U.S. Immigration Fund Announces Next Phase of Brooklyn’s Pacific Park Redevelopment

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NEW YORK--(BUSINESS WIRE)--Oct 7, 2025--

U.S. Immigration Fund (USIF), a leading EB-5 Regional Center, today announced the advancement of the Pacific Park (formerly known as Atlantic Yards) project, a 22-acre mixed use site in Brooklyn, NY. The newly assembled development team will lead the next phase of construction to deliver housing, union jobs, transportation infrastructure, and vital community amenities for Brooklyn residents.

“Finalizing this joint venture has been a complex but necessary step to ensure long-term success of this important project,” said Nicholas Mastroianni, Chairman of U.S. Immigration Fund. “We’re excited to partner with Cirrus Real Estate Partners (Cirrus) and LCOR, who have been approved by the Empire State Development Corporation (ESD) as co-developers. In doing so, we have helped create a new foundation for growth. 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.”

A long road to renewal

The history of Pacific Park spans nearly two decades with prior financial and operational challenges. USIF has played a pivotal role in stabilizing the project.

• 2003 —Project launched by Forest City Ratner Companies (Forest City) with a master plan featuring building an NBA arena, affordable residential towers in Prospect Heights, Brooklyn, and a modernized railyard for the Vanderbilt/Atlantic LIRR yard.
• 2014 —Forest City sells a majority stake in the residential portion of the project to Greenland USA.
• Early 2020s —Greenland completes work on the railyard.
• During COVID-19 Pandemic —Greenland defaults on its loans with USIF affiliates.
• 2025 —USIF and Fortress Investment Group (Fortress) select Cirrus and LCOR to lead the continued development of Pacific Park.

Current project outlook

The Barclays Center and several towers are completed, while multiple new residential towers are pending construction. The project ushers in a new era for Pacific Park with replacement developers Cirrus and LCOR. Cirrus specializes in developing union-built, income-targeted housing across New York City. The firm’s partners collectively have overseen $150 billion in real estate finance transactions and $10 billion in equity investments and more than 10,000 multifamily housing units. LCOR is a vertically integrated institutional developer and investment manager with more than four decades of experience developing complex, large-scale projects across the Eastern United States.

Following Greenland’s defaults on its loan obligations, USIF and funds managed by affiliates of Fortress initiated foreclosure proceedings to safeguard investor interests. Through their strong relationships, persistence, and the financial restructuring efforts, USIF and Fortress entered into agreements with Cirrus and LCOR who have now been approved by ESD and the MTA as the replacement developers for the project.

“Looking ahead we believe Pacific Park is poised to deliver on its promise to build thousands of housing units, retail, office space, providing public amenities designed to benefit the diverse Brooklyn community. Pacific Park has been a long-term vision and with new leadership, capital, and updated structure we believe the vision is finally being realized,” further commented Mastroianni.

USIF is committed to enhancing public infrastructure and expanding housing access that helps improve urban connectivity. ESD and MTA have approved the new developers and are working with the new joint venture to restart the project and arrange transfer of the development rights.

About U.S. Immigration Fund

U.S. Immigration Fund (USIF) is a premier EB-5 Regional Center facilitating U.S. permanent residency for global families through $800K real estate investments with financing options available. Headquartered in Palm Beach, Fla., USIF has raised and deployed nearly $3 billion in EB-5 program capital, created tens of thousands of U.S. jobs, and funded 25 transformative real estate developments across New York, New Jersey, Florida, Montana, Nevada, and California.

Our institutional approach, built on decades of combined real estate and finance expertise, has earned the trust of over 12,900 investors and families, and recognition from 18 major financial institutions, including J.P. Morgan, Wells Fargo, and BlackRock. With a proven track record of more than $850 million in capital repaid by developers, high-quality real estate project developments, and investor financing solutions, USIF continues to empower EB-5 investors to achieve the American dream.

www.usifund.com | [email protected] | 855.EB5.USIF

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SOURCE: U.S. Immigration Fund

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PUB: 10/07/2025 03:36 PM/DISC: 10/07/2025 03:35 PM

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