Dinosaur, Mugar Secure $44M to Transfigure 31 Milk; Davis Cos. Debuts Credit Platform

Boston — JV Dinosaur Capital Partners and Mugar Enterprises have secured $44 million in financing to convert the office building at 31 Milk Street in Downtown Boston into a multifamily residential property. The JV purchased the upper 10 floors of the historic PO Square building for $9.56 million in 2025, with plans to convert them into residential apartments.

The three-year senior construction loan was provided by an affiliate of The Davis Companies, marking the debut transaction for its integrated credit platform. S. USA Insurance Company , a subsidiary of Prosperity Life Group, originated the debt.

The $44 million loan is part of a larger capital stack. The adaptive reuse project is also being funded by MassHousing subordinate financing, alongside federal and state historic tax credits. JLL Capital Markets brokered the financing on behalf of the developers.

According to marketing, The Residences at 31 Milk involves the conversion and restoration of the 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.

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.”

Located in the 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.