Annual Highlights

Our Developments

Project Name City State Project Type Total
Homes & Apartments
 Affordable Homes & Apartments Dev Cost
Acquisitions      
3850 18th Street, Mission San Francisco CA Sr/Disabled Rental 107 107 N/A
Mission Dolores, Mission San Francisco CA Sr/Disabled Rental 91 91 N/A
Alemany, Bernal San Francisco CA Family Rental 158 158 N/A
Woodland Park Hillsboro OR Senior & Family Rental 111 111 N/A
Coronado Springs Seattle WA Family Rental 332 332 N/A
Acquisitions       799 799
In Construction      
San Leandro BART Garage San Leandro CA Garage 0 0 $7,567,000
Marea Alta San Leandro CA Family/Senior Rental 115 115 58,131,000
Ivy at College Park Phase II Chino CA Family Rental 200 200 41,579,000
Woodland Park Hillsboro OR Senior & Family Rental 111 111 19,101,000
462 Duboce, Mission San Francisco CA Sr/Disabled Rental 42 42 30,915,000
25 Sanchez, Mission San Francisco CA Sr/Disabled Rental 90 90 44,451,000
Holly Courts, Bernal  San Francisco CA Family Rental 118 118 69,119,000
255 Woodside, Mission San Francisco CA Sr/Disabled Rental 110 110 52,779,000
3850 18th Street, Mission San Francisco CA Sr/Disabled Rental 107 107 58,612,000
Mission Dolores, Mission San Francisco CA Sr/Disabled Rental 91 91 55,882,000
Alemany, Bernal San Francisco CA Family Rental 158 158 147,084,000
In Construction       1,142 1,142 $585,220,000
In Approvals      
1950 Mission  San Francisco CA Family Rental 157 157 84,361,000
4840 Mission San Francisco CA Family Rental 84 84 72,315,000
Central Station Phase II / 16th St. Train Station Oakland CA Family Rental/Land Development 1,170 324 TBD
Element 78 Portland OR Family Rental 307 100 $90,228,000
Jordan Downs (multi-phase) Los Angeles CA Masterplan 1,235 985 747,882,000
Jordan Downs Phase 1 Los Angeles CA Family Rental 115 115 52,118,000
Madera Vista (Summerhouse Phase 3) Temecula CA Family Rental 30 30 8,215,000
1101 Connecticut (Potrero Block X) San Francisco CA Family Rental 71 71 43,146,000
Potrero (remaining phases) San Francisco CA Masterplan 1,529 745 600,000,000
Riverplace Parcel 3 Portland OR Family Rental 366 204 124,372,000
San Leandro Senior San Leandro CA Senior Rental 85 85 39,300,000
Transbay Block 9 San Francisco CA Family Rental 109 109 85,810,000
Westview Village (remaining phases) Ventura CA Family and Senior Rental 153 153 61,114,000
Westview Village - Phase I Ventura CA Family Rental 131 131 56,141,000
Berkeley Way (family & supportive) Berkeley CA Family Rental 119 119 43,257,000
Bay Meadows Affordable San Mateo CA Family Rental 68 68 45,770,000
Cornelius Place Cornelius OR Senior Rental 45 45 13,063,000
Mayfair Site/El Cerrito Del Norte BART El Cerrito CA Family Rental 68 68 31,244,000
490 South Van Ness San Francisco CA Family Rental 81 81 45,006,000
North Williams Portland OR Family Rental 61 61 15,834,000
The Children's Clinic Long Beach CA Family Rental 88 88 42,168,000
88 Broadway San Francisco CA Family Rental 135 135 74,042,000
735 Davis (88 Broadway Senior) San Francisco CA Senior Rental 54 54 29,694,000
In Approvals       6,261 4,012 $2,405,080,000
Total 1983-2016 Activity 17,032 13,027 $3,470,522,000
Grand Total to Date       24,435 18,181 $6,460,822,000

Acquisitions

 
Project Name 3850 18th Street, Mission
City San Francisco
State CA
Project Type SR/Disabled Rental
Total Homes & Apartments 107
Affordable Homes & Apartments 107
Dev Cost N/A
Project Name Mission Dolores, Mission
City San Francisco
State CA
Project Type SR/Disabled Rental
Total Homes & Apartments 91
Affordable Homes & Apartments 91
Dev Cost N/A
Project Name Alemany, Bernal
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 158
Affordable Homes & Apartments 158
Dev Cost N/A
Project Name Woodland Park
City Hillsboro
State OR
Project Type Senior & Family Rental
Total Homes & Apartments 111
Affordable Homes & Apartments 111
Dev Cost N/A
Project Name Colorado Springs
City Seattle
State WA
Project Type Family Rental
Total Homes & Apartments 332
Affordable Homes & Apartments 332
Dev Cost N/A
Acquisitions  
Total Homes & Apartments 1,142
Affordable Homes & Apartments 1,142

