Team

Madison Realty Capital has assembled a diverse and experienced core team of real estate, finance, and management professionals. This team serves as the foundation for execution on the firm's platforms, which include real estate debt, equity, construction, and property management. Madison Realty Capital strives to maintain the highest-caliber employees and create an environment of collaboration through communication and respect.

Joshua Zegen Managing Principal, Co-Founder

Mr. Zegen co-founded Madison Realty Capital in 2004 and is responsible for overseeing the origination and structuring of all of Madison's investment activities, as well as raising institutional capital and portfolio management.  Since Madison's inception, Mr. Zegen has closed real estate transactions totaling in excess of $5.5 billion. At the firm, Mr. Zegen serves on several investment committees related to both the debt and equity platforms.  Prior to founding Madison, he founded and was president of Alpine Commercial Capital, a mortgage advisory firm that successfully closed over $500 million in real estate financings. Prior to forming Alpine, Mr. Zegen was an investment banker in Salomon Smith Barney's financial sponsors/private equity group where he focused on leveraged buyouts, equity and debt financings, mergers and acquisitions and private placement transactions. He began his career as an analyst in Merrill Lynch's debt capital markets division where he executed both mortgage backed and asset backed debt offerings. He is a co-founder and board member of The New York Private Equity Network ("NYPEN").

Mr. Zegen graduated cum laude from Brandeis University with a Bachelor of Arts degree in economics.

Brian Shatz Managing Principal, Co-Founder

Mr. Shatz co-founded Madison Realty Capital in 2004 and is responsible for risk and portfolio management, raising institutional capital, and asset management.   Since Madison's inception, Mr. Shatz has closed real estate transactions totaling in excess of $5.5 billion.  Mr. Shatz serves on several investment committees related to both the debt and equity platforms.  Prior to co-founding Madison, he established Bluegrass Growth Fund Partners, LLC, a private investment fund which focused on investing in structured equity and debt investments for U.S. public companies.  Mr. Shatz began his career at BlackRock where he worked closely with fixed income portfolio managers and developed institutional client relationships with some of the country's largest pension funds.

Mr. Shatz graduated cum laude from Brandeis University with a Bachelor of Arts degree in economics.

Adam Tantleff Managing Principal, Investor Relations

Mr. Tantleff joined the firm in 2005 and is responsible for raising institutional capital and managing investor relations.  Mr. Tantleff has raised in excess of $1 bilion of institutional equity on behalf of Madison.  Prior to joining Madison, Mr. Tantleff was an equity partner at Suffolk Capital Management, a multi-billion dollar institutional money manager.  At the time of his departure from Suffolk Capital Management, Mr. Tantleff held the dual roles of senior equity analyst and director of marketing.

Mr. Tantleff graduated from George Washington University with a Bachelor of Business Administration degree in small business management.

Greg Hersly Managing Director, Chief Financial Officer

Mr. Hersly joined the firm in 2007 and is responsible for oversight of Madison's cash management function, leverage positions for all assets in the firm's portfolios, tax structuring, accounting and overall financial reporting.  Mr. Hersly oversees all data for each asset in the firm's debt and equity portfolios, and the compilation of deal level and firm level performance metrics. Prior to joining Madison in December 2007, Mr. Hersly was managing director and chief operating officer of Alpine Commercial Capital, where he oversaw day-to-day operations and originated in excess of $500 million in commercial real estate loans during his three and a half years.  He is a co-founder and is on the board of directors of NYPEN and NYPEN Real Estate.

Mr. Hersly graduated from Cornell University with a Bachelor of Science degree in economics and business management.

David Speiser Managing Director

Mr. Speiser joined the firm in 2012 and is responsible for the negotiation and execution of all firm investments, as well as overseeing the legal aspects of Madison's administration and organization. He also assists with asset management responsibilities across Madison's portfolio. Prior to joining Madison, Mr. Speiser was a Senior Vice President at Related Companies, where he was responsible for overseeing legal affairs and operational matters for numerous transactions, including Related's 12 million square foot Hudson Yards development on the far West Side of Manhattan.

