Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital, joined Chris Powers on the POWERS Podcast to discuss how MRC grew from a single $3M bridge loan in 2004 to a $25B real estate private credit platform. The conversation covers the structural decisions behind that build — vertical integration, the $10B back-leverage book serving roughly 100 private credit funds, and the $720M whole loan on the largest office-to-residential conversion in New York City. Josh also walks through where he's deploying capital today, what he's avoiding, and how MRC thinks about retaining borrowers across the full deal lifecycle.

Listen HERE.