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BRIDGE Housing Raises $71M to Finance Portland Housing Development
BRIDGE Housing has raised $71.5 million in a bond offering to finance an affordable housing community in Portland, Oregon.
The unprecedented bond offering, underwritten and marketed by KeyBanc Capital Markets, was four times oversubscribed. The bond proceeds will fund the construction of HollywoodHUB, a 224-unit building that is one of the largest affordable housing developments in the Portland metropolitan area.
“We are constantly seeking innovative financing to spur sustainable growth and advance our urgent mission to provide affordable housing,” said BRIDGE Housing President and CEO Ken Lombard. In addition to underwriting the BRIDGE Housing bond issue, KeyBank Community Development Lending and Investment is providing nearly $62 million in LIHTC equity for hollywoodHUB and arranged permanent financing with an $18.5 million private placement loan.
In 2024, BRIDGE grew its portfolio by 11.5% to 14,774 units through development and acquisitions and now has $4 billion in assets in California, Oregon, and Washington.
