Madison raises $227 million for debt fund

Madison Realty Capital has raised $227 million for its Sullivan Debt Fund, according to a filing with the Securities and Exchange Commission. The debt fund has a $300 million target with a hard cap of $500 million. A final close was not disclosed with the filing.

Sullivan Debt Fundwill be primarily focused on New York City and the East Coast from the mid-Atlantic to New England.

The value-added/opportunistic fund seeks to invest in and dispose of investments originated and underwritten by third parties consisting of senior secured mortgages, junior interests in first mortgage loans (B-notes), and distressed and defaulted senior secured loans. Additionally, the fun