Mag Mile Capital Secures $10.25 Million in Joint Venture Equity for Chicago Office-to-Multifamily Conversion Project

Key Takeaways:

• Mag Mile Capital arranged $10.25 million in joint venture equity.
• Funding supports an office-to-multifamily conversion project.
• The project is located at 111 W. Illinois in Chicago’s River North.
• The building being converted is a Class A office space.
• Mag Mile Capital is publicly traded on OTCQB under “MMCP.”

Transforming Office Space into Homes in River North

Mag Mile Capital, Inc. (OTCQB: MMCP) has announced the successful arrangement of $10.25 million in joint venture equity on behalf of a development team. The funding will support an innovative project to convert a Class A office building at 111 W. Illinois into multifamily residential units.

An Innovative Conversion Project

The property at 111 W. Illinois, situated in the vibrant River North neighborhood of Chicago, is set for a significant transformation. Originally a premier office space, the building will undergo conversion into high-quality residential units. This project reflects a growing trend of repurposing office buildings to meet the increasing demand for urban housing.

Mag Mile Capital’s Role

Acting on behalf of the development team, Mag Mile Capital played a pivotal role in securing the substantial equity needed to move the project forward. The company’s successful arrangement of $10.25 million underscores its commitment to facilitating significant developments within the real estate sector.

Impact on Chicago’s River North Neighborhood

River North is renowned for its artistic flair, dining scene, and lively nightlife. The introduction of new multifamily residences at 111 W. Illinois is expected to enhance the neighborhood’s residential appeal and contribute positively to the local community.

About Mag Mile Capital

Mag Mile Capital is a publicly traded company on the OTCQB under the symbol “MMCP.” The firm’s involvement in this project highlights its expertise in arranging complex financial solutions and its dedication to innovative urban development initiatives.

Conclusion

The conversion of 111 W. Illinois from a Class A office building to multifamily residences represents a significant development in Chicago’s urban landscape. With Mag Mile Capital’s successful arrangement of joint venture equity, the project is poised to contribute meaningfully to the evolution of River North and address the growing need for residential housing in the city.