Bridge Investment Group Announces Key Developments in Its $75 Million "Bridge to Opportunity" Program
Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge" or the "Company") today announced expanded business and philanthropic commitments as part of its firmwide approach, "Bridge to Opportunity." Bridge to Opportunity leverages Bridge's unique strength as a vertically integrated operator of 90,000+ residential units nationwide, via its Workforce & Affordable Housing ("WFAH"), Multifamily, Single-Family Rental, Seniors Housing and Opportunity Zone verticals, to generate lasting impact for residents and the communities in which Bridge operates.
Bridge to Opportunity focuses on three key pillars: Bridge to Education, Bridge to Healthy Communities and Bridging the Gap to Financial Wellness. These initiatives include:
- Expanded philanthropic commitments totaling approximately $75 million over the next 10 years as part of the Bridge Community Enhancement Initiative ("BCEI") and Bridge's corporate charitable giving. BCEI seeks to fund impactful social programming in Bridge's WFAH communities. Bridge commits a portion of management fees from its WFAH funds to BCEI, with the expectation of up to $70 million over the lifecycle of Bridge's three WFAH funds.1 Some of the many programs offered within BCEI include college scholarships, food security, English-as-a-second language education, career counseling, credit score building, onsite health equity screenings, and after-school programs for children.
- New Partnership with Entryway, a nonprofit organization providing apartment owners and operators with a pipeline of pre-screened, trained, and ready-to-work individuals at risk or facing situational homelessness for entry-level positions. As a program partner, Bridge will provide subsidized, affordable housing and residence-based, onsite property management employment opportunities in its Multifamily properties, helping participants on their path to being self-sufficient.
- Project Access Partnership: In 2023, BCEI funded 42 Community Centers in Bridge's WFAH communities in partnership with Project Access, to provide leading on-site health, education, and employment services to residents.
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Driving Impact with Developments: Since 2019, Bridge has catalyzed community revitalization through its Opportunity Zone development activities. Bridge fosters community partnerships, delivers needed housing stock (including affordable housing), improves surrounding infrastructure and environments, and creates needed retail and commercial space for businesses to flourish. As of 4Q 2023, Bridge has raised $4.2 billion and invested $3.8 billion in 78 Opportunity Zone developments around the country. In addition, through its Bridge to Opportunity program, Bridge has philanthropically supported its Opportunity Zone development communities. This includes:
- A program providing on-the-job training at a living wage with health benefits to at-risk and recently homeless youth in Sacramento, California;
- A partnership with New Yorkers for Children to provide educational support to foster-care students and back-to-school packages in Queens, New York; and
- A partnership in Atlanta creating a model for new development that can positively impact the broader community through next-generation jobs and skills training, health and wellness support, and access to a service-based hub to build community.
- PREA Foundation/Urban Alliance Property Management Pathway: Bridge is a Founding Governor Donor of the PREA Foundation and Property Management Pathway program with Urban Alliance, providing a multi-year $550,000 grant to support vocational placement in the property management industry for historically underrepresented groups. In 2023, Bridge Property Management supported seven interns.
"Bridge to Opportunity combines our unique position as an investment manager and vertically integrated real estate operator to help improve the communities in which we operate," said Jonathan Slager, Bridge's Chief Executive Officer. Mr. Slager continued, "Additionally, as a leading Opportunity Zone and Workforce and Affordable Housing investor, we have delivered much needed housing to residents who represent the ?Missing Middle' low-to-medium income populations, while providing residents with life-enhancing social and community services. Our new partnership with Entryway furthers our efforts. We remain committed to creating tangible solutions that help everyday Americans while driving value for our communities and investors."
1$70 million estimated commitment includes commitments of approximately $23 million to date, with the expectation of an additional $47 million through the end of the fund lives based on Bridge's projections.
About Bridge
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $47.7 billion of assets under management as of December 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "outlook," "could," "believes," "expects," "potential," "opportunity," "continues," "may," "will," "should," "over time," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words, or other statements that do not relate to historical or factual matters, including statements regarding commitments for future funding of initiatives. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or otherwise, whether as a result of new information, future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
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