Downtown Boston’s 31 Milk St. is being redeveloped into 110 residential units, with Dinosaur Capital Partners and Mugar Enterprises obtaining a $44 million construction loan for the 11-story office building’s conversion.
The redevelopment, named The Residences at 31 Milk, is currently underway and is anticipated to finish in 2027. An affiliate of The Davis Cos. and S.USA Insurance Co. provided the three-year senior note.
The capital structure for this adaptive reuse project includes federal and state historic tax credit financing, along with subordinate financing from MassHousing. Additionally, the initiative received $4 million from Massachusetts’ Commercial Conversion program, which supports transforming offices into housing.
This construction financing marks the first deal executed through The Davis Cos.’ newly expanded integrated credit platform. In September 2025, the firm announced significant growth and diversification of its credit investments across various asset classes and capital structures.
JLL Capital Markets organized the project’s financing. The Debt Advisory team, led by Managing Director Anthony Cutone and Director Madeline Joyce, along with Associates Michael Schwarze and Joe Marinaro, represented the borrower.
Dinosaur Capital purchased the 95,000-square-foot property in 2025 for $9.6 million from Liberty Bank, as reported by Yardi Matrix data. TOCCI serves as the construction manager, while ICON Architecture handles the design.
The joint venture is transforming the historic office building, constructed between 1921 and 1923, into 110 apartments. Of these, 22 units will be affordable for residents earning up to 60 percent of the area median income. The apartments include studios, one-, and two-bedroom layouts.
Residents will have access to a club room featuring lounge seating, a fireplace, televisions, and a kitchen; an open fitness area for cardio and weights; separate yoga rooms; a conference room; private work-from-home spaces; secure bike storage; and a pet washing station.
The U.S. Postal Service will remain on the ground floor. This transit-friendly development is within walking distance of popular Boston destinations, including Faneuil Hall Marketplace, Boston Common, Downtown Crossing, the North End, the Rose Fitzgerald Kennedy Greenway, and the Seaport District.
Earlier this month, Dinosaur Capital obtained a $45.8 million construction loan from a partnership between Affinius Capital and Axonic Capital for the ground-up development of 7 Hartwell Ave. in Lexington, Mass. This five-story, 130-unit, Class A multifamily property is slated for completion in 2028.
According to JLL Capital Markets, this project is one of Lexington’s first Class A multifamily developments in over 20 years. The same Debt Advisory team, Cutone, Joyce, Schwarze, and Marinaro, also secured this loan for Dinosaur Capital.