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New York

Pension fund provides $90M loan to Sandy-damaged Brighton Beach co-ops

Amalgamated Warbasse Houses
Amalgamated Warbasse Houses

The Sandy-damaged Amalgamated Warbasse Houses in Brighton Beach, a group of five 24-story co-op buildings, are getting some much needed financial relief from the AFL-CIO Housing Investment Trust pension fund, GlobeSt. reported.

The fund is providing the complex with  an $89 million bridge loan that will go toward electrical repairs and replenishing the property’s capital reserves.

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“Amalgamated Warbasse contacted us in January seeking our help,” Stephanie Wiggins, executive vice president and chief investment officer at AFL-CIO, said in a statement.  “After all that the residents had been through, we felt a deep obligation to come to their aid quickly.”

Located on 26 acres at 2800 W 5th Street in Brooklyn, the cooperative consists of 2,585 residential units and 17 ground-floor professional units, including retail space. [GlobeSt.] —Christopher Cameron