Brightshore Capital Buys 190-Unit LIC Tower Complex With $98.5M Loan

Brightshore Capital closed a $98.5 million financing deal with Affinius Capital to acquire DŌMI, a newly built 190-unit luxury apartment property in Long Island City, Queens. It's the first transaction between the two firms, and it pushes Brightshore's Opportunity Zone platform — roughly $900 million raised across its first two funds — deeper into New York City residential.

The buyer, formerly known as GTIS Partners, purchased the property through its Opportunity Zone Fund II from a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital. Newmark handled the sale and advised on the acquisition financing.

What did Brightshore actually buy?

DŌMI sits at 29-24 40th Avenue in the Dutch Kills neighborhood. The complex spans two residential towers with roughly 125,000 square feet of residential space and 4,876 square feet of retail.

The unit mix breaks down to 133 market-rate apartments and 57 affordable apartments. The property also carries a 35-year property tax exemption under New York City's 421-a Affordable New York program — a long-term cost advantage that few new acquisitions can match.

Amenities include a landscaped courtyard, a rooftop terrace overlooking Manhattan, a fitness center, a coworking lounge and entertainment spaces. Multiple nearby subway stations put Midtown Manhattan about 15 minutes away.

In short: a new-construction asset with a three-decade tax shield, bought at a moment when new residential supply in the area is hard to build.

Why Long Island City, and why now?

Brightshore is betting on three fundamentals: the neighborhood's housing demand, its proximity to major employment centers, and barriers to new residential construction.

Rob Vahradian, Partner at Brightshore Capital, laid out the thesis: "Long Island City has benefited from sustained residential expansion, fueled by convenient access to Manhattan, robust transportation links and continued investment in local infrastructure and neighborhood amenities. We believe the combination of these fundamentals and the limited availability of new residential development opportunities creates an attractive environment for long-term investment."

How does the deal fit the Opportunity Zone strategy?

Buying a completed building cuts the usual ground-up development risk. Ed McDowell, Partner at Brightshore Capital, said: "DŌMI is a compelling addition to our Opportunity Zone portfolio, providing the chance to acquire a newly constructed asset while substantially reducing the entitlement and construction risks typically associated with ground-up development."

McDowell added: "We are also pleased that the investment will contribute additional market-rate and affordable housing to a market where the need for new supply remains significant."

The acquisition expands a platform that now spans two closed funds and a third already in market. Brightshore recently launched its third Opportunity Zone fund, targeting investments under the next phase of the federal program, which takes effect in January 2027.

That timing matters. The firm is positioning to deploy into the new program window well before the rules change.

What's next for Brightshore?

Brightshore manages approximately $5.6 billion in gross assets across multiple real estate sectors. The DŌMI deal adds a stabilized, tax-advantaged residential asset in one of New York's fastest-growing neighborhoods to that book.

With Fund III live and the January 2027 federal deadline approaching, expect more NYC deployments from the firm — the Affinius relationship now established adds one more financing channel to execute them.