Boston Office-to-Residential Project Gets $44M Construction Loan
The development is among the largest of its kind in the city.
Dinosaur Capital Partners and Mugar Enterprises have secured a $44 million construction loan for the conversion of an 11-story office building at 31 Milk St. in downtown Boston into a 110-unit residential community.
The redevelopment, called The Residences at 31 Milk, is underway and expected to be completed in 2027.
An affiliate of The Davis Cos. and S. USA Insurance Co. provided the three-year senior note. The capital stack for the adaptive reuse redevelopment also includes federal and state historic tax credit financing, as well as subordinate financing from MassHousing. The project also received $4 million from the state’s Commercial Conversion program to support office-to-housing conversions.
The construction financing is the first deal The Davis Cos. has done through its integrated credit platform. The firm announced in September 2025 that it was significantly expanding and diversifying its credit investments across asset classes and throughout the capital stack.
JLL Capital Markets arranged the financing for the project. The Debt Advisory team representing the borrower was led by Managing Director Anthony Cutone, Director Madeline Joyce and Associates Michael Schwarze and Joe Marinaro.
What’s getting converted
Dinosaur Capital acquired the 95,000-square-foot asset in 2025 for $9.6 million from Liberty Bank, according to Yardi Matrix data. The redevelopment is one of Boston’s largest conversion projects. TOCCI has been tapped as the construction manager and ICON Architecture is the project’s architect.
The joint venture partners are converting the historic office building, built between 1921 and 1923, into 110 apartments with 22 of the units to be affordable for residents earning up to 60 percent of the area median income. The unit mix includes studios, one- and two-bedroom floorplans.
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Amenities at The Residences at 31 Milk will include a club room with lounge seating, a fireplace, televisions and a kitchen, an open fitness area for cardio and weights and separate yoga rooms, a conference room, private work-from-home rooms, secure bike parking and a pet washing station.
The U.S. Postal Service. Will continue to utilize the building’s ground floor.
The transit-oriented development will also be within walking distance of some of the city’s most popular public areas and neighborhoods including Faneuil Hall Marketplace, Boston Common, Downtown Crossing, the North End, the Rose Fitzgerald Kennedy Greenway and the Seaport District.
Dinosaur Capital’s suburban ground-up development
Earlier this month, Dinosaur Capital secured a $45.8 million construction loan from a partnership between Affinius Capital and Axonic Capital for the ground-up development of 7 Hartwell Avenue, a five-story, 130-unit, Class A multifamily property in Lexington, Mass. The project is expected to be completed in 2028.
The shovel-ready project is one of Lexington’s first Class A multifamily developments in more than 20 years, according to JLL Capital Markets, which arranged the financing. The same Debt Advisory team of Cutone, Joyce, Schwarze and Marinaro also secured the loan for Dinosaur Capital for this project.
