BOSTON — The Davis Companies has completed the first transaction through its newly established credit platform, providing $44 million in financing for the conversion of a downtown Boston office building into 110 residential units.
The financing supports the redevelopment of 31 Milk Street, where a joint venture between Dinosaur Capital Partners and Mugar Enterprises is converting the underutilized office property into housing in Boston’s Downtown Crossing neighborhood. The project will include 22 affordable units.
Construction on the conversion began in late 2025.
“We’re very excited about the opportunity to support 31 Milk Street and to be part of the conversion of an important asset in our own backyard,” Quentin Reynolds, president and chief investment officer at Davis, said in announcing the financing.
Reynolds said Davis is seeking opportunities through its credit business where it can bring flexibility and experience to complex real estate transactions.
Davis expanded its credit capabilities late last year as part of a broader investment strategy covering mortgage origination, preferred equity and mezzanine investments, purchases of performing notes and investments in single-asset, single-borrower debt securities.
The 31 Milk Street financing is the first deal completed through the expanded platform.
For Dinosaur Capital Partners, the financing advances a project aimed at repurposing an existing downtown property while adding housing to a neighborhood that has undergone significant changes in recent years.
“The office to residential conversion at 31 Milk Street will repurpose an historic asset to provide new critically needed housing options for current and future residents of this constantly evolving neighborhood in Boston,” Scott Oran of Dinosaur Capital Partners said.
Oran said the complexity of the project required partners with specialized experience to move the redevelopment forward.
The completed project will add 110 residential units to Downtown Crossing, including 22 affordable apartments.
Anthony Cutone of JLL represented the Dinosaur Capital Partners-Mugar Enterprises joint venture in structuring the deal.
For Davis, the transaction represents the first deployment of capital through its expanded credit platform and marks a new avenue for the Boston-based real estate firm to participate in financing complex development and redevelopment projects.
