$44M construction loan secured for office-to-residential conversion
United States, Sept. 29 -- JLL Capital Markets announced that it has arranged $44 million in financing for 31 Milk Street, an adaptive reuse multifamily redevelopment in Downtown Boston, Massachusetts.JLL represented the borrower, Dinosaur Capital Partners and Mugar Enterprises, in securing the three-year, senior construction loan from an affiliate of The Davis Companies, as the first deal in its integrated credit platform, and S. USA Insurance Company originated the $44 million financing for Dinosaur Capital Partners and Mugar Enterprises as part of a capital stack that also included federal and state historic tax credit financing and a subordinate financing from MassHousing.The Residences at 31 Milk involves the conversion and restoration...
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