Pacific Park gets new development team, $12M for affordable housing fund

It’s official: A long-stalled megadevelopment in Brooklyn has a new development team that will take over seven sites and, in a new twist, pay $12 million toward an affordable housing fund. A joint venture led by Cirrus Real Estate and LCOR has scooped up the remaining sites that make up Pacific Park, a massive project that was launched more than two decades ago. Through a foreclosure auction on Tuesday, the joint venture took over the development rights to six rail yard sites, after Greenland USA defaulted on nearly $350 million in loans tied to the properties. Beyond Cirrus and LCOR, […] This article originally appeared on The Real Deal. Click here to read the full story.