New York – October 7, 2025 – Fortress Investment Group (“Fortress”), U.S. Immigration Fund (“USIF”), Cirrus Real Estate Partners (“Cirrus”), and LCOR today announce they have formed joint ventures for the development of Brooklyn’s Pacific Park, formerly known as Atlantic Yards. Fortress and USIF have formed a partnership with Cirrus, and the development is being led by Cirrus and LCOR as co-developers for the project.
Pacific Park is a 22-acre mixed use site in Brooklyn, NY. The newly assembled team will transform the site from largely open-air rail tracks into a cutting-edge residential, commercial, and recreation hub. Completed construction at the site encompasses an existing eight residential buildings, the Barclays Center, permanent MTA/LIRR rail yard, healthcare clinic, and public school.
The future platform and buildings will be built by construction trade union members. When completed, Pacific Park will deliver housing, union jobs, enhanced transportation infrastructure, green spaces, and other vital community benefits for current and future Brooklyn residents.
Tim Sloan, Global Head of Real Estate at Fortress, said: “Pacific Park is one of the most important and most complex residential real estate developments in the USA today, and we’re honored to be stepping up to support the project. Fortress will bring its decades of experience in real estate development to the site, alongside our equally experienced joint venture partners Cirrus, LCOR and USIF. We are incredibly grateful for the support of New York State, New York City, ESD, the MTA and other officials, and look forward to delivering a new hub for New York City and the borough of Brooklyn that future residents will be proud to call home, and which will further enhance the enduring appeal of New York City.”
Nicholas Mastroianni, Chairman of U.S. Immigration Fund, said: “Restructuring this project has been a complex but necessary step to ensure long-term success. By bringing together Cirrus and LCOR, alongside Fortress, and securing approvals from both the ESD and the MTA, we’ve created a new foundation for growth. This represents a turning point not only for our investors but also for New York City’s continued commitment to housing and transit connectivity.”
Joseph McDonnell, Managing Partner, Cirrus Workforce Housing, said: “Cirrus is a mission-driven organization that firmly believes housing should be built for the people who make New York City great. We’re thrilled to step up and deliver thousands of units of sorely needed housing in a public-private partnership with union labor for the benefit of our stakeholders and community to help combat the housing crisis that currently exists in our city.”
Anthony Tortora, Co-Chief Investment Officer of LCOR said: “LCOR is excited to work with Fortress, USIF, Cirrus, ESD, MTA, the building and Construction Trades and the broader community to complete the vision for Pacific Park. Given our extensive track record of successful public private partnerships and Transit Oriented Development, we are confident in our ability to execute on a plan that not only meets critical housing needs but also strengthens the fabric of the surrounding neighborhood.”
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $53 billion of assets under management as of June 30, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts.
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 | info@usifund.com | 855.EB5.USIF
About Cirrus
Cirrus is a mission-driven, vertically integrated fund manager and developer with a focus on responsibly built and maintained workforce housing. Specializing in public-private partnerships, Cirrus collaborates with government agencies, private investors, and community stakeholders to finance and develop housing solutions for essential workers and middle-income earners. By leveraging these partnerships, Cirrus strives to create equitable, sustainable communities while maintaining the highest standards of quality and affordability.
About LCOR
LCOR is a fully integrated multi-family development, investment, and operating company focused on key urban markets in the eastern U.S. LCOR continues to grow its 11,000+ unit portfolio through strategic acquisitions, development, and hands-on property management, delivering exceptional products in major gateway markets. For more information, visit www.lcor.com.