 

In Construction  
Project Name San Leandro Bart Garage
City San Leandro
State CA
Project Type Garage
Total Homes & Apartments 0
Affordable Homes & Apartments 0
Dev Cost $7,567,000
Project Name Marea Alta
City San Leandro
State CA
Project Type Family / Senior Rental
Total Homes & Apartments 115
Affordable Homes & Apartments 115
Dev Cost $58,131,000
Project Name Ivy at College Park, Phase II
City Chino
State CA
Project Type Family Rental
Total Homes & Apartments 200
Affordable Homes & Apartments 200
Dev Cost $41,579,000
Project Name Woodland Park
City Hillsboro
State OR
Project Type Senior & Family Rental
Total Homes & Apartments 111
Affordable Homes & Apartments 111
Dev Cost $19,101,000
Project Name 462 Duboce, Mission
City San Francisco
State CA
Project Type SR/Disabled Rental
Total Homes & Apartments 42
Affordable Homes & Apartments 42
Dev Cost $30,915,000
Project Name 25 Sanchez, Mission
City San Francisco
State CA
Project Type Sr/Disabled Rental
Total Homes & Apartments 90
Affordable Homes & Apartments 90
Dev Cost $44,451,000
Project Name Holly Courts, Bernal
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 118
Affordable Homes & Apartments 118
Dev Cost $69,119,000
Project Name 255 Woodside, Mission
City San Francisco
State CA
Project Type Sr/Disabled Rental
Total Homes & Apartments 110
Affordable Homes & Apartments 110
Dev Cost $52,779,000
Project Name 3850 18th Street, Mission
City San Francisco
State CA
Project Type Sr/Disabled Rental
Total Homes & Apartments 107
Affordable Homes & Apartments 107
Dev Cost $58,612,000
Project Name Mission Dolores, Mission
City San Francisco
State CA
Project Type Sr/Disabled Rental
Total Homes & Apartments 91
Affordable Homes & Apartments 91
Dev Cost $55,882,000
Project Name Alemany, Bernal
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 158
Affordable Homes & Apartments 158
Dev Cost $147,084,000
In Construction  
Total Homes & Apartments 1,142
Affordable Homes & Apartments 1,142
Total Development Cost $585,220,000

 

