What Madison Realty Capital does

Madison Realty Capital is a New York-based real estate private credit and equity firm founded in 2004 by Josh Zegen and Brian Shatz. As of December 31, 2025, the firm manages approximately $24 billion in assets under management across its flagship debt fund series (Madison Realty Capital Debt Funds I–VI), with cumulative transactions of $82 billion since inception. Madison operates a vertically integrated origination-to-servicing platform that provides senior, bridge, and mezzanine debt financing as well as equity capital to middle-market and institutional real estate sponsors, developers, and owners across the United States and select international markets.

The firm generates revenue primarily through management fees on committed fund capital, net interest income from balance sheet lending, and carried interest on fund performance. Origination volumes scaled to approximately $20 billion in 2025, with a stated 2026 pipeline of $8–10 billion. Notable recent transactions include a $720 million construction loan for the conversion of Pfizer's former headquarters, a $630 million senior loan for Bentley Residences in Sunny Isles Beach, and a $654 million financing for Central 9 in Manhattan. The firm maintains offices in New York, Los Angeles, Charlotte, Bet Shemesh (Israel), Abu Dhabi (ADGM), Tokyo, and Seoul, and was ranked #8 on the 2025 PERE Credit 50. A minority strategic investment from ICONIQ Capital in 2022, combined with senior leadership additions in 2024–2025, signals continued institutional scaling.

Madison serves real estate sponsors and developers including Related, Dezer, Charney, Metro Loft, BH3, Rabsky Group, Kushner, TPG, Cain International, KSL, Newbond, and Cerberus, with loan sizes ranging from $25 million to over $700 million. South Florida lending reached $1.6 billion in 2025 (approximately 20% of total originations), reflecting deliberate concentration in condo conversion, hospitality, and luxury residential segments underserved by traditional banks following 2023 regional bank stress.

Name

Madison Realty Capital

Legal name

Madison Realty Capital

Website

https://madisonrealtycapital.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

Madison Realty Capital is a New York-based real estate private credit and equity firm founded in 2004, managing $24 billion in AUM across six flagship debt funds and providing senior, bridge, and mezzanine financing to middle-market and institutional real estate sponsors across the U.S. and select international markets.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Private Credit

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Other Activities Related to Real Estate (531390)

SIC

Mortgage Bankers & Loan Correspondents (6162), Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Loan Brokers (6163)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industries

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), SME Commercial Real Estate (CRE) Lending (FSABABAG), Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

Keywords

• Commercial real estate lending
• Real estate private credit
• Construction financing
• Mezzanine debt investing
• Real estate private equity

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Senior secured loan interest income: Origination of senior secured first-mortgage loans for construction, acquisition, refinancing, and loan-on-loan financing. Yields interest income and origination fees from borrowers.
2. Mezzanine and preferred equity returns: Mezzanine loans and preferred equity investments generating higher-yield returns, often paired with senior loan positions in layered capital structures.
3. Fund management and asset management fees: Management and incentive fees from sponsored debt investment vehicles (MDF I–VI, MEF I) and co-mingled funds for a global institutional investor base.
4. Real estate development and equity investment income: Ground-up development, value-add repositioning, and opportunistic equity investments in multifamily, condo, mixed-use, office, retail, and industrial assets. Includes $2B+ of equity and development deals to date.
5. Note purchase and lender finance income: Acquisition of performing and non-performing notes, B-notes, loan-on-loan financing, and repurchase line facilities, generating yields and servicing income.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels8 records

Core offering

Madison Realty Capital is a vertically integrated commercial real estate private credit and equity platform that originates senior secured loans, mezzanine debt, preferred equity, lender finance, repurchase lines, and note purchases for real estate developers and sponsors across the U.S. The firm also operates a real estate private equity and development arm that invests in ground-up multifamily, condominium, mixed-use, hospitality, office, retail, and industrial projects, with $24B in AUM and $82B in cumulative transactions since 2004.

