Bridge Housing Raises Over $92M for Affordable Housing Investment Fund
The nonprofit developer will use the fund to acquire thousands of units along the West Coast
By Nick Trombola March 12, 2026 2:35 pm
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An investment fund recently launched by a San Francisco-based affordable housing developer has closed its first round on the way toward its goal of $1 billion in deployment potential.
Bridge Housing raised more than $92 million from the likes of institutional investors Keybank, BMO, Capital One, U.S. Bank, Century Housing and PGIM, paired with an in-house investment from Bridge.
The first-round fund is on track to raise $350 million, according to Bridge. Bridge Housing Impact Fund I launched in September, and will be used to acquire thousands of affordable and workforce housing units on the West Coast.
“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,” Ken Lombard, Bridge president and CEO, said in a statement.
The close of the first funding round simultaneously launches Bridge’s acquisition phase, per the firm. Bridge is expecting to buy about 20 properties totaling some 3,500 units in California, Oregon and Washington state. The properties will be a mix of naturally occurring affordable housing that’s at risk of losing income restrictions, as well as market-rate properties that Bridge will convert into affordable units.
The firm said it could also consider some development projects in certain cases. Bridge did not immediately disclose details on specific properties, and a company spokesperson did not immediately respond to a request for more information.
“We believe that safe, affordable housing is the foundation for financial and economic success, unlocking opportunities to save, build wealth, and achieve lasting financial resilience,” said Peter Rawlings, Capital One’s senior vice president of affordable housing finance. “Together [with Bridge], we are working toward the collective goal of delivering not just housing, but lasting opportunities for families and communities to thrive.”
With a stable of some 14,500 units valued at roughly $4 billion, Bridge is one of the largest nonprofit owners of affordable housing in the nation. Though previously focused on development, the firm expects to acquire half of the units that it expects to add to its portfolio through 2027.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
