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JV Secures Financing for Chicago Office-to-Multifamily Conversion Project
Mag Mile Capital, Inc. has arranged $10.25 million in joint venture equity on behalf of the development team executing an office-to-multifamily conversion project at 111 W. Illinois in the River North neighborhood of Chicago.
The joint venture equity was arranged on behalf of the development team and secured from an institutional limited partner based in Chicago. Mag Mile was engaged by the development partners to secure an institutional equity partner.
Matt Weilgus, SVP and Head of Originations of Mag Mile spearheaded 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 capital enables the newly formed joint venture to acquire the property and fund a portion of the construction costs required to convert a former office component of the building to 153 Class A multifamily rental apartments.
