Midwood Seals $200M Loan for Gowanus Project

Midwood Investment & Development is making its next move towards a major project in Brooklyn’s Gowanus neighborhood.

John Usdan’s firm secured $200 million in construction financing for its project at 200 Douglass Street, the Commercial Observer reported. The loan will help support the multifamily development, expected to wrap in the fall of 2027.

Affinius Capital provided the loan for the 21-story, 276-unit project at the corner of Douglass and Bond streets. The development is expected to include 20,000 square feet of retail space on the ground floor.

Units in the building will range from studio to three-bedroom layouts. Residential amenities 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.

JLL’s Scott Aiese and Lauren Kaufman led the debt transaction.

Affinius is behind numerous notable financing deals in and around New York. Several months ago, it teamed up with 3650 Capital to provide $156 million in debt to Prime Holdings Group, which refinanced a trio of self-storage properties in the outer boroughs.

Midwood’s portfolio spans more than 100 properties nationwide. Among its prominent New York developments are the Candela Tower in Manhattan, 800 Union Street in Brooklyn and The Williams, also in Brooklyn.

Developers began flocking to Gowanus several years ago when the neighborhood was rezoned in 2021, a move expected to add more than 8,000 apartments to the area over the span of a decade.

In a statement, Usdan referred to Gowanus as “one of Brooklyn’s most dynamic and rapidly evolving neighborhoods.”

Last month, David Tabak acquired a development site at 563 Sackett Street in Gowanus for $58.5 million. Tabak is looking at a 12-story, 350-unit residential building at the full block between Third Avenue and Nevins Street; the site allows for a 259,000-square-foot development and is zoned for residential and commercial use.— Holden Walter-Warner