Commercial Real Estate Credit Markets Are Back. But Are They Safe?
Commercial Observer reported on the sweeping resurgence of capital across U.S. commercial real estate credit markets, noting that loan originations rose 67 percent year-over-year in Q4 2025 while real estate private credit — now a $1.7 trillion industry — continues to attract a wave of new entrants. The piece highlighted both the opportunity and the risk that comes with that growth, with veteran lenders cautioning that many newer funds lack the cycle experience needed to distinguish real risk from perceived risk. Josh Zegen and Brian Shatz co-founded Madison Realty Capital in 2004 as one of the original private credit firms in CRE, and Zegen noted that while the market has greater depth today, spread compression and looser covenants are defining the current moment. Madison was among the industry voices featured in the piece weighing in on where credit markets go from here.