Mr. Speiser earned a Bachelor of Arts degree, cum laude, from Binghamton University and a Juris Doctor degree from New York University School of Law, where he was a member of the Law Review.

Julie Breslin Furda Managing Director, Chief Compliance Officer

Ms. Furda joined the firm in 2005 and is responsible for implementing the firm's overall compliance program and monitoring the day to day execution of policies and procedures which are necessary to ensure compliance with all federal and state securities laws and the firm's code of ethics. Ms. Furda also maintains contact with Madison's investors and clients on an ongoing basis and is tasked with monitoring client portfolios to ensure assets are invested in accordance with the Firm's investment guidelines and governing documents.  In addition, Ms. Furda is responsible for internal operations. Prior to joining Madison, Ms. Furda worked for a wealth management firm, assisting high net worth individuals with their financial planning needs, through stocks, bonds, mutual funds and insurance products.

Ms. Furda graduated from Columbia University with a Bachelor of Arts degree.

Andrew Salomon Managing Director, Commercial Development

Andrew Salomon joined the firm in 2016 as a Managing Director of Commercial Development. He is responsible for overseeing the planning and implementation of strategic value creation and repositioning capital improvement projects within the MRC commercial and retail portfolios.

Prior to joining Madison, Andrew was the Vice President of Development and Construction at Jamestown, where he was responsible for redevelopment projects such as the vertical expansion of Chelsea Market, Milk Studios and One Times Square. Andrew has also held positions with Madison Equities, Massey Knakal, The Athena Group, and Fayer Capital.

Andrew received a B.A. degree from The University of Wisconsin – Madison and a Master's degree in Real Estate Development from Columbia University.

Phil Lavoie Managing Director, Property Management

Mr. Lavoie joined the firm in 2016 and is responsible for supervising all aspects of property management across all assets in the firm's portfolios.  Mr. Lavoie has over 15 years of real estate experience including property management, asset management, development, and consulting. He has experience managing investment portfolios in excess of 75,000 apartments and management portfolios in excess of 8,000 apartments.   

Mr. Lavoie received a Bachelor of Science from Bard College and a Master of Science degree from New York University.

Jay M. Heydt Managing Director, Leasing

Jay M. Heydt is Managing Director of Leasing. In his role Jay oversees the day to day operations and execution of leasing for Madison Realty Capital's residential portfolio. In this role Jay is responsible for unit layout design, pricing, marketing and working closely with the brokerage community. In addition Jay also assists with new business development initiatives from sourcing new deals, JV opportunities as well as debt/equity introduction.

Prior to joining Madison, Mr. Heydt was Senior Managing Director for Citi Habitats where he spent his entire 14 year career and was responsible for overseeing the largest division of the company of 200 agents along with representation of assisting owners throughout NYC in leasing execution in over 500 buildings.

Mr. Heydt earned a Bachelor of Arts degree from University of Rhode Island's Harrington School of Communication and Media.

Michael Stoler Managing Director, Originations

Mr. Stoler joined the firm in 2009 and is responsible for financial institution syndications and relationship management.  Prior to joining Madison, he served as a senior principal at Apollo Real Estate Advisors (AREA), where he focused on originations for acquisitions, development and lending across all of AREA's funds.  He is the creator and host of "The Stoler Report-Real Estate Trends" and "Building New York," New York's only television broadcasts featuring real estate and business.  Mr. Stoler serves as a columnist and web contributor for The Real Deal Magazine.

Mr. Stoler received a Bachelor of Arts degree from Long Island University.

Aryeh Friedman Managing Director, Originations

Aryeh Friedman joined the firm in 2017 as Managing Director of Originations. He is responsible for the sourcing of new loan originations, purchasing of non-performing debt and the acquisition of development properties. Prior to joining Madison, Aryeh was a consultant for the Canada-based Romspen Investment Corp. where he was responsible for all investment opportunities along the East Coast of the United States. In his career as a lender, Aryeh has sourced and closed over $2 billion in debt transactions across the country. 

Aryeh received his B.A. degree from Yeshiva University and his Master of Science degree in Real Estate from New York University.

