Boston Office Tower Secured $44 Million for Conversion
Developers have obtained financing to transform a historic office building at 31 Milk St. into 110 new residences.
Updated on Oct. 9, 2026 in Commercial
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Dinosaur Capital Partners and Mugar Enterprises have secured $44 million in construction financing to redevelop a 1921 office building in Boston. The project will convert the 11-story structure into 110 residential units, with completion projected for 2027.
Why it matters
This redevelopment effort addresses the city's need for new housing by repurposing aging office inventory in the Financial District. The capital stack relies on a mix of senior loans and historic tax credits to make the conversion of this historic asset economically viable.
The $44 million financing package supports a 110-unit residential conversion featuring 22 affordable units. This total covers the transformation of an 11-story office building originally constructed in 1921.
The players
Dinosaur Capital Partners
A real estate investment firm focused on property development and acquisition.
Mugar Enterprises
A private investment and development firm involved in major commercial and residential projects.
The Davis Companies
An integrated real estate investment, development, and management firm.
JLL Capital Markets
A global real estate services firm that arranges financing and investment sales for commercial projects.
MassHousing
An independent quasi-public agency that provides financing for affordable housing development across the state.
The details
The project is funded by a three-year senior construction loan provided by an affiliate of The Davis Companies. JLL Capital Markets acted as the arranger and borrower representative for the deal, which leverages federal and state historic tax credits to support the residential conversion. MassHousing provided additional subordinate financing for the 31 Milk St. development.
Timeline
1921: The office building was originally constructed.
2027: The residential conversion is scheduled for completion.
Money Landscape
This project follows the broader trend of converting underutilized historic office buildings into residential space in major U.S. cities. It marks a shift from commercial use to residential living in downtown areas facing office vacancy pressures.
Local residents looking for new housing options in the Financial District can monitor the 2027 completion timeline for move-in availability. Individuals interested in the 22 affordable units should track future announcements regarding eligibility and application processes.
The takeaway
Office-to-residential conversions are key to stabilizing downtown areas while increasing housing supply. Interested residents should watch for future marketing materials from the development team as the 2027 completion date approaches.
Further reading
For more on the changing landscape of local property use, visit our Commercial section.
Source note: This article includes information reported by Nerej.
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