Mag Mile Capital Secures $10.25M in Joint Venture Equity for Chicago Office-to-Multifamily Conversion
Mag Mile Capital, Inc. has successfully arranged $10.25 million in joint venture equity to support an office-to-multifamily conversion project located at 111 W. Illinois in the River North neighborhood of Chicago.
The equity, sourced from an institutional limited partner based in Chicago, was arranged on behalf of the project’s development team. Mag Mile Capital was retained by the developers to secure the institutional equity partner necessary for the transaction.
Matt Weilgus, Senior Vice President and Head of Originations at Mag Mile Capital, led the deal. “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 formed joint venture will use the capital to acquire the property and to partially fund the construction costs required to convert the former office space into 153 Class A multifamily rental apartments. The development marks a significant step in repurposing underutilized office assets in a post-pandemic urban landscape.
