The Real Deal New York

GDC Properties lands $52M loan for Dumbo rental building

Santander and Sovereign Bank are the lenders
By Christian Bautista | September 06, 2018 02:30PM

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.