Core Insights - Mag Mile Capital has successfully arranged $10.25 million in joint venture equity for a Class A office-to-multifamily conversion project in Chicago [1][2][3] - The equity was secured from an institutional limited partner based in Chicago, with the transaction closing in late May 2025 [2][6] - The project will convert a former Class A office space into 153 Class A multifamily rental apartments [3][4] Company Overview - Mag Mile Capital is a boutique commercial real estate mortgage banking firm headquartered in Chicago, with additional offices in several states [7] - The firm specializes in real estate bridge financing, mezzanine and permanent debt placement, and equity arrangements across various real estate asset classes [7] - Mag Mile Capital has collectively closed over $9 billion in real estate financing during its personnel's combined 32 years of experience in the industry [7] Project Details - The project is located at 111 W. Illinois in the River North neighborhood of Chicago [1][6] - The joint venture aims to fund a portion of the construction costs required for the conversion [3][4] - The transaction is significant as it represents one of the largest office-to-residential conversion projects in Chicago following the Covid-19 pandemic [4] Leadership Commentary - Matt Weilgus, SVP and Head of Originations, emphasized the importance of securing a seasoned institutional capital partner with local market expertise for the project [4] - Rushi Shah, Chairman and CEO, highlighted the significance of long-standing relationships with clients and capital partners in achieving this closing [5] - The company aims to continue delivering tailored financing and equity solutions across all commercial real estate sectors nationwide [5]

Mag Mile Capital, Inc Indy Closing 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 202 ...