Mag Mile Capital (MMCP) Secures $24M Construction Financing for 87-Unit Cleveland Multifamily Project

Rhea-AI Summary

Mag Mile Capital (OTCQB: MMCP) arranged $24.0 million in construction financing for an 87-unit, ~128,000 sq ft multifamily building at Belle Oaks Marketplace in Richmond Heights, OH, announced March 18, 2026. The loan is structured at 80% loan-to-cost and priced at 1-month SOFR + 600 bps.

Financing was provided by a private credit debt fund to support the residential component of the mixed-use project developed by DealPoint Merrill; Mag Mile Capital originated the loan through Senior VP Matt Weilgus.

Positive

• Arranged $24.0M construction loan for 87-unit project
• Loan structured at 80% loan-to-cost
• Asset size ~128,000 sq ft residential component
• Financing executed with a private credit debt fund

Negative

• Floating-rate pricing at SOFR+600 bps raises borrower interest cost
• Greater reliance on private credit highlights tighter bank lending conditions

Cleveland, Ohio--(Newsfile Corp. - March 18, 2026) - Mag Mile Capital, Inc. (OTCQB: MMCP), a nationwide commercial real estate mortgage banking and capital markets firm, announced it has successfully arranged $24 million in construction financing for an 87-unit multifamily development located within the Belle Oaks Marketplace mixed-use project in Richmond Heights, Ohio, part of the greater Cleveland metropolitan area.

Closing Tombstone

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The construction loan was arranged on behalf of DealPoint Merrill, a fully integrated real estate investment and development firm, and will support development of the 128,000-square-foot residential component within the mixed-use community project.

The financing was provided by a private credit debt fund, reflecting the increasing role of alternative lenders and private credit funds in commercial real estate (CRE) development financing as traditional banks remain more selective in underwriting new construction loans.

Loan proceeds will fund construction of the 87-unit multifamily residential property, with the financing structured at 80% loan-to-cost leverage and priced at a floating rate of 600 basis points over the 1-month SOFR benchmark.

Private Credit Expands Role in U.S. Construction Lending

Industry analysts note that private credit and debt funds are playing an increasingly important role in commercial real estate financing, particularly in multifamily housing development, where long-term housing supply shortages and sustained rental demand continue to drive investment activity across many U.S. markets.

Mag Mile Capital Senior Vice President and Head of Originations Matt Weilgus, who originated the transaction, said the financing demonstrates the firm's ability to match development projects with the right capital partner in today's evolving lending environment.

"The closing of this construction financing illustrates how we add value for every deal, every client, and every capital source in a unique way," Weilgus said. "We are optimistic that this will be the first of many transactions with both the developer and capital provider. The lender made every effort to understand the sponsor's long-term vision for Belle Oaks Marketplace, which is expected to become a key mixed-use community hub in the Cleveland area."

Mixed-Use Development Anchors Growing Cleveland Submarket

The Belle Oaks Marketplace project represents a broader mixed-use real estate development strategy combining residential and commercial components designed to serve growing suburban communities in the Cleveland metro region.

DealPoint Merrill CEO David Frank said the financing represents an important milestone for the project's development timeline.

"We are grateful to Matt Weilgus and the Mag Mile Capital team for delivering a premier construction financing execution to our team at DealPoint Merrill," Frank said. "This financing will play a significant role in bringing our vision for Belle Oaks Marketplace to fruition and delivering new housing and community amenities for residents of Richmond Heights."

Multifamily Development Continues to Attract Capital

Market participants say multifamily housing development remains one of the most actively financed commercial real estate sectors, supported by long-term demographic trends, housing supply constraints, and strong rental demand in many U.S. cities.

"In today's lending environment, successful construction financing requires strong sponsorship, disciplined leverage, and the ability to match a project with the right capital partner," said Rushi Shah, CEO of Mag Mile Capital. "Debt funds have become one of the most active sources of development capital, providing flexible financing structures and competitive execution for experienced sponsors pursuing high-quality multifamily projects."

Mag Mile Capital structured the loan to align with the project's development timeline while providing flexible institutional capital for construction, enabling the sponsor to move forward with the next phase of development.

The transaction highlights Mag Mile Capital's continued expansion in multifamily construction financing and commercial real estate capital markets advisory, leveraging relationships with banks, private credit funds, institutional lenders, and alternative capital providers to deliver tailored financing solutions for developers and real estate investors nationwide.

Transaction Snapshot

Sponsor: DealPoint Merrill

Location: Richmond Heights, OH (Cleveland Metro)

Asset Type: Multifamily Development

Units: 87

Size: Approximately 128,000 SF

Loan Amount: $24,000,000

Leverage: 80% Loan-to-Cost

Rate: 1-Month SOFR + 600 bps

Capital Provider: Debt Fund

Originator: Matt Weilgus

About Mag Mile Capital

Mag Mile Capital is a nationwide commercial mortgage banking firm providing capital solutions across all major real estate asset classes including multifamily, mixed-use, retail, office, industrial, and hospitality. The firm specializes in construction financing, bridge lending, agency, CMBS, and structured finance executions, delivering customized institutional capital strategies to sponsors and investors throughout the United States.

Media Contact

Rushi Shah

CEO, Mag Mile Capital

Phone: (847) 722-9192

Email: rshah@magmilecapital.com

Website: www.magmilecapital.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288956

FAQ

What financing did Mag Mile Capital (MMCP) secure for the Belle Oaks project on March 18, 2026?

Mag Mile Capital arranged a $24.0 million construction loan for the Belle Oaks multifamily component. According to the company, the loan supports an 87-unit, ~128,000-square-foot residential building in Richmond Heights and was placed with a private credit debt fund.

What are the key loan terms for the MMCP-arranged construction financing for Belle Oaks Marketplace?

The loan is structured at 80% loan-to-cost and priced at 1-month SOFR + 600 bps. According to the company, proceeds will fund construction of the 87-unit residential asset within the mixed-use development.

Who is the sponsor and capital provider for the 87-unit Belle Oaks Marketplace development financed by MMCP?

The sponsor is DealPoint Merrill and the capital provider is a private credit debt fund. According to the company, Mag Mile Capital originated the transaction and matched the developer with the debt fund for construction capital.

How does the MMCP-arranged financing reflect broader CRE lending trends in 2026?

The transaction illustrates increased participation by private credit in development lending as banks tighten underwriting. According to the company, debt funds are playing a larger role in multifamily construction financing amid selective bank lending.

What will the $24 million loan fund and what is the development size for the Belle Oaks project arranged by MMCP?

The loan will fund construction of an 87-unit multifamily building totaling about 128,000 sq ft. According to the company, this residential component is part of the larger Belle Oaks Marketplace mixed-use community in Richmond Heights.