Cirrus scooped up most of Greenland’s debt for Pacific Park leverage
Cirrus Real Estate Partners didn’t just swoop in to take over Greenland USA’s troubled Brooklyn project: It also bought up most of the firm’s debt in the U.S. Cirrus’ Joseph McDonnell on Thursday said that his company purchased a majority of the outstanding debt held by the struggling Greenland, which is a subsidiary of Shanghai-based conglomerate Greenland Group. He said that debt was valued at $200 million, excluding the more than $300 million tied to Pacific Park. During a public meeting on Thursday, McDonnell provided some more details on how Cirrus restructured Pacific Park, a long-delayed development in Prospect Heights […]
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