Salt Lake City — Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) announces the end of the 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 goal.
BWAF II is dedicated to the construction, preservation and rehabilitation of primarily non-governmental subsidized housing in which at least 51% of residents earn less than 80% of the area median income (“AMI”), meeting the needs of large and off-price “missing”. middle” of American tenants.
“We believe this is the largest fund ever raised exclusively dedicated to preserving affordable housing in America,” commented Rachel Diller, Co-Chief Investment Officer for Bridge’s Workforce Strategy. and affordable housing. “The United States is experiencing an affordable housing crisis, with approximately 10.5 million households paying more than 50% of their annual income for housing. Currently, 82% of our Labor and Affordable Housing residents earn less than 80% of the AMI, and more than 96% are not cost-burdened, generally defined as spending more than 30% of their rental income. »
“Our commitment to preserving and rehabilitating housing for the American workforce demonstrates our company’s ESG mission,” said Robert Morse, executive chairman of Bridge. “The infusion of dedicated on-site social and community programs that focus on life-enhancing services to each of our workforce and affordable housing assets allows us to meet the needs of a segment often neglected by the American population, while leading to more equitable outcomes.”
“Citizenship and responsibility are part of our corporate culture and core principles, and we expect to commit more than $40 million through the Bridge Community Improvement Initiative to fund programs under 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, responsible for Bridge Gives. Ms. Khidekel added: “Pre-school and after-school programs, adult education and on-site health equity create a sense of community, empowerment and tremendous energy in 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 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 specialty asset classes, with approximately $42 billion in assets under management as of June 30, 2022. Bridge combines its national operating platform with dedicated teams of investment professionals focused on select US real estate. real estate verticals: residential leasing, office, development, logistics properties, net leasing, real estate-backed lending, solar infrastructure and accessory technology.