Madison Realty Capital, a private real estate investment firm heavily backed by public pension money, has been stuck with a nearly half-empty rental portfolio in Manhattan’s East Village. When the New York-based firm financed controversial landlord Raphael Toledano’s purchase of the 16 buildings in 2015, critics called the deal overleveraged. Madison lent $124 million for a portfolio that cost $97 million. But the lender had its reasons. The firm, led by Josh Zegen, Brian Shatz
source https://therealdeal.com/2020/03/30/pension-fund-money-is-getting-tangled-in-some-controversial-housing-deals/
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