The Madrasa was commissioned by Dündar Bey, an Anatolian prince. Just like other beyliks (princes) of that time, he emerged during the last phase of the Seljuks of Anatolia. His suzerain (feudal rule) was the Mongol Empire. The capital of his Beylik (Principality) was Eğirdir, now a resort, then an important city. The madrasa was built around 1301 during this period. Although Dündar was later killed by the Mongols, his sons managed to continue the beylik until the Ottoman conquest in 1391.
Source: Wikipedia (English/Turkish)