JLL arranges $44 million construction loan for 31 Milk Street office-to-residential conversion in Boston

JLL•2026-09-29

JLL arranged $44 million in three-year senior construction financing for the conversion of Boston’s 31 Milk Street into 110 rental units, with completion targeted in 2027.

1. Financing and plans

The financing came from an affiliate of The Davis Companies, its first deal in an integrated credit platform, alongside S. USA Insurance. Borrowers Dinosaur Capital Partners and Mugar Enterprises plan to convert the 1921 building into 110 rental units, with completion targeted in 2027. The capital stack also includes federal and state historic tax credit financing and subordinate financing from MassHousing.

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JLL arranges $44 million construction loan for 31 Milk Street office-to-residential conversion in Boston

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JLL arranges $44 million construction loan for 31 Milk Street office-to-residential conversion in Boston

1. Financing and plans

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Sources

JLL arranges $44 million construction loan for 31 Milk Street office-to-residential conversion in Boston

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