Brightshore Capital Buys 190-Unit DŌMI in Long Island City With $98.5 Million Affinius Capital Loan

Brightshore Capital LP, formerly GTIS Partners, has acquired DŌMI, a newly constructed 190-unit multifamily property at 29-24 40th Avenue in the Dutch Kills neighborhood of Long Island City, Queens, for slightly more than $143 million. The firm announced the acquisition on Nov. 2, 2026. The purchase was made through Brightshore's Opportunity Zone Fund II and financed with a $98.5 million loan from Affinius Capital.

The seller was a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital. Newmark led the sale and also advised on the acquisition financing.

DŌMI Property Details

DŌMI comprises two residential towers with approximately 125,000 square feet of residential space and 4,876 square feet of retail space. The property includes 133 market-rate apartments and 57 affordable apartments. It opened in October 2026.

The property benefits from New York City's 421-a Affordable New York program, which provides a 35-year property tax exemption. Amenities include a landscaped courtyard, a rooftop terrace with Manhattan skyline views, a fitness center, a co-working lounge and entertainment spaces. The building is within walking distance of multiple subway stations, providing approximately 15-minute access to Midtown Manhattan.

Based on the reported figures, the purchase price equates to roughly $753,000 per apartment. The $98.5 million loan represents approximately 69% of the minimum reported purchase price, implying about $44.5 million in equity before closing costs and other adjustments.

Affinius Capital Loan and Deal Team

The $98.5 million loan marks the first transaction between Brightshore and Affinius Capital. Affinius, which has $64 billion in gross assets under management and provides both equity and credit solutions, described the transaction as part of a strategy of selectively deploying capital into assets with strong sponsorship and long-term fundamentals.

"The transaction reflects our focus on selectively deploying capital into strong assets with top-tier sponsorship and compelling long-term fundamentals. We look forward to growing our partnership with Brightshore Capital," said David Greenburg, Managing Director and Co-Head of Debt Origination at Affinius Capital.

The sale was led by Eric Roth of Newmark with teammates Daniel O'Brien, Adam Spies and Adam Doneger. Newmark also advised on the acquisition financing, led by Jordan Roeschlaub, Christopher Kramer and Max Ralby. "The asset is in one of the best OZ locations in NYC and made for a great acquisition for Brightshore's needs and criteria," Roth said.

Brightshore's Opportunity Zone Strategy

Brightshore said the acquisition expands its Opportunity Zone investment platform, through which it has raised approximately $900 million across its first two funds to invest in residential, industrial and mixed-use developments in the United States. The firm recently launched a third Opportunity Zone fund tied to the next phase of the program, known as Opportunity Zones 2.0, which takes effect in January 2027.

Under the updated federal rules, the program becomes permanent and includes a rolling five-year tax deferral, a 10% basis step-up after five years for standard investments and potential exclusion of new gains after a 10-year holding period. The timing allows Brightshore to deploy Fund II capital into a newly completed asset before the new framework begins.

Ed McDowell, Partner at Brightshore Capital, said the property offers "the chance to acquire a newly constructed asset while substantially reducing the entitlement and construction risks typically associated with ground-up development." He added that the investment will contribute market-rate and affordable housing "to a market where the need for new supply remains significant."

Rob Vahradian, Partner at Brightshore Capital, said the firm believes New York City's limited housing supply, significant barriers to new construction and strong renter demographics create an attractive environment for long-term residential investment. He said Long Island City has benefited from sustained residential expansion supported by access to Manhattan, transportation links and continued investment in neighborhood amenities.

Joseph Stern, Principal of SB Development, said DŌMI "was envisioned as an urban retreat that brings nature into everyday city living." Steve Scioscia, Partner at Avenue Realty Capital, said the firm was proud to have brought the project to life alongside its joint venture partners.

Market Context

The transaction reflects institutional interest in newly delivered multifamily housing in Long Island City, where buyers can pair tax-abated, mixed-income assets with Opportunity Zone capital and avoid ground-up development risk. Underwriting considerations for the property include lease-up following its October opening, rents achievable for the 133 market-rate apartments, the operating impact of the 57 affordable units, the economics of the 421-a exemption and leasing of the retail space.

Brightshore, headquartered in New York, manages $5.6 billion in gross assets. SB Development is a New York-based developer and general contractor; Hazelton Capital Group is a diversified real estate company with offices in New York City and Miami; and Avenue Realty Capital focuses on multifamily housing in New York, New Jersey and Connecticut.

Sources

Brightshore Capital press release via PR Newswire: https://www.prnewswire.com/news-releases/brightshore-capital-announces-acquisition-of-190-unit-luxury-multifamily-property-in-long-island-city-302925254.html