U.S. Immigration Fund (USIF), a leading EB-5 Regional Center, announced a new development team to advance the mixed-use Pacific Park (formerly known as Atlantic Yards) project in Downtown Brooklyn. Cirrus Real Estate Partners and LCOR have been selected as co-developers on the 22-acre project, which was launched in 2003. Empire State Development and the Metropolitan Transportation Authority have approved both Cirrus and LCOR.
“This represents a turning point not only for our investors but also for the project, building on New York City’s continued commitment to housing and transit connectivity,” said Nicholas Mastroianni, president of USIF.
USIF and Fortress Investment Group stepped up after Greenland USA, which acquired a majority stake in the project’s residential portion from then-developer Forest City Ratner, defaulted on its loans during the pandemic. As it stands, the Barclays Center arena and several towers are completed, while multiple new residential towers are pending construction.
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