$44M construction loan secured for office-to-residential conversion

• JLL Capital Markets arranges $44 million in construction financing for The Residences at 31 Milk in Boston, Massachusetts

• To facilitate the office-to-residential conversion, an affiliate of The Davis Companies, as the first deal in its integrated credit platform, and S. USA Insurance Company originated the $44 million financing for Dinosaur Capital Partners and Mugar Enterprises.

• The 1921-vintage jewel-box office building was uniquely positioned for adaptive reuse and will set a new benchmark for boutique rental apartments in the heart of Boston

BOSTON, Sept. 29, 2026 – JLL Capital Markets announced today that it has arranged $44 million in financing for 31 Milk Street, an adaptive reuse multifamily redevelopment in Downtown Boston, Massachusetts.

JLL represented the borrower, Dinosaur Capital Partners and Mugar Enterprises, in securing the three-year, senior construction loan from an affiliate of The Davis Companies, as the first deal in its integrated credit platform, and S. USA Insurance Company originated the $44 million financing for Dinosaur Capital Partners and Mugar Enterprises as part of a capital stack that also included federal and state historic tax credit financing and a subordinate financing from MassHousing.

The Residences at 31 Milk involves the conversion and restoration of a 1921-vintage, 11-story Beaux Arts office building into a 110-unit residential community. Upon completion in 2027, the new community will offer 88 market-rate and 22 affordable units available in studio, one- and two-bedroom layouts. The Residences will feature modern amenities including a club room with lounge seating, 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.

Located in Boston’s Financial District, The Residences are 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. Additionally, the property is transit-oriented within walking distance of the MBTA State Street Blue and Orange Lines, the Park Street Green and Red Lines and commuter rail access at South Station and North Station.

JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Anthony Cutone, Director Madeline Joyce and Associates Michael Schwarze and Joe Marinaro.

“Securing financing for office-to-residential conversions in today's market requires exceptional collaboration and creative structuring,” said Cutone. “This project represents a true benchmark for adaptive reuse in Boston — bringing together lenders, public agencies and private stakeholders with a shared commitment to getting this transformational project across the finish line. 31 Milk Street’s building dimensions, floor plates, window lines and interior layout uniquely coalesced into an opportunity for the adaptive reuse of the property as residential. Collectively, the combination of modern amenities, historic charm and prime location will serve as a key differentiator for the Residences, effectively establishing a new benchmark for boutique rental apartments in the heart of Boston.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Dinosaur Capital Partners has been developing real estate and managing properties in the Boston area since 2010. For over a decade, the firm has been committed to designing, developing and maintaining sustainable, mixed-income multi-family housing with a positive contribution to the built environment. Under the leadership of co-founders Mark Dufton and Scott Oran, who each bring over 35 years of experience in the real estate market, the company has expanded its portfolio to include numerous successful projects across select communities in the Boston area.

Mugar Enterprises, Inc. (MEI), is a privately held, family firm with over 50 years of real estate development, operating, and investment expertise. MEI pursues both commercial and philanthropic endeavors. Our diverse commercial real estate portfolio includes shopping centers, entertainment venues, parking garages, hotels, and bio tech lab space. MEI also manages a diverse equity and bond portfolio, retail, port developments, and other closely held investments. Over the years, the Mugar family has maintained a strong commitment to community service and philanthropic activities in the Greater Boston area.