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Developer of Brooklyn’s Pacific Park defaults; auction set for January

Brooklyn's Pacific Park, previously known as Atlantic Yards, faces a critical shift as the developer, Greenland USA, defaults on loans totaling $349 million for its second phase. Greenland took these loans in 2014 from Nick Mastroianni's U.S. Immigration Fund (USIF) regional center. The default has led USIF to initiate foreclosure proceedings, with an auction scheduled for January 11. It is unclear if the EB-5 investors associated with the loan will receive the repayment of their capital or Green Cards.

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