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29 FLATBUSH
Grosvenor Investment Management US Inc. (GIM), on behalf of a public pension fund, has partnered with The Dermot Company, Inc. of New York City to acquire a site at 29 Flatbush Avenue in downtown Brooklyn, New York. The 16,575 square foot parcel, currently used as a parking lot, will be planned and developed by Dermot as a high-rise rental apartment building. Construction of the building is expected to begin in 2010. In addition to equity provided by GIM, Citi Community Capital has provided a loan for the site acquisition.
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