Construction Review Online
Construction Review Online
Affinius Capital LLC has successfully originated a $200 million construction loan to finance the development of 200 Douglass, a major new multifamily project in the rapidly transforming Gowanus neighborhood of Brooklyn, New York. The loan was provided to Midwood Investment & Development, a prominent New York-based developer led by CEO John Usdan. This significant financing package underscores the continued institutional confidence in the Brooklyn residential market, particularly in areas like Gowanus that are undergoing extensive rezoning-led revitalization.
Located at the intersection of Douglass and Bond Streets, 200 Douglass is set to become a premier addition to the Brooklyn skyline. The 21-story Class A tower will feature 276 luxury residences, offering a mix of layouts ranging from studios to spacious three-bedroom units. Designed to maximize its waterfront location, the building will offer residents sweeping views of the Gowanus Canal, Downtown Brooklyn, the New York Harbor, and the Manhattan skyline.
Beyond residential units, the project will activate the streetscape with 20,000 square feet of ground-floor retail space, contributing to the neighborhood’s growing commercial vibrancy—a surge in activity highlighted as $304 million financing is secured for Twin Echelon Studios in Brooklyn. A standout feature of the development is the creation of a 10,000-square-foot publicly accessible landscaped esplanade along the canal. This waterfront promenade is part of a broader effort to reconnect the community with the Gowanus Canal. It will turn a historically industrial waterway into a recreational and social asset.
Location: 200 Douglass Street, Gowanus, Brooklyn, NY
Developer: Midwood Investment & Development
Lender: Affinius Capital LLC
Loan Amount: $200 Million
Building Height: 21 Stories
Total Units: 276 Residences (Studios to 3-Bedrooms)
Retail Space: 20,000 sq. ft.
Public Space: 10,000 sq. ft. Waterfront Esplanade
Completion Date: Targeted for Fall 2027
Key Amenities: 75-ft Outdoor Pool, Rooftop Terraces, Basketball Court, Co-working Lounge.
The development has a robust suite of amenities intended to rival the top luxury buildings in the borough. Residents will have access to:
A 75-foot outdoor lap pool with private cabanas.
Multiple rooftop terraces equipped with fire pits, grilling stations, and lounge seating.
A comprehensive fitness center with dedicated yoga studios.
A half-court basketball court.
Co-working spaces catering to the hybrid workforce.
Family-friendly facilities including a children’s playroom and a dog washing station.
“200 Douglass will offer luxury living, with exceptional waterfront views and direct access to the new public esplanade right in the heart of Gowanus. It is one of Brooklyn’s most dynamic and rapidly evolving neighborhoods,” said John Usdan, CEO of Midwood Investment & Development. He noted that the financing marks a significant milestone as Midwood celebrates its 100-year legacy in New York City.
The Gowanus neighborhood has become a focal point for development following a 2021 rezoning that allowed for higher density and mixed-use projects. Affinius Capital’s involvement highlights the area’s transition from an industrial past to a residential and commercial hub.
“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,” stated David Greenburg, Managing Director and Co-Head of Debt Origination at Affinius Capital. “This transaction exemplifies our strategy of partnering with superior sponsors such as Midwood to finance institutional-quality multifamily assets in high-growth submarkets.”
The financing deal was arranged by a JLL Capital Markets team led by Scott Aiese and Lauren Kaufman.























