Madison Realty Capital, one of the first real estate private credit funds, has been originating a series of loans that are changing city skylines.

The most recent of these were in New York. In mid-May, the company funded a $720 million loan to finance the conversion of the former Pfizer headquarters into a 1,600-unit apartment complex. And earlier this month, a joint venture between Madison Realty and a Kushner Companies joint venture funded a $525 million construction loan for the development of Court LIC, a planned 55-story condo in New York's Long Island City submarket.

But loans like these are only a part of Madison Realty Capital’s activity.

In this episode, Josh Zegen, co-founder of the New York-based company, discusses the different ways Madison Realty Capital participates in commercial real estate deals, how that has expanded since its inception in 2004, and where the firm is allocating capital from its latest real estate private equity fund.