Magnetic nanoparticles embedded in polymer matrices have excellent potential for multifunctional applications like magnetic remote heating, controlled drug delivery, hyperthermia, and thermally functionalized biomedical devices. A solvent-based processing method was developed to produce magnetic composites consisting of magnetite (Fe3O4) superparamagnetic nanoparticles embedded in a biomedical-grade polyurethane (ChronoFlex® C). The particles had a log-normal size distribution spanning from 4−16 nm, with a mean-size of 9.5 ± 2 nm. X-ray diffraction, transmission electron microscopy, and scanning electron microscopy with elemental mapping were used to assess the phase purity, surface morphology, particle size, and homogeneity of the resulting nanocomposite. The magnetic properties of composites with 7–13 wt% of Fe3O4 were studied between 5 and 300 K using vibrating sample magnetometry. Room temperature magnetic attraction was observed, with a saturation magnetization of up to 5 em