About
Madison Realty Capital aims to provide global institutional investors with superior risk-adjusted returns.
Madison Realty Capital is a real estate private credit manager focused on US-based commercial real estate lending strategies. As of December 31, 2025, the firm and its controlled affiliates (collectively, "Madison") manage $24 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $82 billion of real estate transactions. Madison seeks to deliver value at every phase of the property lifecycle by providing tailored financing solutions to borrowers across the capital stack.
Capital At Work
Listen
Josh Zegen is the Managing Principal of Madison Realty Capital. We cover the basics of financing a commercial real estate project, the structural changes in the industry since COVID, and the impact of rates, volatility and tariffs on demand for loans.
The New York-based real estate private equity firm is a construction lender, and much more, co-founder Josh Zegen tells The PERE Podcast.
03
From One $3M Loan to a $25B Firm How Madison Realty Capital Was Built With Josh Zegen
POWERS Podcast
Episode 417
The conversation covers the structural decisions behind Madison Realty Capital — vertical integration, the $10B back-leverage book serving roughly 100 private credit funds, and the $720M whole loan on the largest office-to-residential conversion in New York City.
Timeline
“Assets Under Management” is the combined gross assets under management of Sullivan Realty Capital, LLC and its commonly controlled affiliates as of a recent date.
