Midwood Investment signs $200M construction loan with Affinius for residential elevator in Gowanus
192 Douglass Street axonometric diagram (Credit - Manish Chadha architect via DOB)
Midwood Investment & Development through the entity Dobode Holdings LLC as borrower signed a new construction loan with lender Affinius Capital through the entity Sm Tactical Finance Iii-J LLC valued at $200 million for the 274-unit residential elevator building (D7) at 192 Douglass Street in Gowanus, Brooklyn.
On the lot, there is one active new building construction project, B00621504, for a 274-unit, 241,789 square-foot residential (R-2) building. The project was submitted by Midwood Investment & Development and filed by John Usdan with plans filed December 1, 2021 and permitted December 17, 2025.
The deal closed on December 10, 2025 and was recorded on May 15, 2026. The prior lender was Affinius Capital which held debt that had an original loan amount of $14.2 million.The property has 301,105 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $664 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 10, 2025, for $24 million. The signatory for Midwood Investment & Development was John Usdan . The signatory for Affinius Capital was Beth Newman .
The property
The residential elevator building with 274 residential units in Gowanus has 301,105 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 172 feet deep with a total lot size of 18,739 square feet. The zoning is M1-4/R7-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.9 million. Affinius Capital on December 10, 2025 bought a loan with an original principal of $14.2 million from Affinius Capital signed by prior lender signatory, secured by 200 Douglass Street, when owned by Midwood Investment & Development .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
The block
On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 48,534 square feet of the 61,920 square feet. The identified owner is Midwood Investment & Development.
On the tax block, there was one new building construction project filed totaling 241,789 square feet. It is a 270-unit, 241,789 square-foot residential (R-2) building submitted by Midwood Investment & Development and filed by John Usdan with plans filed December 1, 2021 and permitted December 17, 2025.
All properties are industrial.
The borrower
The PincusCo database currently indicates that Midwood Investment & Development owned at least six commercial properties with 433 residential units in New York City with 247,323 square feet and a PincusCo-determined asset value of $174.2 million. The portfolio has $130.1 million in debt, with top three lenders as MetLife, Valley National Bank, and Affinius Capital respectively. Within the portfolio, the bulk, or 57 percent of the 247,323 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.
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