The Real Deal reported that Madison Realty Capital closed its fifth debt fund, raising over $2 billion, exceeding its target of $1.75 billion and nearly doubling the amount of money it raised in its previous fund, which closed in 2019. Madison raised 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 Manhattan-based nonbank lender has been expanding to become a more national player.

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