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.
“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