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Credit market stranglehold taking its toll.

A large-scale downtown development parcel has drawn interest from more than a dozen buyers, as Cushman & Wakefield markets the Ft. Lee, NJ, site approved for a $1 billon mixed-use project.

While its owner continues to actively pursue financing for the project, the stringent lending environment also spurred them to test the market--signaling the challenges more developers are facing today.

The Cushman & Wakefield team of vice chairman Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz was tapped to handle the sale of Centuria Ft. Lee for its owner, Town & Country Developers. While the company had always intended to develop the project, Merin--whose group is also ...

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