Two Real Estate Investment Firms: Madison Realty Capital and Madison Capital (Both NYC Based)
Madison Realty Capital is known in the industry and NYC. Anyone heard of Madison Capital?
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yes, they're pretty well known in the industry
https://madisonpirates.com/
Yeah... they're a loan to own shop. The only people for who that is a problem are the shitty developers who did such a bad job on their underwriting and execution that they have no choice but to deal with Madison Realty Capital. It's like a heroin addict blaming a needle manufacturer.
Anyone who thinks MRC are "bad [sic] people" are probably so bad at their jobs you shouldn't be taking their advice in the first place.
Well let's not act like development is easy... always funny when people working at shops where they aren't signing the guarantee say it's easy. Also MRC, that's reality - you borrow money and some shops will be more aggressive than others but the debt isn't going to go away and you signed the docs.
The guy who is mentioned in that link lost his properties so of course he is going to complain. Remember there are still many scumbag landlords out there that will screw anyone over with a smile. Lenders aren't the only ones who can be wrong, there are many smaller landlords that lie to lenders all the time.
Haha what the fuck is this
The henchman link 😂
Both well known and know both well actually. Madison Capital is not debt, they're an owner operator. Madison Realty Capital is more of a debt fund, but also do some owner operator things, very opportunistic. Both great shops.
which one is the better career choice? assuming you like operating and debt equally of course
Really can't go wrong with either. Just see which team you like better, how comp compares, and what your exposure will be like. Madison Realty Capital is probably more active and you'd see more interesting deals.
Madison realty capital is a great shop on paper - they raise tons of money and do a lot of deals. But they’re dealing with tons of defaults right now’s. So are many lenders but not many on MRC’s level. They were extremely aggressive on the debt side which works fine during a bull market and made them a lot of money. But they do hairy deals (not in a good way) and don’t work with the most institutional sponsors and they’re paying for it now.
Their investment process is not as institutional as working at a similar size debt shop at Apollo, affinius, sculptor, PGIM, barings, or similar.
Also heard the culture is tight and it’s tough to move up if you’re not in with the right people. Especially hard if you’re a goy.
good stepping stone but it doesn’t seem like it’s the exit opp
Am I the only one who respects a debt shop that isn’t afraid of taking the keys? A lot of developers need this for their capital requirements. And in a down cycle it happens.
They were never more aggressive then anyone else. Just actually have the mentality to handle distress.
I’m a full believer that 75-85% LTC deals are a free lunch and if someone fucks up bad - take the keys at a great basis.
Borrowers only walk away from deals when the deal is WAY underwater. If you’re a lender taking over a deal, it’s basically never a great basis
What’s a goy
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