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  • Writer's pictureAndre Watson

Madison Realty Capital raises $2B for latest debt fund The New York-based lender By Keith Larsen


Adam Tantleff, Josh Zegen, and Brian Shatz (LinkedIn, Wikipedia, iStock)


Madison Realty Capital closed its fifth debt fund, raising over $2 billion as the firm continues to attract a surge of institutional capital to its lending machine.

The Manhattan-based nonbank lender exceeded its target of $1.75 billion and nearly doubled the amount of money it raised in its previous fund, which closed in 2019.



Led by Josh Zegen, Brian Shatz and Adam Tantleff, Madison plans to use the funds to originate and acquire loans across multiple asset classes, including multifamily, mixed use, retail, office, hotel, industrial and land.

Madison will invest in traditional loans, special situation loans and ground-up construction loans. “Our extensive experience through multiple cycles over the past 17 years is what led both existing and new investors to place their confidence in Madison during this unprecedented time,” said Tantleff in a statement. Madison was able to raise much of the funds from existing investors. About 70 percent of investors in its fourth fund returned for its fifth. But over 50 percent of capital committed to the fifth fund came from new investors, both domestically and abroad.

The company did not disclose specifics, but said it has been able to attract investment from new regions within the Middle East, Europe and Asia.

Among the most active commercial real estate lenders in New York City, known for its outsized ground-up construction loans, Madison said it completed 72 deals last year with a total gross volume of $6.4 billion. In September, it provided a $450 million construction loan to Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity for a 35-story, 1,098-unit mixed-use property the developers are building in Downtown Brooklyn.

Recently, the company has been expanding to become a more national player.

Last month, Madison provided $485 million in construction financing for Harridge Development’s Crossroads Hollywood, a $1 billion mixed use development along Sunset Boulevard in Los Angeles.

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