Mag Mile Capital Secures $10.25 Million in Joint Venture Equity for Chicago Office-to-Multifamily Conversion Project
- Secured substantial $10.25 million in joint venture equity funding
- Project will create 153 Class A multifamily rental units in prime River North location
- Successfully executed one of Chicago's largest post-Covid office-to-residential conversion projects
- Partnership with local institutional investor adds value beyond financial investment
- Tight timeframe for capital stack completion could have impacted negotiation leverage
- Project success depends on successful conversion and residential market demand
- Construction costs only partially funded by this equity arrangement, suggesting additional funding needed
Chicago, Illinois, June 16, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital, Inc. (OTCQB: MMCP) ("Mag Mile", or the "Company") is pleased to announce the successful arrangement of
The joint venture equity was arranged on behalf of the development team and secured from an institutional limited partner based in Chicago. The equity portion of the transaction closed in late May 2025. Mag Mile was engaged by the development partners to secure an institutional equity partner who would quickly understand the uniqueness of this conversion opportunity and align with the vision of the partners.
Matt Weilgus, SVP and Head of Originations of Mag Mile spearheaded the transaction. This strategic capital enables the newly formed joint venture to acquire the property and fund a portion of the construction costs required to convert a former Class A office component of the building to 153 Class A multifamily rental apartments.
“This transaction is noteworthy as it is one of the largest projects in Chicago to be executed in the post-Covid wave of office-to-residential conversions. Sponsorship engaged us on a tight timeframe to solidify the capital stack. We successfully and efficiently executed on the mandate by delivering a seasoned institutional capital partner with local market expertise to add value to the team beyond simply writing a check,” said Weilgus.
Rushi Shah, Chairman and CEO commented on the closing: “This was an exciting closing for Mag Mile Capital as this deal exemplifies the importance of longstanding relationships with both owner-developer clients and institutional equity capital partners. Mag Mile prides itself on its ability to solve all commercial real estate capital needs throughout the capital stack on behalf of its clients. This transaction involving a trophy project in our home market we are headquartered is a great source of pride internally and to be shared with our client and capital partner. We look forward to seeing this exciting project to fruition and continuing to deliver value to our clients nationwide.”
Mag Mile Capital remains committed to delivering tailored financing and equity solutions across all commercial real estate sectors nationwide, leveraging its extensive network with capital source relationships and innovative structuring capabilities.
Deal: 111 W. Illinois, Chicago, IL – Office-to-Multifamily Conversion
Location: River North, Chicago, IL
Capital type: JV Equity
Loan Amount:
Closing Date: 05/30/2025
Originator: Matt Weilgus
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About Mag Mile Capital – Turning Relationships into Closings Since 1991
Mag Mile Capital is a boutique full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes. The firm offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out financing for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively closed over
For the latest details on Mag Mile Capital investments, visit our website at: www.magmilecapital.com and follow us on social media: Facebook, Twitter, LinkedIn, Instagram.
Forward-Looking Statements
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. The forward-looking statements in this press release include statements regarding the benefit of qualifying our common shares for trading on the OTCQB market. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission (“SEC”), including its quarterly report on Form 10-Q for the fiscal period ended September 30, 2024. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.
For further information contact:
Rushi Shah
CEO
Tel: 1.312.642.0100
inquiries@magmilecapital.com
www.magmilecapital.com
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FAQ
What is the value of the joint venture equity secured by Mag Mile Capital (MMCP) for the Chicago conversion project?
How many residential units will be created in the MMCP Chicago office conversion project?
When did Mag Mile Capital (MMCP) close the joint venture equity deal for the Chicago conversion?
Who led the transaction for Mag Mile Capital's Chicago office conversion project?
Where is the Chicago office conversion project located?
