Bridge Investment Group raises $1.74 billion for Affordable Housing Fund II
Salt Lake City — Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) announces the completed fundraising for Bridge Workforce and Affordable Housing Fund II (“BWAF II” or the “Fund”), raising $1.74 billion in equity commitments, ahead of its $1.50 billion target.
BWAF II is dedicated to building, preserving, and rehabilitating predominantly non-government subsidized housing wherein at least 51 percent of residents earn below 80 percent of area median income (“AMI”), meeting the needs of the large and priced-out “missing middle” of US renters.
“We believe this represents the largest fund ever raised purely dedicated to the preservation of affordable housing in America,” commented Rachel Diller, Co-Chief Investment Officer for Bridge’s Workforce and Affordable Housing strategy. “The US has an affordable housing crisis, with an estimated 10.5 million households paying more than 50 percent of their annual incomes for housing. Currently, 82 percent of our Workforce and Affordable Housing residents earn less than 80 percent of AMI, and over 96 percent are not cost-burdened, typically defined as spending more than 30 percent of income on rent.”
“Our commitment to preserving and rehabilitating housing for America’s workforce demonstrates our Firm’s ESG mission,” says Robert Morse, Executive Chairman at Bridge. “The infusion of dedicated onsite social and community programming that focuses on life-enhancing services at each of our Workforce and Affordable Housing assets allows us to serve the needs of an often-overlooked segment of the US population, while driving to more equitable outcomes.”
“Citizenship and Responsibility are part of our firm culture and core principles, and we expect to commit more than $40 million as part of the Bridge Community Enhancement Initiative to fund programming within the pillars of Bridge to Education, Bridging the Gap to Financial Wellness, and Bridge to Healthy Communities within our Workforce and Affordable Housing portfolio,” comments Inna Khidekel, Senior Managing Director, Head of Bridge Gives. Ms. Khidekel added “Preschool and afterschool programs, adult education, and onsite health equity create a sense of community, empowerment, and extraordinary energy at our communities. Using a detailed set of GIIN IRIS and UN SDG metrics, Bridge seeks to measure how our efforts drive social and economic mobility while showing to the market that doing well while doing good can be mutually reinforcing.”
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $42 billion of assets under management as of June 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease, real estate-backed credit, solar infrastructure, and prop tech.