{"id":64611,"date":"2026-03-18T12:28:55","date_gmt":"2026-03-18T06:58:55","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/2026\/03\/18\/mag-mile-capital-mmcp-secures-24m-construction-financing-for-87-unit-cleveland-multifamily-project\/"},"modified":"2026-04-24T10:47:16","modified_gmt":"2026-04-24T05:17:16","slug":"mag-mile-capital-mmcp-secures-24m-construction-financing-for-87-unit-cleveland-multifamily-project","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2026\/03\/18\/mag-mile-capital-mmcp-secures-24m-construction-financing-for-87-unit-cleveland-multifamily-project\/","title":{"rendered":"Mag Mile Capital (MMCP) Secures $24M Construction Financing for 87-Unit Cleveland Multifamily Project"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/api.newsfilecorp.com\/newsinfo\/288956\/511\" width=\"2\" height=\"2\" \/><\/p>\n<p style=\"text-align: justify;\">Cleveland, Ohio&#8211;(Newsfile Corp. &#8211; March 18, 2026) &#8211; Mag Mile Capital, Inc. (OTCQB: MMCP), a nationwide <b>commercial real estate mortgage banking and capital markets firm<\/b>, announced it has successfully arranged <b>$24 million in construction financing<\/b> for an <b>87-unit multifamily development<\/b> located within the <b>Belle Oaks Marketplace mixed-use project in Richmond Heights, Ohio<\/b>, part of the <b>greater Cleveland metropolitan area<\/b>.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/images.newsfilecorp.com\/files\/12080\/288956_belle_oaks_post.jpg\"><img decoding=\"async\" src=\"https:\/\/images.newsfilecorp.com\/files\/12080\/288956_belle_oaks_post_550.jpg\" alt=\"Cannot view this image? Visit: https:\/\/images.newsfilecorp.com\/files\/12080\/288956_belle_oaks_post_550.jpg\" \/><\/a><\/p>\n<p>Closing Tombstone<\/p>\n<p style=\"text-align: justify;\">To view an enhanced version of this graphic, please visit:<br \/>\n<a href=\"https:\/\/images.newsfilecorp.com\/files\/12080\/288956_belle_oaks_post.jpg\">https:\/\/images.newsfilecorp.com\/files\/12080\/288956_belle_oaks_post.jpg<\/a><\/p>\n<p style=\"text-align: justify;\">The construction loan was arranged on behalf of <b>DealPoint Merrill<\/b>, a fully integrated <b>real estate investment and development firm<\/b>, and will support development of the <b>128,000-square-foot residential component<\/b> within the mixed-use community project.<\/p>\n<p style=\"text-align: justify;\">The financing was provided by a <b>private credit debt fund<\/b>, reflecting the increasing role of <b>alternative lenders and private credit funds in commercial real estate (CRE) development financing<\/b> as traditional banks remain more selective in underwriting new construction loans.<\/p>\n<p style=\"text-align: justify;\">Loan proceeds will fund construction of the <b>87-unit multifamily residential property<\/b>, with the financing structured at <b>80% loan-to-cost leverage<\/b> and priced at a <b>floating rate of 600 basis points over the 1-month SOFR benchmark<\/b>.<\/p>\n<p style=\"text-align: justify;\"><b>Private Credit Expands Role in U.S. Construction Lending<\/b><\/p>\n<p style=\"text-align: justify;\">Industry analysts note that <b>private credit and debt funds are playing an increasingly important role in commercial real estate financing<\/b>, particularly in <b>multifamily housing development<\/b>, where long-term housing supply shortages and sustained rental demand continue to drive investment activity across many U.S. markets.<\/p>\n<p style=\"text-align: justify;\">Mag Mile Capital Senior Vice President and Head of Originations <b>Matt Weilgus<\/b>, who originated the transaction, said the financing demonstrates the firm&#8217;s ability to match development projects with the right capital partner in today&#8217;s evolving lending environment.<\/p>\n<p style=\"text-align: justify;\">&#8220;The closing of this construction financing illustrates how we add value for every deal, every client, and every capital source in a unique way,&#8221; Weilgus said. &#8220;We are optimistic that this will be the first of many transactions with both the developer and capital provider. The lender made every effort to understand the sponsor&#8217;s long-term vision for Belle Oaks Marketplace, which is expected to become a key mixed-use community hub in the Cleveland area.&#8221;<\/p>\n<p style=\"text-align: justify;\"><b>Mixed-Use Development Anchors Growing Cleveland Submarket<\/b><\/p>\n<p style=\"text-align: justify;\">The Belle Oaks Marketplace project represents a broader <b>mixed-use real estate development strategy combining residential and commercial components<\/b> designed to serve growing suburban communities in the Cleveland metro region.<\/p>\n<p style=\"text-align: justify;\">DealPoint Merrill CEO <b>David Frank<\/b> said the financing represents an important milestone for the project&#8217;s development timeline.<\/p>\n<p style=\"text-align: justify;\">&#8220;We are grateful to Matt Weilgus and the Mag Mile Capital team for delivering a premier construction financing execution to our team at DealPoint Merrill,&#8221; Frank said. &#8220;This financing will play a significant role in bringing our vision for Belle Oaks Marketplace to fruition and delivering new housing and community amenities for residents of Richmond Heights.