Affinius Capital originates $200 million construction loan for 200 Douglass in Brooklyn

Brooklyn, NY Affinius Capital LLC (Affinius Capital) has originated a $200 million construction loan to finance the development of 200 Douglass, a Class A multifamily property. Located in the Gowanus neighborhood, the 21-story development will feature 276 units and 20,000 s/f of ground floor retail. The loan was made to Midwood Investment & Development, a New York-based developer, owner, and operator led by John Usdan.

Affinius Capital managing director, and co-head of debt origination David Greenburg said, “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. This development will deliver much-needed housing and ground-floor retail to the community. This transaction exemplifies our strategy of partnering with superior sponsors such as Midwood to finance institutional-quality multifamily assets in high-growth submarkets.”

“This financing marks a meaningful milestone for us as we celebrate 100 years of Midwood’s legacy in New York City, which began in Brooklyn,” said Usdan. “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.”

Upon completion, 200 Douglass will deliver 276 designed residences from studios to three-bedrooms each featuring best-in-class finishes, in-unit washers and dryers, and oversized floor to ceiling windows offering  views of the Gowanus Canal, Thomas Green Park, downtown Brooklyn, the New York City Harbor, and Manhattan skyline.

The amenities will rival the finest developments in Brooklyn, including a 75-ft. outdoor lap pool with cabanas, multiple rooftop terraces with seating, fire pits and grilling areas, fitness and yoga studios, a dedicated co-working space, a half-court basketball court, a children’s playroom, a dog washing station, and a multi-sport simulator. Directly adjacent to the canal waterfront, the building will also feature a 10,000 s/f publicly accessible landscaped esplanade that will be fully programmed for the residents and pedestrians.

Located at Douglass and Bond Sts., the property is at the nexus of Carroll Gardens, Boerum Hill, and Park Slope, three of the borough’s most coveted neighborhoods. Gowanus, a historically industrial area, is undergoing an evolution with substantial public and private capital catalyzing its transformation into a mixed-use community with transit access to downtown Brooklyn and Manhattan.

The financing was arranged by Scott Aiese and Lauren Kaufman of JLL.