Mag Mile Capital Lands $10.25M in JV Equity for Chicago Office-to-Residential Conversion

CHICAGO, June 16, 2025 – Mag Mile Capital, a Chicago-based commercial real estate mortgage banking firm, today announced it has successfully arranged a $10.25 million joint venture equity deal for an innovative office-to-multifamily conversion project in the city’s vibrant River North neighborhood. The project, located at 111 W. Illinois, will transform a Class A office building into 153 upscale rental apartments.

The equity, secured from a Chicago-based institutional limited partner, closed in late May 2025. Mag Mile Capital was brought in by the development team to secure an institutional partner who understood the unique opportunity presented by the conversion and shared the team’s vision.

Spearheading the transaction was Matt Weilgus, SVP and Head of Originations at Mag Mile Capital. This capital infusion will enable the newly formed joint venture to acquire the property and fund a portion of the construction costs for the apartment conversion.

“This deal is significant, one of the largest of its kind in Chicago post-COVID, highlighting the continued shift in the real estate landscape,” noted Weilgus. “We were tasked with securing crucial capital quickly, and we delivered, providing not only the funds but also a seasoned institutional partner with local market expertise who brought added value to the team.”

Rushi Shah, Chairman and CEO, commented on the closing: “This transaction underscores the importance of our long-standing relationships and our ability to provide comprehensive capital solutions for our clients. We are incredibly proud to have facilitated this deal for such a high-profile project in our home market, and we look forward to witnessing its success.”

Mag Mile Capital continues to focus on providing bespoke financing and equity solutions across all commercial real estate sectors nationwide, leveraging its extensive network and creative structuring expertise.

Deal Spotlight: 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

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About Mag Mile Capital

With roots dating back to 1991, Mag Mile Capital is a Chicago-based, full-service commercial real estate mortgage banking firm with a national reach. The company specializes in structuring and placing debt and equity across the entire capital stack, offering access to high-leverage, non-recourse commercial real estate bridge loans, permanent mortgages, and equity solutions for a diverse range of asset classes. Leveraging its extensive network of relationships and its team’s collective experience, Mag Mile Capital provides bespoke advisory solutions for real estate investors, developers, and entrepreneurs. The firm’s personnel have closed over $9 billion in real estate financing.

For more information about Mag Mile Capital, visit www.magmilecapital.com or follow us on social media: Facebook, Twitter, LinkedIn, Instagram.

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