Midwood Investment & Development is the latest developer to score a construction loan for a Gowanus multifamily tower.
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Affinius Capital originated $200M in construction financing for 200 Douglass, a 21-story building with 276 apartments and amenities including an outdoor pool and multiple rooftop terraces.
Midwood is also planning tenant facilities such as a coworking space, a dog-washing station, a half-court basketball court and a children’s playroom in the building, where units will range from studios to three bedrooms.
“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,” Affinius Capital Managing Director and Co-Head of Debt Origination David Greenburg said in a statement.
JLL’s Scott Aiese and Lauren Kaufman arranged the financing.
Midwood’s project is the latest of many residential projects that developers have begun erecting in Gowanus in recent years.
The previously low-slung neighborhood will soon feature multifamily developments as high as 29 stories, with developers voluntarily participating in brownfield remediation for the soil under their projects as the Environmental Protection Agency continues dredging the notoriously polluted canal.
Development is happening in part thanks to Gov. Kathy Hochul, who singled out the neighborhood as a promising housing area in 2023 when she signed an executive order to extend 421-a benefits a year after they expired.
In February 2024, Hochul created a workaround for 18 developments, which are expected to generate 5,908 units in total in the neighborhood, including 1,407 affordable homes.
Other developments outside of that list have also taken advantage of the tax abatement’s extension, with some of the first developments already open.
Charney Cos.’ 224-unit Union Channel, one of three developments that will ultimately make up its multibuilding, 1,138-unit Gowanus Wharf project, opened earlier this year and was close to full occupancy by the end of October.
The Brodsky Organization’s 350-unit building at 499 President St. is another that’s already open, while The Domain Cos. has a 360-unit property at 420 Carroll St. that is expected to open in February 2026.
And even more are coming: Monadnock Development is planning to deliver 300 homes at 155 Third St. in 2027, while the Rabsky Group netted a $286M construction loan for a 604-unit development in the neighborhood last June. Plus, Charney and its partner Tavros Capital acquired an additional 421-a site at 175-225 Third St. in May, Crain’s New York Business previously reported.
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