The Real Deal New York

Westchester firm secures $42M loan for LIC townhouses

GDC Properties won DOB approval for 11-22 45th Road in February
11-22 45th Road in Long Island City

11-22 45th Road in Long Island City

GDC Properties secured a $42 million construction loan from Banco Santander for its townhouse development at 11-22 45th Road in Long Island City.

The Westchester-based firm plans to build 38 townhouses spanning a total of 150,000 square feet. It bought the site, formerly home to a single-story warehouse, for $44 million in 2014 and got Department of Buildings approval for its construction plan in February.

In January, GDC bought a 38-unit Greenpoint apartment building at 305 McGuinness Boulevard for $31 million.