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$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/2025/06/16/3099989/0/en/Mag-Mile-Capital-Secures-10-25-Million-in-Joint-Venture-Equity-for-Chicago-Office-to-Multifamily-Conversion-Project.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
$MMCP Mag Mile Capital Secures $9.75 Million CMBS Financing for Holiday Inn Indianapolis Airport
https://www.globenewswire.com/news-release/2025/06/11/3097633/0/en/Mag-Mile-Capital-Secures-9-75-Million-CMBS-Financing-for-Holiday-Inn-Indianapolis-Airport.html
Chicago, Illinois, June 11, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital, Inc. (OTCQB: MMCP) ("Mag Mile", or the "Company") is pleased to announce the successful closing of $9.75 million in cash out CMBS financing for the Holiday Inn at Indianapolis Airport, a premium hotel located in Indianapolis, Indiana.
The financing was structured with a 60% loan-to-value (LTV) ratio, a 5-year loan term, and a 30-year amortization schedule. The limited-recourse loan closed in May 2025. The CMBS loan was funded by a large New York based non-bank lender that is one of Mag Mile Capital’s premier relationships in the capital markets.
Rushi Shah, Chairman and CEO of Mag Mile spearheaded the transaction along with support from Prabhat Jayara, Senior Vice President of Originations. This strategic financing enhances the property's long-term financial stability, enabling ownership to maximize cash flow and uphold operational excellence in the expanding Indianapolis market.
“This deal was noteworthy as we were able to return capital to the sponsor after the deep value that they had added to the asset. Prabhat Jayara said. “We also were able to reward the Sponsor for improving the asset's quality and cash flow by providing a cash out in addition to the funds provided to add a Bar Louis restaurant in the lobby” says Prabhat.
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 the commercial real estate owner-clients that turn into repeat business for Mag Mile’s franchise. This is a perfect example of how to effectively use capital markets to recycle capital for growth. Our clients here purchased a Ramada Inn by Wyndham and converted to Holiday Inn by Intercontinental Hotel Group, seasoned the asset, and then put a permanent loan while recycling the capital for further growth. We value repeat clients and repeat business as it shows our commitment to client success and the value of loyalty amongst our clients.”
Mag Mile Capital remains committed to delivering tailored financing solutions across all commercial real estate sectors, leveraging its extensive rolodex with real lender relationships and innovative structuring capabilities.
Deal: Holiday Inn by IHG at Indianapolis, Indiana
Location: Indianapolis, Indiana
Financing type: CMBS
Loan Amount: $9,750,000
LTV: 60%
Loan Term: 5 Years
Amortization: 30 Years amortization
Recourse: Limited Recourse
Closing Date: 05/20/2025
Originator: Rushi Shah and Prabhat Jayara
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