SALT LAKE CITY, UT – Bridge Investment Group Holdings announced the completed fundraising for Bridge Workforce and Affordable Housing Fund II, raising $1.74 billion in equity commitments, ahead of its $1.50 billion target.
BWAF II is dedicated to building, preserving, and rehabilitating predominantly non-government subsidized housing wherein at least 51% of residents earn below 80% of area median income ( AMI ), meeting the needs of the large and priced-out missing middle of U.S. renters.
We believe this represents the largest fund ever raised purely dedicated to the preservation of affordable housing in America, commented Rachel Diller, Co-Chief Investment Officer for Bridge s Workforce and Affordable Housing strategy. The U.S. has an affordable housing crisis, with an estimated 10.5 million households paying more than 50% of their annual incomes for housing. Currently, 82% of our Workforce and Affordable Housing residents earn less than 80% of AMI, and over 96% are not cost-burdened, typically defined as spending more than 30% of income on rent.
Our commitment to preserving and rehabilitating housing for America s workforce demonstrates our Firm s ESG mission, said Robert Morse, Executive Chairman at Bridge. The infusion of dedicated onsite social and community programming that focuses on life-enhancing services at each of our Workforce and Affordable Housing assets allows us to serve the needs of an often-overlooked segment of the U.S. population, while driving to more equitable outcomes.
Citizenship and Responsibility are part of our firm culture and core principles, and we expect to commit more than $40 million as part of the Bridge Community Enhancement Initiative to fund programming within the pillars of Bridge to Education, Bridging the Gap to Financial Wellness, and Bridge to Healthy Communities within our Workforce and Affordable Housing portfolio, commented Inna Khidekel, Senior Managing Director, Head of Bridge Gives. Ms. Khidekel added Preschool and afterschool programs, adult education, and onsite health equity make a sense of community, empowerment, and extraordinary energy at our communities. Using a detailed set of GIIN IRIS and UN SDG metrics, Bridge seeks to measure how our efforts drive social and economic mobility while showing to the market that doing well while doing excellent can be mutually reinforcing.

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ORLANDO, FL – The Bainbridge Companies, a fully integrated family of real estate companies engaged in the development, construction/renovation, management, and acquisition of residential and commercial real estate as well as a leading owner, developer, and manager of luxury multifamily apartment communities, announced it has closed on 5.5 acres in Orlando where it will develop Bainbridge The Grand, a residential property set to open in 2025.
Construction of the luxury apartment community, located at 5767 Major Blvd. in Orlando, will start October of 2022. The Class A multifamily community will offer 390 one-, two- and three-bedroom homes ranging from 820 to 1,486 square feet. Bainbridge The Grand will be a five-tale wrap with a structured parking garage. High-end condominium-quality interior finishes and amenities will be included in all apartment homes. Community amenities will include a resort-style pool, expansive clubroom, game room with shuffleboard, pool table, and retro arcade games, work-from-home spaces, state-of-the-art fitness center, electric vehicle charging stations, and on-site storage.
Bainbridge The Grand will be situated in the affluent submarkets of Doctor Phillips/Windermere boasting robust development and employment activity including Lockheed Martin s R&D II building and Universal s new multi-billion dollar theme park, Epic Universe, set to open in 2025. The I-4 Ultimate Improvement Project, the largest project in the history of the Florida Department of Transportation is also nearby. The $2.3 billion project will update a 21-mile stretch of I-4, Central Florida s main transportation artery.
The growth in the Orlando market, the Universal Studios expansion, and the new infrastructure of improved roads made this location a strategic choice for our new apartment development, said Bob Thollander, president of development at The Bainbridge Companies. CBRE ranked the Orlando market as the number one multifamily market in the nation on a go-forward basis and the introduction of Bainbridge The Grand will only contribute to this market s clout.

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CAMDEN, NJ – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has finalized an $85 million preservation and renovation project at the Community Meadows apartments (formerly known as Crestbury Apartments), a 391-unit, 21.5 acre complex located in Camden’s Morgan Village.
HVPG was joined earlier today by City of Camden Mayor Vic Carstarphen, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials to celebrate the completion of renovations to the Community Meadows complex.
The upgrades to Community Meadows encompass a variety of wholistic improvements including complete apartment revitalization, rebuilt site infrastructure and upgrades, and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We are thrilled to celebrate the transformation of Community Meadows in partnership with the City of Camden, HUD and NJHMFA and provide renovated apartments and upgraded complex amenities with continued affordability for residents of Camden,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “When HVPG came into ownership we made a commitment to turn the community around and make it a safe place to live and raise a family. We are very proud to show what our investment and capable team can do.”
“This is an exciting announcement for the City of Camden and for the residents at the Community Meadows Apartments,” said Camden Mayor Victor Carstarphen. “This is a $85 million investment in new infrastructure, substantial upgrades to the interior of each units, enhancements to the exteriors spaces, new playgrounds and common areas, high quality security, among other improvements. These renovations allow for the preservation of quality affordable housing within Camden. I commend Hudson Valley Property Group for being responsible, accountable and community conscious property owners.”
“NJHMFA is proud to support and finance the revitalization of Community Meadows, a community that will provide nearly 400 Camden families a long-term, affordable place to call home,” said NJHMFA Chief Financial Officer John Murray. “The improvements, made in partnership by NJHMFA, HUD, the City of Camden, PNC Bank and Hudson Valley Property Group, represent a significant investment that will provide Camden residents a thriving, healthy community for years to come.”
The acquisition and substantial rehabilitation of the Community Meadows Apartments was financed with tax exempt conduit bonds through the NJHMFA, 4% Low Income Housing Credits bought by PNC, debt financing provided by R4 and bridge equity from PNC. The City of Camden also supported the project with a long-term PILOT Agreement that was implemental to the project’s success.
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Help Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG secured a long-term HUD HAP contract and no residents were displaced as a result of this transaction. The property is subject to LIHTC income restrictions through a thirty-year compliance period, and tenants must qualify at 60% of Area Median Income (AMI) to reside at the property.
The renovations within the 391-unit complex totaled ~$25 million ($64,000 per unit unit) and included dark wood kitchen cabinetry and new countertops, new high-efficiency, stainless steel appliances, high output lighting and water conserving fixtures and the creation of fully compliant ADA and H/V units. Interior Upgrades also included new flooring with subfloor repairs and wall patching and painting. Site Upgrades were substantial and included storm and sanitary line replacement, sidewalk repairs, installation of new trash enclosures, and fresh asphalt across common parking areas, as well as a new playground and the addition of a new play area with playground for resident families, all with the goal of modernizing the property for sustainable long-term operations and improving residents’ quality of life. As part of the turnaround plot for the site, HVPG brought in a new property management partner, Community Realty Management, based in Pleasantville, NJ.
The project follows Hudson Valley Property Group’s recent completion of a $57 million renovation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey. As the need for affordable housing continues to grow, HVPG plans to continue expanding its portfolio and provide even more quality affordable housing across the U.S. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.
Hudson Valley Property Group also recently closed its second fund, raising $292 million in capital commitments from a broad range of institutional investors. HVPG anticipates preserving more than 10,000 homes with the latest investment fund and continuing to expand its portfolio to provide quality affordable housing across the U.S.

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