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BRIDGE Housing Acquires Affordable Housing Near Portland
BRIDGE Housing has acquired Bethany Meadows, a 340-unit affordable housing community outside of Beaverton, Oregon.
The property consists of income-restricted one- and two-bedroom apartments for households earning 60% of Area Median Income in the Portland Metro Area. BRIDGE Housing’s investment was supported by an innovative financing arrangement with Morgan Stanley and the National Equity Fund that provides a $250 million revolving credit facility.
BRIDGE’s portfolio includes more than 13,600 units across more than 130 properties in California, Washington and Oregon, with a total development cost of more than $3.5 billion. Bethany Meadows is BRIDGE Housing’s second recent investment in Washington County, following the June opening of Cedar Rising, an 82-unit affordable housing community for families in the Aloha area.
“By permanently preserving the affordability of Bethany Meadows, we are advancing our mission and benefiting hundreds of families in a meaningful way for years to come,” said Ken Lombard, BRIDGE Housing President and CEO.