In Approvals  
Project Name 1950 Mission
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 157
Affordable Homes & Apartments 157
Dev Cost $84,361,000
Project Name 4840 Mission
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 84
Affordable Homes & Apartments 84
Dev Cost $72,315,000
Project Name Central Station Phase II / 16th St. Train Station
City Oakland
State CA
Project Type Family Rental / Land Development
Total Homes & Apartments 1,170
Affordable Homes & Apartments 324
Dev Cost TBD
Project Name Element 78
City Portland
State OR
Project Type Family Rental
Total Homes & Apartments 307
Affordable Homes & Apartments 100
Dev Cost $90,228,000
Project Name Jordan Downs (multi-phase)
City Los Angeles
State CA
Project Type Masterplan
Total Homes & Apartments 1,235
Affordable Homes & Apartments 985
Dev Cost $747,882,000
Project Name Jordan Downs Phase 1
City Los Angeles
State CA
Project Type Family Rental
Total Homes & Apartments 115
Affordable Homes & Apartments 115
Dev Cost $52,118,000
Project Name Madera Vista (Summerhouse Phase 3)
City Temecula
State CA
Project Type Family Rental
Total Homes & Apartments 30
Affordable Homes & Apartments 30
Dev Cost $8,215,000
Project Name 1101 Connecticut (Potrero Block X)
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 71
Affordable Homes & Apartments 71
Dev Cost $43,146,000
Project Name Potrero (remaining phases)
City San Francisco
State CA
Project Type Masterplan
Total Homes & Apartments 1,529
Affordable Homes & Apartments 745
Dev Cost $600,000,000
Project Name Riverplace Parcel 3
City Portland
State OR
Project Type Family Rental
Total Homes & Apartments 366
Affordable Homes & Apartments 204
Dev Cost $124,372,000
Project Name San Leandro Senior
City San Leandro
State CA
Project Type Senior Rental
Total Homes & Apartments 85
Affordable Homes & Apartments 85
Dev Cost $39,300,000
Project Name Transbay Block 9
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 109
Affordable Homes & Apartments 109
Dev Cost $85,810,000
Project Name Westview Village (remaining phases)
City Ventura
State CA
Project Type Family and Senior Rental
Total Homes & Apartments 153
Affordable Homes & Apartments 153
Dev Cost $61,114,000
Project Name Westview Village - Phase I
City Ventura
State CA
Project Type Family Rental
Total Homes & Apartments 131
Affordable Homes & Apartments 131
Dev Cost $56,141,000
Project Name Berkeley Way (family & supportive)
City Berkeley
State CA
Project Type Family Rental
Total Homes & Apartments 119
Affordable Homes & Apartments 119
Dev Cost $43,257,000
Project Name Bay Meadows Affordable
City San Mateo
State CA
Project Type Family Rental
Total Homes & Apartments 68
Affordable Homes & Apartments 68
Dev Cost $45,770,000
Project Name Cornelius Place
City Cornelius
State OR
Project Type Senior Rental
Total Homes & Apartments 45
Affordable Homes & Apartments 45
Dev Cost $13,063,000
Project Name Mayfair Site/El Cerrito Del Norte BART
City El Cerrito
State CA
Project Type Family Rental
Total Homes & Apartments 68
Affordable Homes & Apartments 68
Dev Cost $31,244,000
Project Name 490 South Van Ness
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 81
Affordable Homes & Apartments 81
Dev Cost $45,006,000
Project Name North Williams
City Portland
State OR
Project Type Family Rental
Total Homes & Apartments 61
Affordable Homes & Apartments 61
Dev Cost $15,834,000
Project Name The Children's Clinic
City Long Beach
State CA
Project Type Family Rental
Total Homes & Apartments 88
Affordable Homes & Apartments 88
Dev Cost $42,168,000
Project Name 88 Broadway
City San Francisco
State CA
Project Type Family Rental
Total Homes & Apartments 135
Affordable Homes & Apartments 135
Dev Cost $74,042,000
Project Name 735 Davis (88 Broadway Senior)
City San Francisco
State CA
Project Type Senior Rental
Total Homes & Apartments 54
Affordable Homes & Apartments 54
Dev Cost $29,694,000
In Approvals  
Total Homes & Apartments 6,261
Affordable Homes & Apartments 4,012
Total Development Cost $2,405,080,000
Total 1983-2016 Activity  
Total Homes & Apartments 17,032
Affordable Homes & Apartments 13,027
Total Development Cost $3,470,522,000
Grand Total to Date  
Total Homes & Apartments 24,435
Affordable Homes & Apartments 18,181
Total Development Cost $6,460,822,000

Building Success: Marea Alta

In late 2016, BRIDGE completed Marea Alta, 115 affordable family apartments on a former parking lot across from the San Leandro BART Station.

A child care center and underground parking for transit patrons complement the property, which is the first phase of a master-planned site that will soon include 85 apartments for low-income seniors.

Marea Alta was built using modular construction, where 312 building components created off-site were delivered and assembled on a traditionally constructed concrete podium. For the development, which faced a significant funding gap, turning to modular reduced the hard costs and made the project feasible.

To an average viewer, and more importantly, to the families who call Marea Alta home, it looks no different than a conventionally built property, with high quality apartments and amenities such as a spacious community room and a beautifully landscaped courtyard with a play area.

"This is the wave of the future"

–Alameda County Supervisor Wilma Chan

Financial Statements

Position
2016
2015
Assets
Cash & Cash Equivalents
$97,425,000
$73,520,000
Restricted Cash Deposits
66,100,000
64,204,000
Accounts Receivable - Net
7,368,000
8,070,000
Notes Receivable
24,057,000
24,229,000
Prepaid Expenses, Deposits & Impounds
18,235,000
25,620,000
Property & Equipment - Net
1,851,459,000
1,636,150,000
Deferred Costs - Net
5,195,000
5,853,000
Land Under Lease & Other Investments
9,869,000
7,815,000
Total Assets
$2,079,708,000
$1,845,461,000
Liabilities and Net Assets
 
 
Liabilities
 
 
Accounts Payable and Accrued Expenses
$66,011,000
$57,316,000
Notes and Interest Payable
1,446,981,000
1,258,948,000
Deferred Revenue
21,400,000
33,050,000
Security and Other Deposits
6,670,000
6,407,000
Total Liabilities
$1,541,062,000
$1,355,721,000
Net Assets
 
 
Unrestricted:
 
 
Controlling Interest
$166,686,000
$165,888,000
Non-controlling Interest
367,307,000
318,656,000
Total Unrestricted
533,993,000
484,544,000
Temporarily Restricted
2,993,000
3,536,000
Permanently Restricted
1,660,000
1,660,000
Total Net Assets
538,646,000
489,740,000
Total Liabilities & Net Assets
$2,079,708,000
$1,845,461,000

*The above financial statements were consolidated adopting eitf 04-5 whereby entities which bridge controls are consolidated. To obtain a copy of bridge's audited financial statements, please contact the bridge offices.

