BRIDGE Housing has held a first close of more than $92 million for BRIDGE Housing Impact Fund I, a vehicle designed to accelerate the acquisition, preservation, and construction of affordable and workforce housing in high-cost markets.  

Investors include KeyBank, BMO, Capital One, U.S. Bank, Century Housing, and PGIM, alongside an investment from BRIDGE itself, funded in part by proceeds from a recent unrestricted gift from MacKenzie Scott’s Yield Giving. 

Launched last year, the Impact Fund is targeting $350 million of equity, which BRIDGE expects will unlock approximately $1 billion in total investment capacity. Capital will focus on properties in California, Oregon, and Washington with expiring affordability restrictions, as well as market-rate assets that can be converted to regulated affordable and workforce housing. In select cases, the fund may also back new construction. 

“By pairing institutional capital with BRIDGE’s own balance sheet, we are working alongside our partners to preserve long-term affordability and expand housing opportunities in some of the nation’s most challenging markets,” said Ken Lombard, President and CEO of BRIDGE Housing. 

The first close kicks off the fund’s acquisition phase, with plans to acquire about 20 properties totaling an estimated 3,500 units. “The Fund allows us to act decisively in competitive markets, preserve affordability, and deliver strong, mission-aligned outcomes for residents and investors alike,” added Elizabeth Van Benschoten, CIO and SVP of Capital Markets.  

BRIDGE, founded in 1983, has helped create more than 23,000 affordable homes across the West Coast.