The Real Deal reported that a tighter lending environment nationwide might leave an opportunity for alternative lenders as many big banks pull back significantly. “No matter what, there’s limited capital from banks. As banks have lost deposits, their ability to lend has become curtailed,” said Josh Zegen, managing principal of Madison Realty Capital. “Florida is seeing a lot of that too, even though the market is stronger. There is just less money out there and the cost of capital has gone up.” Madison, which issued three $50 million-plus construction loans in South Florida last year, could lend between $3 billion and $6.5 billion this year across its markets. (It completed $3 billion in deal volume in 2022, and $6.4 billion in 2021.) 

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