Commercial Observer Lenders 2025 Feature
In Commercial Observer's Lenders 2025 feature, Josh Zegen discussed how Madison Realty Capital's biggest highlight of 2025 was financing the $720 million conversion of Pfizer's former Manhattan headquarters into 1,600 residential units—one of the first major projects utilizing NYC's 467m tax abatement. The firm navigated early-year market volatility driven by tariff uncertainty while capitalizing on increased transaction activity and expanding into lender financing and senior construction loans. MRC is on track for its largest origination year since 2021, projecting roughly $20 billion in real estate credit across all product lines, with continued focus on office-to-residential conversions where the firm can leverage its expertise in complex transitional financing and large-scale balance sheet solutions.
