GDC Properties lands $52M loan for Dumbo rental building

Santander and Sovereign Bank are the lenders

Sep.September 06, 2018 02:30 PM

220 Water Street (Credit: Perkins Eastman)

Westchester-based GDC Properties landed a $52 million loan for a Dumbo rental tower.

The property, at 220 Water Street, is a four-story building with 135 apartment units and one commercial unit, according to city data. GDC completed the residential conversion of the building in 2012. It was fully leased nine months after hitting the market. The rental property replaced two loft buildings that were built as a shoe factory in the early 1900s.

The lenders on the new loan are Santander Bank and Sovereign Bank, according to records filed with the city Thursday. The new debt replaces a $52 million loan from 2012 which was solely originated by Sovereign Bank. The new debt also includes $5 million in new financing.

GDC, headed by Samuel Ginsburg, owns a portfolio of 48 residential, retail and hospitality properties across the country, according to its website. The 220 Water Street project was GDC’s first in New York City. Its assets now include Williamsburg residential towers 385 Union Avenue and 74 South 4th Street.

GDC did not immediately respond to requests for comment.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

Apollo Commercial Real Estate Finance CEO Stuart Rothstein and RedSky Capital principal Benjamin Bernstein (Credit: Apollo and ICSC)

Brooklyn development’s $150M loan falls into default

EB-5 could be brought back to life (Credit: iStock)

Could a pandemic bring EB-5 back to life?

Nonbank mortgage lenders could be left holding the bag for as much as $100 billion in late payments (Credit: iStock)

“It’s going to be a liquidity tsunami:” Mortgage firms gear up for missed payments

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth