from departures, the mean Net Present Value is negative $39 billion, from Benjamin Jaros and Joshua Rauh nber.org/papers/w35899
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Throwback Tuesday
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If Max Scherzer's daughter ran out there to get him he would probably start yelling at her to get off the field.
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One of our most iconic looks meets our current brand. Introducing our "NoDak Two Step" uniforms, which will debut on Halloween night in Austin. #UNDproud | #LGH
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Excelsior Crossings, 9350 and 9380 Excelsior Blvd. Hopkins, Minnesota. Sold for $66M, 54% of its purchase price of $122.75M in 2013. 546,548 Square Feet Built 2008 98% Leased #CommercialRealEstate morningstar.com/news/pr-news…
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Proud to introduce our leadership group for the 2026-27 season! Cole Reschny becomes the youngest player by age to wear the "C" at North Dakota and is joined by assistant captains Cody Croal, Anthony Menghini and Mac Swanson! 📰: fightinghawks.com/news/2026/… #UNDproud | #LGH
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Logan Stepan retweeted
A deep analysis of what may have lead to the Nepal glacial collapse and a breakdown of how the flood overtook communities in a matter if minutes. #Nepal #flood #weather
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Meet your 2026-27 Fighting Hawks! 📰: fightinghawks.com/sports/men… #UNDproud | #LGH
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CMBS Distress Rate Minneapolis–St. Paul–Bloomington, MN-WI 55.1% $4.0B Denver–Aurora–Centennial, CO 35.9% $3.2B Oklahoma City, OK 34.1% $0.8B Portland–Vancouver–Hillsboro, OR-WA 30.6% $2.3B Austin–Round Rock–San Marcos, TX 28.7% $4.7B
In case you missed it: last Friday we published our latest CRE & CMBS Distress Report, ranking all 50 major U.S. metros by distress rate for the July 2026 reporting period. Minneapolis-St. Paul led at 55.1% distress, while Salt Lake City sat at 0%. Multifamily distress has more than doubled since February. Full rankings and what's driving them here: cred-iq.com/blog/2026/08/07/…
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Logan Stepan retweeted
In case you missed it: last Friday we published our latest CRE & CMBS Distress Report, ranking all 50 major U.S. metros by distress rate for the July 2026 reporting period. Minneapolis-St. Paul led at 55.1% distress, while Salt Lake City sat at 0%. Multifamily distress has more than doubled since February. Full rankings and what's driving them here: cred-iq.com/blog/2026/08/07/…
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Normandale Lake Office Park's 8400 Tower Bloomington, Minnesota goes to lender WM Capital Partners via $18M credit bid in foreclosure auction Last year 8500 Tower sold for $4M - $8.56/SF 8500 went to lender in 2024 via $65M credit bid 8400 - 421,000 Square Feet Built 1985 Opal Holdings bought the 1.7M SF 5 building complex in 2022 for $366M or $215 per square foot. Opal, upon buying the office properties, had a strategy of splitting the ownership of the buildings and the land on which the buildings sit. -bizjournals / Axios #CommercialRealEstate
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Logan Stepan retweeted
Replying to @sama
What if you just talked to your children
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