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 […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
We Buy Houses Derby: Top 5 Companies
Why Buying Down Your Interest Rate Makes a Lot of
Sense
The Best Ways to Save on Your Landlord Insurance
Costs
The “Starbucks Effect” is Ending—Why Real Estate Values Near
Closing Shops Could Suffer
Can You Get Homeowners Insurance Without an
Inspection?
What Are Phase Inspections For New Construction
Homes?
How to Fire a Real Estate Agent as a Buyer: What to Know
Before You Make the Switch
What Is a 7/6 ARM? How This Adjustable-Rate Mortgage Works
and When to Consider One
6 Flat Fee MLS Companies in New York
Cirrus scooped up most of Greenland’s debt for Pacific Park
leverage