Shoshana Carmel Director, Operations

Ms. Carmel joined the firm in 2006 and is responsible for servicing all the assets in the Firm's debt portfolios, in addition to portfolio management, cash management, and serving as a liaison to Madison's various leverage providers.  In addition, Ms. Carmel works with Madison's third-party administrator and accountants on financial reporting and assists in the preparation of the firm's financial statements.  She is also responsible for the due diligence process for both new loan originations & distressed debt acquisitions and manages the closing process for all new transactions, as well as various activities relating to post-closing maintenance.  Prior to joining Madison, Ms. Carmel worked in the Operations and Management group for a mortgage lender offering both residential and commercial loans.

Ms. Carmel graduated Summa Cum Laude from Yeshiva University, Sy Syms School of Business with a Bachelor of Science degree in Finance.

Shea Taylor Director of Human Resources

Ms. Taylor joined the firm in 2016 as the Director of Human Resources and is responsible for the implementation and supervision of the Human Resource function for Madison's 60+ employees . Ms. Taylor has twenty years of Human Resources experience, having held senior level Human Resource roles at both SL Green Realty Corp. and Jones Lang LaSalle. She has achieved the following Professional Certifications:  SPHR, CCP, and CBP.

Ms. Taylor received her Bachelor of Arts degree from the University of Houston. 

Eugene Rozovsky Vice President, Acquisitions & Asset Management

Mr. Rozovsky joined the firm in 2013 and is responsible for distressed debt acquisitions, underwriting new loan originations, and direct equity investments, as well as assisting with the management of real estate owned. He has closed in excess of $750 million of real estate transactions across various asset types.  He brings over nine years of experience within investment banking, private equity, and real estate to the firm.

Mr. Rozovsky received his Bachelor of Science degree in Finance & International Business from the Stern School of Business at New York University and his Master of Science degree in Real Estate Finance & Investment from New York University.

Ben Kramer Vice President, Finance & Accounting

Mr. Kramer joined the firm in 2014 after having been employed with Ernst & Young for three years. Prior to that, he worked at WeiserMazars for five years. His responsibilities at Madison include assisting in the oversight and process of the accounting functions for all equity and debt deals across the Firm, general oversight of REIT compliance, reporting and testing, assisting in deal structuring to minimize potential tax consequences, and reviewing and approving all tax returns.  Mr. Kramer is a New York State Certified Public Accountant.   

He received his Masters in Taxation from St. John's University and graduated from Touro College with a Bachelor of Science in Accounting.

Marc Zegen Vice President, Acquisitions & Originations

Mr. Zegen joined the firm in August of 2007 and is a Vice President of Acquisitions and Debt Originations. He is responsible for sourcing new loan originations, the purchasing of non-performing debt, and the acquisition of development sites and buildings. Since joining the firm Mr. Zegen has sourced and closed over $1 billion in debt transactions as well as over $500 million in property acquisitions. Mr. Zegen is also responsible for asset management of properties the firm owns outside the NY area, and has managed over 1 million square feet of retail, industrial and office properties.  Prior to joining Madison, Mr. Zegen worked at Buildcorp Australia Development, a Sydney, Australia based condominium developer.

Mr. Zegen received his Bachelor of Arts degree from Brandeis University. 

Bradley Ross Vice President, Originations

Mr. Ross joined the firm in April of 2018 and is a Vice President of Originations for the firm's first West Coast based location. He has over a decade of experience sourcing and underwriting real estate investment and lending opportunities nationwide, including senior, mezzanine, and structured bridge debt financing. Prior to joining Madison Realty Capital, he served as a senior originator at Calmwater Capital, a real estate debt fund. He also spent three years at their parent company Karlin Real Estate, an opportunistic investment firm operating on behalf of a high net worth family office. He began his career as a top producing broker with Major Properties Real Estate, a Los Angeles based commercial brokerage, where he won such awards as Rookie of the Year and later Salesman of the Year. Mr. Ross sits on the Board of the UCLA Real Estate Alumni Group and the Los Angeles Mortgage Association and was elected as one of Southern California's "Tomorrow's Leaders" by Real Estate Forum Magazine. He is a graduate of the University of Michigan (B.A.) and the UCLA Anderson School of Management (M.B.A.), and is a licensed California real estate broker.