Mag Mile Capital Secures $10.25M Equity For Office-to-Residential Conversion In Chicago

A development site located at 111 West Illinois Street in the Chicago market has recently engaged in a significant transaction. The loan amount secured for this project is $10,250,000, which is earmarked for an office-to-residential conversion. This project aims to transform the site into 153 Class A apartments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,250,000
• Loan Type: Equity
• Address: 111 West Illinois Street
• Market: Chicago
• Asset Characteristics: 153 Class A apartments

The deal was facilitated by brokers Rushi Shah and Matt Weilgus from Mag Mile Capital, who played a crucial role in securing the joint venture equity from a Chicago-based institutional partner. This transaction marks one of Chicago’s largest post-Covid office-to-multifamily projects, guided by Mag Mile SVP Matt Weilgus.