Somerville Theatre sold to its longtime managers: what the sale means for Davis Square

I'm based in Davis Square, so this one is close to home. The building that holds the Somerville Theatre has been bought by the people who run it, according to Cambridge Day. The theater has been open since 1914, so that's welcome news for the square.

Who bought the Somerville Theatre?

Ownership of the Hobbs Building moved to CSB Theatres, co-owned by longtime theater managers Ian Judge, Ian Brownell, Jamie Mattchen and John O'Leary. CSB had already taken over management of the Somerville and Capitol theaters in 2025, after Richard Fraiman and Frame One Theatres stepped back from daily operations.

The deal in numbers

Item	As reported
Sale price	$12 million, reported by Patch from the company's announcement. The asking price in July 2026 was also $12 million.
Financing	A First Citizens Bank loan, plus private money from Brownell and an anonymous theater patron
GoFundMe goal	$90,000, with $67,975 raised as of October 28

The listing agent said the family picked CSB over other offers because it wanted to preserve the theater. Melvin Fraiman had bought the building in 1984.

What happens to the theater now?

The new owners plan to keep the current operation going and the building in good shape. Patch reports they plan to form a nonprofit next year, and Cambridge Day compares the idea to the Brattle Theatre. Tenants and regular programming, including the Independent Film Festival Boston and the Crystal Ballroom, a 525-person live room created from two small cinemas in 2021, are part of what makes the place work.

What about the Capitol Theatre and Bryant Chambers?

Two related properties remain on the market. Arlington's Capitol Theatre building also had a $12 million asking price. CSB isn't bidding on it, but it holds a 20-year lease to keep showing films there. The Bryant Chambers apartments on College Avenue, also in Davis Square, had a $16 million asking price.

A builder's view: owning a 1914 building is a long job

Buying the building is the first bill. An owner then has to plan for what any building this age eventually needs: the roof, masonry, windows, wiring, heat and access for people with disabilities. None of that is specific to this theater, because I haven't inspected it. It's why long-term owners who care about a building matter so much. A smaller version of this is true of every old Somerville house, where what you budget after closing matters as much as the price.

What it means for Davis Square

A local owner keeps one of the square's main draws in place. For homeowners, I wouldn't try to put a dollar value on that. For the numbers, read my September 2026 Massachusetts home prices map, which shows Somerville's medians for the year.

Own a home or a small building nearby?

I'm Mateus, a licensed builder in Davis Square. If your older place needs work, book a free walkthrough. You'll get a written line-item budget, usually within 48 hours.

Frequently asked questions

Who owns the Somerville Theatre now?

CSB Theatres, co-owned by longtime managers Ian Judge, Ian Brownell, Jamie Mattchen and John O'Leary, according to Cambridge Day.

How much did the Somerville Theatre sell for?

Patch reports $12 million, based on the company's announcement.

Will the Somerville Theatre stay open?

The new owners say they plan to continue current operations and keep the theater locally owned for as long as possible. They may also consider a nonprofit structure.

Is the Capitol Theatre in Arlington also sold?

No. As of the report, the Capitol building was still on the market. CSB holds a 20-year lease to keep showing films there.

Planning work near Somerville? See the towns I work in, with local permit notes, and how I price work.