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New York

Developers tap residential brokers for cash

Builders increasingly turn to agents to invest in new construction projects to help fill funding void

From the October issue: While the construction lending spigot has loosened in recent months, some developers are still finding themselves with the right property in hand, but with too little cash to get a project off the ground.

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To cope with that problem, residential developers are increasingly turning to an unlikely source: the brokers they’ve hired to market their projects. [more]