Madison Realty Capital, a New York City-based developer and private lender, is expanding to the West Coast with an office in Los Angeles.
The firm opened an office at the Westwood Gateway complex in Sawtelle, reflecting the first step in the company’s national expansion plans. The Commercial Observer first reported the news.
“We saw a void in the market for special-situation financing on the West Coast, and the need to deliver the customized financing solutions our firm has been known for since inception,” Josh Zegen, Madison’s co-founder and managing principal, said in a statement.
Madison’s new office will be headed by Bradley Ross, who worked at Calmwater Capital, a real estate lender, before Madison hired him in April.
Madison will be joining developer Hackman Capital Partners at the complex, as well as Gannett Financial Newspaper and the L.A. office of California State Sen. Dianne Feinstein. The Irvine Co. owns the roughly 293,000-square-foot property, located at 11100 -11150 Santa Monica Boulevard.
Led by Zegen, Brian Shatz and Adam Tantleff, Madison specializes in equity and debt transactions for multifamily, retail, office and industrial properties. It is also an active investor and developer.
In recent years, it has earned a reputation for financing large condo projects, especially those encountering difficulties getting off the ground. In September, Madison provided a nearly $300 million construction loan for Fortis Property Group’s mega redevelopment project in Brooklyn. And last month, the company organized a $167.5 million inventory loan for a Flatiron condo project. [CO] — Natalie Hoberman