Celadon at 9th and Broadway
Financing Strategies
BRIDGE has always been a nonprofit that operates like a business, and we continue to pursue entrepreneurial strategies to sustain our mission.
From leveraging federal resources, like Low Income Housing Tax Credits, to cultivating partnerships with leading Wall Street firms, we are bolstering our financial strength and flexibility and opening new avenues for private market-based capital. A number of milestones attest to our industry leadership.
Elizabeth Van Benschoten
Chief Investment Officer & SVP, Capital Markets
BRIDGE Insights:
Perspectives from our Leadership Team
When it comes to innovative financial strategies in the affordable housing sector, BRIDGE has proudly achieved many firsts. We were the first nonprofit housing developer to receive an S&P rating. That rating was instrumental in supporting our work to issue $100 million in General Obligation Bonds to accelerate our affordable housing development pipeline.
In issuing those bonds, BRIDGE created a new asset class in the public capital markets for affordable housing developers. BRIDGE also was the first nonprofit housing developer on the West Coast to receive a Community Development Financial Institutional (CDFI) certification, which provided yet another important financial tool to support our work.
At BRIDGE, our history of innovation and ability to deliver tangible results have distinguished us as an industry leader. As we look to the future, we continue to evaluate new and better ways to finance projects, in collaboration with public and private sector partners, to expand the volume of affordable units we can deliver in our markets along the West Coast.
Partnership with Morgan Stanley and the National Equity Fund
BRIDGE secured a $250 million set-aside for project financing from Morgan Stanley and National Equity Fund under a program to preserve housing for low- and moderate-income residents.
The commitment, which we estimate will leverage up to $1 billion in additional capital, has already facilitated the acquisition of two existing multifamily communities in the Bay Area. It will enable us to respond quickly to housing needs and opportunities, from acquiring properties and partnership interests to funding capital improvements and refinancing projects.
Credit Rating
BRIDGE was the first nonprofit affordable housing provider to receive a credit rating by S&P Global Ratings, in 2015.
Our rating was upgraded in 2023 from A+ to AA-, the highest assigned to any nonprofit developer, reflecting BRIDGE’s strong financial health and confidence in our leadership’s ability to execute ambitious growth plans.
S&P’s recognition is a tremendous vote of confidence at a critical moment when BRIDGE is accelerating investment and growth. As we implement our 2024-2027 Strategic Plan to expand our portfolio by one-third, the rating reinforces our credibility with financial partners and opens doors among the growing ranks of investors, from institutions to family offices and foundations, that share our mission to increase access to affordable housing.”
Delphine Sherman
Sustainability Bonds
BRIDGE created a new asset class for the nonprofit affordable housing industry in 2020 by becoming the first developer to issue Sustainability Bonds.
The $100 million offering, which was underwritten by Morgan Stanley and nearly twice oversubscribed by investors, provided capital for predevelopment, development, and acquisition of multifamily housing within a framework of promoting affordability, transit-oriented development, green building, and energy efficiency.
CASE Study
hollywoodHUB
In January 2025, BRIDGE broke ground on an affordable housing project that received funding from its issue of Sustainability Bonds and tax-exempt construction bonds. Developed in partnership with Tri-County Metropolitan Transit District, HollywoodHUB will transform an important Portland light rail and bus hub into a modern, inclusive transit-oriented development with 222 affordable apartments, as well as amenities for both residents and the public.
KeyBank is delighted to support BRIDGE Housing by facilitating access to novel funding for HollywoodHUB. The strong demand for the construction bonds – from some of the biggest institutional investors – attests to the credibility BRIDGE Housing has earned from decades of financial stewardship and delivering on its mission to strengthen communities.”
Sam Adams
LOW INCOME HOUSING TAX CREDIT
BRIDGE developed the first project in California that received two types of LIHTC, an innovative financing structure that has been emulated by affordable housing developers nationwide.
CASE Study
Celadon at 9th and Broadway
Celadon was the first building in California to receive both 9% and 4% LIHTC. To use the respective tax credits, BRIDGE divided the building into two projects, floors 1-7 and 8-17. The $74.7 million, 250-unit, multigenerational development includes 25 units for youth aging out of foster care and adults under the Mental Health Services Act, 63 units for seniors in the Program of All-Inclusive Care for the Elderly (PACE) program, with the remainder for workforce housing. The LEED Gold certified project includes an eco-roof, solar panels, and drought tolerant landscaping.
Our finance and development teams work hand-in-hand on every community, from conception to completion. Our collaborative culture and commitment to positive impact have made BRIDGE a trusted partner.”