$MMCP Mag Mile Capital Secures $10.25 Million in Joint Venture Equity for Chicago Office-to-Multifamily Conversion Project
https://www.globenewswire.com/news-release/20...oject.html
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 $10.25 million in joint venture equity on behalf of the development team executing an innovative Class A office-to-multifamily conversion project at 111 W. Illinois in the River North neighborhood of Chicago, IL.
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: $10,250,000
Closing Date: 05/30/2025
Originator: Matt Weilgus
https://www.globenewswire.com/news-release/20...oject.html
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 $10.25 million in joint venture equity on behalf of the development team executing an innovative Class A office-to-multifamily conversion project at 111 W. Illinois in the River North neighborhood of Chicago, IL. 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: $10,250,000
Closing Date: 05/30/2025
Originator: Matt Weilgus
