Bridge, Wells Fargo, Freddie Mac: Embark on Financing with Social Impact

May 9, 2018

"NEW YORK--(BUSINESS WIRE)--Bridge Multifamily Fund Manager, an affiliate of Bridge Investment Group (Bridge), and Freddie Mac Multifamily today announced the closing of a first-of-its-kind transaction designed to voluntarily provide long-term, rental housing affordable to low-income and working families, in conjunction with Wells Fargo and KeyBank.

 

Specifically, Bridge and Wells Fargo closed their first financing under Freddie Mac’s MultiAsset Commitment with a focus on affordability, in which Freddie Mac will purchase and aggregate up to $500 million in loans over a one-year period to allow Bridge to acquire, improve and preserve workforce and affordable housing stock nationwide. After the one-year term, Freddie Mac will place the aggregated loans in a single securitization, for which Bridge will be required to purchase the subordinate bonds. Wells Fargo will originate $400 million of the commitment and KeyBank will originate the remaining $100.

 

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