Josh Zegen, Brian Shatz and Adam Tantleff

Madison Realty Capital (MRC) is surely one of the most active private lenders in the nation’s biggest markets, almost doubling the assets it manages over the past year, all while so many others watched from the sidelines.

Co-founders Josh Zegen and Brian Shatz started the firm 21 years ago, and, with fellow Managing Partner Adam Tantleff, the company now manages $23 billion in assets after completing $53 billion in transactions. The firm expanded significantly into lender finance and repurchase lines, and capitalized on reduced lending following the 2023 banking crisis.

“We’ve evolved from having one product type to now offering multiple financing options — from low leverage to higher leverage — and pricing risk accordingly,” Zegen said. “You can’t be a one-trick pony today. You need a diverse set of tools in your toolbox.”

Last summer, MRC raised more than $2 billion for its latest debt fund, which is largely focused on residential real estate (but could include hospitality, student housing, industrial, retail and office space). MRC also closed at least a dozen other major deals recently, including a $555 million loan for a residential tower and $140 million for another high-rise, both in Brooklyn, just in the past few months.

Over the past 16 months, MRC provided $485 million for 625 Fulton Street in Brooklyn; $97 million for a condo development in Hoboken, N.J.; and $214 million for a luxury condo project along the Jersey Shore with Unity Capital.

In South Florida, MRC has been ravenous. Last summer, the company provided $400 million for a Related Group-led joint venture to build a luxury condo in one of the country’s wealthiest ZIP codes. Also in the Sunshine State, MRC issued more than $230 million in premier submarkets over the past year.

Over that same period, the firm — acting as developer — also unveiled plans for what would be the tallest building in Santa Monica, Calif., featuring residential, hotel and retail spaces.

Noticeably less shaken than most of the rest of the industry amid unprecedented uncertainty, MRC is set to tap into residential credit and built-to-rent and built-for-sale housing, Zegen said.

“We’ve seen market turbulence, and there will likely be more,” he said. “But having been around for 21 years, we’ve weathered many shocks in the system. Our large balance sheet allows us to be a leader and a reliable partner during uncertain times.”