Commercial real estate finance concern Mag Mile Capital has completed the financing for a luxury multifamily building in Chicago’s tony Gold Coast District, one of the few rental properties in the area, according to Mag Mile.

Rushi Shah, Principal and CEO; Prabhat Jayara, vice president of originations; and Francisco Nacorda, SVP of originations together completed a $4.69M five-year loan. 

“This was a local bank deal all along and the challenge here was the tight acquisition,” said Jayara. 

The property “contains a grand total of eight luxury apartments and over 1,300 square feet of commercial space,” said Rushi Shah. “The Chicago Gold Coast is an affluent part of the city that is absolutely historic.” 

Mag Mile Capital is a boutique-sized firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate properties