Midwood Investment & Development has landed $200 million of construction financing to build a multifamily tower in Gowanus, Brooklyn, Commercial Observer can first report.<\/p>\n
Affinius Capital<\/a> supplied the loan for the developer\u2019s 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<\/a> in fall 2027.\u00a0<\/p>\n SEE ALSO: Peachtree Supplies $28M EB-5-Backed Construction Loan for North Carolina Hotel<\/a><\/p>\n \u201c200 Douglass represents an exceptional multifamily investment in Brooklyn\u2019s thriving Gowanus neighborhood, which continues to evolve from its industrial roots into a premier residential destination,\u201d David Greenburg, managing director and co-head of debt origination at Affinius, said in a statement. \u201cThis transaction exemplifies our strategy of partnering with superior sponsors such as Midwood to finance institutional-quality multifamily assets in high-growth submarkets.\u201d<\/p>\n JLL<\/a> arranged the transaction with a team led by Scott Aiese and Lauren Kaufman.\u00a0<\/p>\n The 200 Douglass development is in an area along the north end of the Gowanus Canal that has experienced a big multifamily development boom<\/a> since a 2021 rezoning<\/a> enabled developers to build up to 22 stories high.<\/p>\n 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\u2019s playroom.\u00a0<\/p>\n \u201c200 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\u2019s most dynamic and rapidly evolving neighborhoods,\u201d John Usdan, CEO of Midwood Investment & Development, said in a statement.\u00a0<\/p>\n