GDC Properties secured a $52m loan for its 220 Water Street property in the DUMBO section of Brooklyn. The property is a four-story building with 135 apartment units and one commercial unit. GDC completed the residential conversion of the building in 2012. The rental property replaced two loft buildings that were built as a shoe factory in the early 1900s. The new debt replaces a $52m loan from 2012 and includes $5 million in additional financing.
