McCarthy Holdings selected Raymond J. Sedey as the firm's next chief executive officer effective January 1, 2020, a position currently being held by Michael Bolen, who will continue as chairman of the board.

The firm intends to invest $70 million in the initial breakfast locations, with plans to open 35 restaurants by the end of 2025.

The financing was provided by Bank OZK for the 289,000-square-foot, Class A office and lab development in the Boynton Yards area of Somerville. JLL arranged the first mortgage financing deal for the joint venture.

Besides the lower projects costs, which resulted in part due to project planning and engineering enhancements, other significant changes under the revised plan include Amtrak increasing its funding commitment from $704 million to $1.282 billion as part of the updated tunnel plan.