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, and construction on the conversion began in late 2025.
Quentin Reynolds, president and chief investment officer at Davis, said the firm 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. Anthony Cutone of JLL represented the Dinosaur Capital Partners-Mugar Enterprises joint venture in structuring the deal.
The transaction marks the first deployment of capital through Davis' expanded credit platform and represents a new avenue for the Boston-based real estate firm to participate in financing complex development and redevelopment projects. Scott Oran of Dinosaur Capital Partners said the conversion will repurpose a historic asset to provide new critically needed housing options in a constantly evolving neighborhood, and that the complexity of the project required partners with specialized experience to move the redevelopment forward.
The source does not disclose the financing terms, loan duration, interest rate, or the total project cost beyond the $44 million credit platform commitment. It also does not specify the building's prior occupancy level, the expected completion date, or how the 22 affordable units will be priced or allocated. The announcement relies on a single secondary source, Boston Real Estate Times, and no independent confirmation from Davis, Dinosaur Capital Partners, Mugar Enterprises, or JLL was included in the dossier.