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JLL Capital Markets arranges $44M for Boston office-to-residential conversion
The $44 million three-year senior construction loan will support the conversion of a 1921 Beaux Arts building into a 110-unit multifamily property, with historic tax credits and MassHousing subordinate financing in the capital stack.
JLL Capital Markets arranged $44 million in financing for 31 Milk St. in Downtown Boston, an adaptive reuse multifamily redevelopment, according to ConnectCRE.
The financing backs the conversion and restoration of a 1921-vintage, 11-story Beaux Arts office building into The Residences at 31 Milk, a planned 110-unit residential property, the outlet said.
ConnectCRE also reported that the three-year senior construction loan was provided by an affiliate of The Davis Companies, with the deal structured alongside federal and state historic tax credit financing and a subordinate financing from MassHousing.