CO Top Lenders Survey 2026
Commercial Observer featured Josh Zegen, managing principal and co-founder of Madison Realty Capital, in its 2026 Lender Insights series, where he outlined his outlook on credit markets, loan extensions, and sector positioning heading into 2027. Zegen expressed a preference for credit over equity in the current environment, citing low- to mid-teen returns through prudently leveraged senior loans with meaningful downside protection, and identified housing — across multifamily, affordable, workforce, and for-sale residential — as the most attractive lending sector. On extend-and-pretend, he noted that while extensions will continue on a deal-by-deal basis, the runway is shortening, creating opportunities to provide senior capital at a new basis through recapitalizations and loan acquisitions from lenders no longer able to wait.
