Mag Mile Capital Secures $10.25M for Chicago Office-to-Residential Conversion
Mag Mile Capital, Inc. has successfully arranged $10.25 million in joint venture equity to support the conversion of a former office space into a multifamily development at 111 W. Illinois Street in Chicago’s River North neighborhood.
The equity investment was secured on behalf of the project’s development team from a Chicago-based institutional limited partner. Mag Mile Capital was engaged by the developers to identify and secure an institutional equity partner for the initiative.
Matt Weilgus, Senior Vice President and Head of Originations at Mag Mile Capital, led the transaction. “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,” said Weilgus.
The newly secured capital will allow the joint venture to acquire the property and fund part of the construction costs involved in transforming the former office space into 153 Class A multifamily rental apartments.
