Brooklyn, NY – October 9, 2025 – The U.S. Immigration Fund (USIF), a leading EB-5 Regional Center, announced the next phase of development at Pacific Park, a 22-acre mixed-use site in Brooklyn, New York. The project, formerly known as Atlantic Yards, will include housing, union jobs, transportation infrastructure, and community amenities designed to serve local residents.
“Finalizing this joint venture has been a complex but necessary step to ensure long-term success of this important project,” said Nicholas Mastroianni, President 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.”
Pacific Park’s history stretches back nearly two decades, with prior financial and operational challenges:
Launched by Forest City Ratner Companies with plans for an NBA arena, affordable residential towers, and a modernized Vanderbilt/Atlantic LIRR railyard.
Residential portion majority sold to Greenland USA.
Greenland completes railyard work.
Greenland defaults on loans with USIF affiliates.
USIF and Fortress Investment Group select Cirrus and LCOR to lead continued development.
The Barclays Center and several residential towers have been completed, while multiple new towers are pending construction. Cirrus brings expertise in union-built, income-targeted housing, having overseen $150 billion in real estate finance and developed over 10,000 multifamily units. LCOR adds four decades of experience in complex, large-scale projects across the Eastern U.S.
“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,” Mastroianni added.
USIF’s strategy emphasizes urban connectivity, union job creation, and affordable housing access. Both the ESD and MTA have approved Cirrus and LCOR as replacement developers, working with the joint venture to restart construction and transfer development rights.
USIF facilitates U.S. permanent residency through EB-5 investments, focusing on real estate projects that create jobs and community impact. The firm has raised nearly $3 billion, funded 25 transformative developments, and earned trust from over 12,900 investors and families. Its portfolio spans New York, New Jersey, Florida, Montana, Nevada, and California, supporting tens of thousands of U.S. jobs.
“Our institutional approach, built on decades of real estate and finance expertise, continues to empower EB-5 investors to achieve the American dream,” Mastroianni said.
Website: www.usifund.com
Contact: info@usifund.com | 855.EB5.USIF
Originally reported by Business Wire.
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