Morgan Stanley, NEF Invest $250M in Affordable Housing Program
BRIDGE Housing has secured a $250 million commitment for project-level financing from Morgan Stanley and National Equity Fund (NEF) under a program that promotes affordable and workforce housing. BRIDGE will use the funding to acquire multifamily properties, portfolios and land, as well as refinancing, capital improvements and acquisition of general partner interests.
“This game-changing commitment gives us speed, flexibility and a sharper competitive edge to accelerate our delivery of quality affordable housing to families and communities,” said Ken Lombard, BRIDGE Housing President and CEO. “We’re honored to work with Morgan Stanley and NEF on solutions to the housing crisis, and we hope to expand the relationship going forward.”
Morgan Stanley Executive Director Robert Taylor added, “We look forward to partnering with National Equity Fund and BRIDGE to bring new sources of capital to help preserve affordable homes nationally.”
BRIDGE estimates this commitment will leverage up to $1 billion in additional capital for badly needed affordable housing, targeting the 30-120% AMI range.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.