New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$200M Construction Loan Goes to Gowanus Luxury Apartments
Affinius Capital LLC has originated a $200-million construction loan for 200 Douglass, a Class A multifamily property located in the Gowanus neighborhood of Brooklyn. The loan was made to Midwood Investment & Development, a leading New York-based developer, owner, and operator led by John Usdan. arranged the financing.
David Greenburg, Affinius managing director and co-head of debt origination, said, “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.”
Upon completion, the 21-story 200 Douglass will deliver 276 luxury apartments ranging from studios to three-bedrooms, along with 20,000 square feet of ground-floor retail. Directly adjacent to the canal waterfront, the building will also feature a 10,000-square-foot publicly accessible landscaped esplanade that will be fully programmed for the residents and pedestrians.
- ◦Development
- ◦Financing
