Anyone here have an opinion of MRC (reputation in the business, good shop to work for, etc)? Saw that they just raised $1B+ for latest debt fund, assuming these guys are in the same peer group as Mesa West etc? I am based in LA and saw that they opened a small office here last year, but looks like vast majority of their deal focus is still NY, FL, etc.
Looks like the team is fairly religious, pre-req to working for them?
Bradley Ross who runs the LA office is a nice guy. All of their field offices report to their NY head office. From what we gleaned in spending time with a couple of people from their head office, I would be wary.
Can you add some color to that comment? As an NYC-based CRE debt guy, my observation is that Madison has evolved from an essentially hard money shop to a leading debt provider in the alternative lending space. The number of lenders that have jumped into so-called alternative lending over the past couple years says they are on to something.
Curious to hear about the work environment and pay.
I typed out a long response but it ended up not going through. Not much to be said on a public forum. They seem to do good deals (at least in our market) with solid fundamentals while also getting out sized returns on them. I'm sure that the pay is good and the hours are definitely long.
I would be most wary of the work environment and I would leave it at that ;).
I would counter your observation about the Alternative Lending space to say that a lot of people are mistaking leverage for genius. All the debt funds that have popped up over the last few years are levered to the tits. God knows how this will play out.
Don't know much about them personally, but their reputation from others in the business is that they're total cowboys without much sense of downside protection.
We know what happened to the cowboys....
I do agree that the lenders who are relatively late to the alternative space are primed for a big hit when that day comes. Many, I bet, don’t have an internal asset management team to focus on the problems when they manifest. Madison at least has been around for 15 years or so and, one would reasonably think, is better prepared than most.
Also, they're a loan-to-own shop. Taking on the underlying deals and being able to execute them to completion mitigates a lot of downside risk.
How would one even go about getting on a team like this? Can't seem them as a shop to post an opening.
Any ideas on comp? I read on glassdoor one single statement saying it was below market. Anyone have any data?
Brad Ross just popped up on LinkedIn with a new job. Looks like he departed Madison several months ago, not sure if he bolted or they decided to shutter their LA office.
Would someone classify them as a pure debt fund or a firm that does both equity and debt? I know it states they do both but their last fund from late last year is a debt vehicle.
Would doing something like this limit you into to working only at a debt fund in the future or does it help since they are a special sits sort of firm if they are truly loan to own?
They can pretend to be REPE but they're just mortgage bankers really with sub-mediocre educational backgrounds. Sorry.
https://www.madisonrealtycapital.com/platform/real-estate-private-equit…; - Those are some equity deals highlighted. I don't know the actual definition of a mortgage banker but the firm that we use lends other peoples money. Does the fact that they loan their own money and raise substantial funds to do so make them not a bunch of mortgage bankers? I am honestly curious.
Zegen and Shatz both went to Brandeis... get the stick out of your ass
bump. They are hiring again, anyone have any updated insights into culture/comp?
Two words: Predatory Lending
What do you mean by this?
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