&#8221;<\/p>\n<p style=\"text-align: justify;\"><b>Multifamily Development Continues to Attract Capital<\/b><\/p>\n<p style=\"text-align: justify;\">Market participants say <b>multifamily housing development remains one of the most actively financed commercial real estate sectors<\/b>, supported by long-term demographic trends, housing supply constraints, and strong rental demand in many U.S. cities.<\/p>\n<p style=\"text-align: justify;\">&#8220;In today&#8217;s lending environment, successful construction financing requires strong sponsorship, disciplined leverage, and the ability to match a project with the right capital partner,&#8221; said <b>Rushi Shah, CEO of Mag Mile Capital<\/b>. &#8220;Debt funds have become one of the most active sources of development capital, providing flexible financing structures and competitive execution for experienced sponsors pursuing high-quality multifamily projects.&#8221;<\/p>\n<p style=\"text-align: justify;\">Mag Mile Capital structured the loan to align with the project&#8217;s development timeline while providing <b>flexible institutional capital for construction<\/b>, enabling the sponsor to move forward with the next phase of development.<\/p>\n<p style=\"text-align: justify;\">The transaction highlights Mag Mile Capital&#8217;s continued expansion in <b>multifamily construction financing and commercial real estate capital markets advisory<\/b>, leveraging relationships with <b>banks, private credit funds, institutional lenders, and alternative capital providers<\/b> to deliver tailored financing solutions for developers and real estate investors nationwide.<\/p>\n<p style=\"text-align: justify;\"><b>Transaction Snapshot<\/b><\/p>\n<p style=\"text-align: justify;\">Sponsor: <a href=\"https:\/\/api.newsfilecorp.com\/redirect\/7nD3ESMDLk\">DealPoint Merrill<\/a><\/p>\n<p style=\"text-align: justify;\">Location: Richmond Heights, OH (Cleveland Metro)<\/p>\n<p style=\"text-align: justify;\">Asset Type: Multifamily Development<\/p>\n<p style=\"text-align: justify;\">Units: 87<\/p>\n<p style=\"text-align: justify;\">Size: Approximately 128,000 SF<\/p>\n<p style=\"text-align: justify;\">Loan Amount: $24,000,000<\/p>\n<p style=\"text-align: justify;\">Leverage: 80% Loan-to-Cost<\/p>\n<p style=\"text-align: justify;\">Rate: 1-Month SOFR + 600 bps<\/p>\n<p style=\"text-align: justify;\">Capital Provider: Debt Fund<\/p>\n<p style=\"text-align: justify;\">Originator: <a href=\"https:\/\/api.newsfilecorp.com\/redirect\/ej2JOuMNnD\">Matt Weilgus<\/a><\/p>\n<p style=\"text-align: justify;\"><b>About Mag Mile Capital<\/b><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/api.newsfilecorp.com\/redirect\/xEA4MiKr1m\">Mag Mile Capital<\/a> is a nationwide commercial mortgage banking firm providing capital solutions across all major real estate asset classes including multifamily, mixed-use, retail, office, industrial, and hospitality. The firm specializes in construction financing, bridge lending, agency, CMBS, and structured finance executions, delivering customized institutional capital strategies to sponsors and investors throughout the United States.<\/p>\n<div style=\"text-align: justify;\">\n<p>Media Contact<\/p>\n<p><a href=\"https:\/\/api.newsfilecorp.com\/redirect\/87rRqCOoLO\">Rushi Shah<\/a><\/p>\n<p>CEO, Mag Mile Capital<\/p>\n<p>Phone: (847) 722-9192<\/p>\n<p>Email: <a href=\"mailto:rshah@magmilecapital.com\">rshah@magmilecapital.com<\/a><\/p>\n<p>Website: <a href=\"https:\/\/api.newsfilecorp.com\/redirect\/KL23RfJZe0\">www.magmilecapital.com<\/a><\/p>\n<\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/images.newsfilecorp.com\/files\/12080\/288956_24dd6936345a0920_logo.jpg\" alt=\"Corporate Logo\" \/><\/p>\n<p style=\"text-align: justify;\">To view the source version of this press release, please visit <a href=\"https:\/\/api.newsfilecorp.com\/redirect\/EZLG8ujRp7\">https:\/\/www.newsfilecorp.com\/release\/288956<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cleveland, Ohio&#8211;(Newsfile Corp. &#8211; March 18, 2026) &#8211; Mag Mile Capital, Inc. (OTCQB: MMCP), a nationwide commercial real estate mortgage banking and capital markets firm, announced it has successfully arranged $24 million in construction financing for an 87-unit multifamily development located within the Belle Oaks Marketplace mixed-use project in Richmond Heights, Ohio, part of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32016],"tags":[32740],"class_list":["post-64611","post","type-post","status-publish","format-standard","","category-press-releases","tag-mag-mile-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mag Mile Capital (MMCP) Secures $24M Construction Financing for 87-Unit Cleveland Multifamily Project - Matribhumi Samachar English<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/matribhumisamachar.com\/en\/2026\/03\/18\/mag-mile-capital-mmcp-secures-24m-construction-financing-for-87-unit-cleveland-multifamily-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mag Mile Capital (MMCP) Secures $24M Construction Financing for 87-Unit Cleveland Multifamily Project - Matribhumi Samachar English\" \/>\n<meta property=\"og:description\" content=\"Cleveland, Ohio&#8211;(Newsfile Corp. &#8211; March 18, 2026) &#8211; Mag Mile Capital, Inc. 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