Product overview

Madison Realty Capital operates a dual-platform real estate private credit and private equity business: (1) a Debt Platform that has closed in excess of $26 billion of debt transactions through institutionally-backed debt investment vehicles (MDF I–VI and related series) offering Acquisition Loans, Transitional Loans, Construction Loans, Lender Finance, Performing/Non-Performing Note Acquisitions, and Predevelopment/Assemblage financing; and (2) a Development/Equity Platform that has invested in more than $2 billion of equity and development deals, including ground-up multifamily rental and luxury condominium projects such as Sixteen Fifth Avenue, Woodside Central, Greenpoint Central, The East, River North (Staten Island), 1 Great Jones Alley, 555 Waverly Avenue, and Myrtle Avenue, as well as equity repositioning plays like The Whale Building, The Drake, Jamaica QLC, 78 Prospect Park West, One Hanson Place, and 421 West 21st Street. The firm complements its core debt and equity products with specialized platforms including Madison Newbond (a hospitality lending joint venture with Newbond Holdings) and the Juniper Square-powered Investor Login portal for its global institutional investor base. As of December 31, 2025, the firm and its controlled affiliates manage $24 billion in assets, with cumulative transactions since 2004 totaling $82 billion.

Differentiator

Problem solved

Functional benefit

Brands

• Madison Newbond: Hospitality lending platform co-launched by Madison Realty Capital and Newbond Holdings in 2021 to provide hotel financing.
• Madison Debt Fund (MDF) series
• Newbond Holdings

Products and services

• Acquisition Loans Senior secured debt provided by Madison Realty Capital to finance the acquisition of commercial real estate assets across the U.S.
• Transitional Loans Bridge-style financing for properties undergoing transition, repositioning, or lease-up prior to permanent financing.
• Construction Loans Ground-up construction and major redevelopment financing for residential, multifamily, mixed-use, hospitality, and commercial real estate projects.
• Lender Finance Financing provided to other lenders, including A notes, B notes, and loan-on-loan financing structures, allowing banks, private credit funds, and mortgage REITs to deleverage.
• Performing / Non-Performing Note Acquisitions Acquisition of performing and non-performing loan portfolios and individual notes secured by commercial real estate, acquired from banks, funds, and other debt sellers.
• Predevelopment / Assemblage Capital provided for land predevelopment and assemblage activities prior to vertical construction.
• Development / Equity Platform Real estate private equity platform that pursues opportunistic and value-add investments in multifamily, office, retail, and industrial properties, including ground-up development of multifamily rentals and luxury condominiums, plus adaptive reuse and redevelopment.
• Madison Newbond (Hospitality Lending Platform) Hospitality lending joint platform between Madison Realty Capital and Newbond Holdings, focused on senior debt for hotel refinancing and construction across the U.S.
• Madison Debt Fund VI (MDF VI) Sixth US real estate debt fund closed at $2.04 billion in equity commitments in September 2024, the largest US-focused real estate debt fund to close in 2024. Originating and investing in loans for properties in major US metro markets with focus on residential plus opportunistic deals in hotels, student housing, industrial, retail, and office.
• Madison Investor Relations / Investor Login Portal Investor portal powered by Juniper Square providing global institutional investors with reporting, fund information, and account access to Madison's investment vehicles.

Named customers36 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered flagship and core.

