BRIDGE Housing, a San Francisco-based nonprofit affordable housing owner and developer on the West Coast, announced the first close of BRIDGE Housing Impact Fund I with more than $92 million. Investors include KeyBank, BMO, Capital One, U.S. Bank, Century Housing and PGIM, along with an investment from BRIDGE Housing itself, funded in part by proceeds from a recent unrestricted donation from MacKenzie Scott’s philanthropic organization, Yield Giving.
BRIDGE Housing launched the Impact Fund last year and is on course to raise $350 million of equity, 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.
“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.
