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September 23, 2023
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BRIDGE Housing Secures $250 Mil in Financing from Morgan Stanley


BRIDGE Housing secured a $250 mil set-aside for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing. This allocation serves as evidence of the shared commitment and mission of all parties to preserve affordable housing for low- and middle-income residents, while allowing BRIDGE to efficiently expand its scope and responsiveness to housing needs and opportunities.

BRIDGE, a leading nonprofit developer, owner and manager of affordable housing on the U.S. West Coast, estimates this commitment will leverage up to $1 bil in additional capital for affordable housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and/or land, as well as for refinancing, capital improvements and acquisition of general partner interests. The program targets housing for people in the 30-120% Area Median Income (AMI) range, and there are no geographic limitations.

The latest commitment builds on an earlier partnership where Morgan Stanley underwrote BRIDGE’s 2020 ESG (Environmental, Social and Governance) bond offering: $100 mil in taxable social bonds that BRIDGE uses at an enterprise level for predevelopment, development and acquisition of multifamily housing within a framework of affordability, transit-oriented development, green building and energy efficiency. Since 2015, BRIDGE has held an A+ (Stable) issuer credit rating from Standard & Poor’s Ratings Services, a leading provider of independent credit risk research and benchmarks.

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