• Newbond HoldingsflagshipStrategic or Co-development PartnerJoint hospitality lending platform ('Madison Newbond') launched November 2021; co-lenders on multiple hospitality deals including the $180M Dominick Hotel loan with Cain, the $79.3M JW Marriott Marquis Miami refinancing, and the $110M Hotel NIA refinancing.
• Walker & DunlopflagshipChannel Partner/ Reseller/ DistributorCapital markets advisor and arranger that has placed and structured multiple large Madison financings including the $285M Greenpoint Central bridge loan, the $375M Jersey City construction loan, the $371.5M Nashville EDITION financing, and others.
• Kushner CompaniesflagshipStrategic or Co-development PartnerJV equity partner with Madison on a $525M construction project in Long Island City (Court LIC 55-story condo) — provided $100M preferred equity alongside Madison's $425M construction loan. Earlier co-financed Long Branch mixed-use development.
• Berkadia South FloridacoreChannel Partner/ Reseller/ DistributorCapital markets advisor that arranged the $630M construction loan from Madison for the Bentley Residences in Sunny Isles Beach, and arranged the $400M Fisher Island Residences loan.
• Sonnenblick-Eichner CompanycoreChannel Partner/ Reseller/ DistributorArranged the $110M refinancing loan from Madison (with Newbond Holdings) for Hotel NIA in Menlo Park, CA on behalf of borrower Ensemble Investments.
• Galaxy Capital (Henry Bodek)coreChannel Partner/ Reseller/ DistributorCapital markets advisor that negotiated the $140M construction takeout loan from Madison for The Rabsky Group's 463-unit multifamily high-rise at 240 Willoughby Street, Brooklyn.
• Baybridge Real Estate CapitalcoreChannel Partner/ Reseller/ DistributorArranged the $71M bridge loan (Madison + SteepRock) to refinance MAG Real Estate & Development's multifamily project in Pompano Beach, FL.
• Tidal Real Estate PartnersflagshipStrategic or Co-development PartnerDeveloper partner on The Nashville EDITION Hotel & Residences (a 28-story mixed-use tower in Nashville's Gulch) with Madison and KSL Capital Partners providing $371.5M of financing and $400M total. Repeat borrower.
• BH3 ManagementcoreStrategic or Co-development PartnerCo-lender with Madison on a $135M construction financing package for Charney Companies' 45-story condominium development at 95 Rockwell Place, Fort Greene, Brooklyn.
• Abu Dhabi Global Market (ADGM)flagshipOthersMadison secured Financial Services Permission from ADGM's regulatory authority in 2026 to operate its Middle East office in Abu Dhabi; enables institutional capital raising and investor engagement across the Gulf Cooperation Council.

Scale indicators19 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Apollo Commercial Real Estate Finance: Externally managed mortgage REIT affiliated with Apollo Global Management originating senior loans and acquiring CRE debt securities. Comparable senior loan strategy with the balance sheet of a top-tier alternative asset manager behind it.
• Ares Management (Real Estate Group): One of the largest US CRE private credit and equity platforms with significantly greater AUM; competes directly with Madison for institutional real estate debt allocations across senior, mezzanine, and preferred equity. Comparable business model but operates at materially larger scale.
• Bain Capital Real Estate: Real estate investment platform within Bain Capital focused on credit, equity, and special situations across US and European CRE markets. Comparable CRE debt and equity strategy with deeper parent backing and broader international footprint.
• Starwood Property Trust: Large publicly traded mortgage REIT affiliated with Starwood Capital that originates senior loans, bridge loans, and acquires real estate securities. Direct overlap with Madison's CRE debt and note acquisition strategies; significantly larger balance sheet.
• KKR Real Estate Finance Trust: Externally managed mortgage REIT focused on originating senior loans and acquiring CMBS in commercial real estate. Competitor for institutional CRE debt capital with much larger parent (KKR) backing; comparable product overlap to Madison's senior loan book.

Direct peers

• Ladder Capital Corp: Public CRE-focused mortgage REIT originating and acquiring senior loans, mezzanine debt, and equity investments in commercial real estate. Comparable CRE debt + equity hybrid model; smaller and more CRE-concentrated than Madison but with a public market comparable for valuation benchmarking.
• Garrison Investment Group: Middle-market CRE and corporate credit platform managing senior loan and structured credit funds for institutional investors. Comparable middle-market CRE private credit manager; Madison hired its CCO Brad Harris directly from Garrison.
• Benefit Street Partners: CRE-focused private credit affiliate of Franklin Templeton that originates senior and mezzanine loans plus preferred equity to institutional sponsors. Directly comparable middle-market CRE lender; Madison recently hired Peter Touhill from Benefit Street Partners as MD.
• Affinius Capital (formerly Square Mile Capital): CRE private credit manager with multi-product debt and equity strategies targeting institutional investors. Closest comparable to Madison by size and product mix; Madison hired multiple senior leaders directly from Affinius/Square Mile.
• TPG Real Estate Credit: CRE-focused credit platform within TPG that originates senior loans and provides structured capital across US markets. Direct peer in middle-market CRE lending; Madison has partnered with TPG Real Estate Credit as a capital partner on a $285M bridge loan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/madison-realty-capital
• Instagraminstagram.com/madisonrealtycapital
• Xx.com/mrcrealestate

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison Realty Capital