In Season 8, Episode 5 of CRE Daily's No Cap podcast, Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, shares the story of how MRC grew from a $10 million fund into one of real estate's most active private credit platforms — long before private credit became an institutional asset class. Josh discusses how the firm navigated the Global Financial Crisis, built a vertically integrated lending business, and emerged as a go-to capital source for sponsors as banks stepped back. From distressed debt and construction lending to office-to-residential conversions and today's maturity wall, this episode offers a firsthand look at how Madison thinks about risk, rescue capital, and finding opportunity in uncertain markets.

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