Bridge Housing, a San Francisco-based nonprofit affordable housing owner and developer focused on West Coast markets, announced the first close of Bridge Housing Impact Fund I with more than $90 million.
The fund is designed as an investment platform to accelerate the acquisition, preservation, and construction of affordable and workforce housing in high-cost markets. The initial close featured a mix of prominent institutional and mission-aligned investors including KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM. Bridge Housing also invested, funded in part by proceeds from a recent unrestricted donation from Yield Giving, MacKenzie Scott’s philanthropic organization.
According to the organization, the fund is on course to raise $350 million of equity, with the goal of unlocking approximately $1 billion in total investment capacity. Investment will focus on acquiring properties in California, Oregon, and Washington with expiring affordability restrictions, as well as market-rate units for conversion to regulated affordable housing (serving those earning up to 80% of Area Median Income) and workforce housing (serving those earning 80%-120% of AMI).
The first close marks the beginning of the Impact Fund’s acquisition phase, with Bridge Housing anticipating the purchase of approximately 20 properties totaling an estimated 3,500 units. In select cases, the fund may consider new construction projects.
“This first close is a testament to the leadership and commitment of our founding investors who embrace Bridge’s mission and have confidence in our ability to deliver meaningful impact at scale,” said Ken Lombard, president and CEO of Bridge Housing. “By pairing institutional capital with Bridge’s own balance sheet, we are working alongside our partners to preserve long-term affordability and expand housing opportunities in some of the nation’s most challenging markets.”
