Affinius Capital Lends $200M for 21-Story Gowanus Resi Tower

Midwood Investment & Development has landed $200 million of construction financing to build a multifamily tower in Gowanus, Brooklyn, Commercial Observer can first report.

Affinius Capital supplied the loan for the developer’s planned 21-story rental apartment building with 20,000 square feet of ground-floor retail at 200 Douglass Street. The 276-unit complex is slated for completion in fall 2027. 

“200 Douglass represents an exceptional multifamily investment in Brooklyn’s thriving Gowanus neighborhood, which continues to evolve from its industrial roots into a premier residential destination,” David Greenburg, managing director and co-head of debt origination at Affinius, said in a statement. “This transaction exemplifies our strategy of partnering with superior sponsors such as Midwood to finance institutional-quality multifamily assets in high-growth submarkets.”

JLL arranged the transaction with a team led by Scott Aiese and Lauren Kaufman. 

The 200 Douglass development is in an area along the north end of the Gowanus Canal that has experienced a big multifamily development boom since a 2021 rezoning enabled developers to build up to 22 stories high.

Located near the corner of Douglass and Bond streets, the project will have studio to three-bedroom apartment options. Community amenities will include an outdoor pool with cabanas, fire pits, a fitness center, yoga studios, coworking space, a half-court basketball court and a children’s playroom. 

“200 Douglass will offer luxury living, with exceptional waterfront views and direct access to the new public esplanade right in the heart of Gowanus, one of Brooklyn’s most dynamic and rapidly evolving neighborhoods,” John Usdan, CEO of Midwood Investment & Development, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.