Activities
2016
2015
Support & Revenue
Rental Income - Net of Vacancies and Concessions
$126,657,000
$112,571,000
Developer Fees
12,750,000
11,083,000
Management Revenue
2,806,000
3,206,000
Contributions
22,277,000
23,760,000
Interest income
1,642,000
1,462,000
Other
4,153,000
6,706,000
Total support and revenue
$170,285,000
$158,788,000

Expenses
Program Services (1)
$145,701,000
$120,611,000
Supporting Services
7,285,000
7,930,000
Fundraising
625,000
408,000
Total Expenses
153,611,000
128,949,000
Cash Operating Income
$16,674,000
$29,839,000

(1) Expenses exclude $50,254,000 and $46,564,000 of non-cash Depreciation and Amortization Expense and $11,665,000 and $10,169,000 of non-cash Interest Expense on project related subordinate financing in 2016 and 2015 respectively.

Our Partners & Donors

BRIDGE is grateful for the contributions we received in 2016; philanthropic support catalyzes our ability to deliver resident programs and to advance our holistic community development work.

INSTITUTIONAL AND CORPORATE DONORS

$150,000 and above

Citi Foundation

S. H. Cowell Foundation

National Affordable Housing Trust

Weingart Foundation

$50,000-$149,999

Bank of America Charitable Foundation

Battery Foundation

Enterprise Community Partners

U.S. Bank Foundation

William Randolph Hearst Foundation

$25,000-$49,999

Federal Home Loan Bank of San Francisco

Marcus & Millichap

Robert Wood Johnson Foundation

The San Francisco Foundation

The SummerHill Housing Group

$10,000-$24,999

Cahill Contractors, Inc.

Capital One

Saarman Construction, Ltd.

MUFG Union Bank Foundation

$1,000-$9,999

Brian Bainum Family Foundation

California Housing Partnership Corp.

Carlile Macy

Fine Line Construction

JPMorgan Chase Bank, N.A.

Lambda Alpha International, Golden Gate Chapter

Napa Valley Community Foundation

Rockridge Geotechnical, Inc.

Stewards of Affordable Housing for the Future - SAHF

Umpqua Bank

Van Meter Williams Pollack

INDIVIDUAL DONORS

$50,000 and above

Robert Freed and Sharon Freed

Ronald Nahas and Mary Nahas

$25,000-$49,999

Alan and Ruth Stein



Michele and John McNellis

$10,000-$24,999

Constance Moore and Roger Greer

Dennis and Gloria O’Brien Foundation

Ernesto Vasquez and Socorro VasquezFrank and Maryellen Herringer

Kenneth Novack and Deborah Schnitzer

Kenneth Meislin and Vera Meislin

Richard Holliday and Nancy Holliday

$1,000-$9,999

Beth Mullen

Bill Falik and Diane Cohen

Cynthia Parker

Diane Olmstead

Douglas and Nancy Abbey

Hilary Colwell and Dave Thomas

James Valva

Joe and Kathryn Hagan

John Parkhurst and Marilyn Parkhurst

Nancy Hemmenway and Thomas Welsh

Paul Sack

Paul Stein

Peggy (Margaret) Colwell

Peter Palmisano

Ray Carlisle

Rebecca Hlebasko

Richard and Connie Adams

Robert S. Stein and Jessica S. Pers

Susan Johnson

Thomas Fassett

William Stipek

Sustaining Success: Solar

BRIDGE is committed to the environmentally sound development and operation of its properties.

Nearly two decades ago, BRIDGE created a Green Building Committee to focus on green practices in all areas of development and management, with the goals of increasing the energy efficiency of our buildings, the sustainability of our methods and the health of our residents and employees.

Across our operating properties, our Portfolio Team identifies and implements energy and water efficiency upgrades as well as a project plan for participation in The Big Reach, a national initiative by Stewards of Affordable Housing for the Future to reduce energy and water consumption 20% by 2020.

To date, 21 BRIDGE properties have solar photovoltaic systems that generate an estimated 2.2 million kilowatt hours of power annually: enough to offset 1,534 metric tons of carbon dioxide, which is equivalent to burning 8.2 railcars worth of coal. We are continuing to explore ways to increase sustainability in other ways, and have just completed our first solar installation that will offset electricity in individual residential apartments in addition to common spaces.

President & CEO's Message

At BRIDGE, we are working hard to bring solutions and results to the table: building homes, strengthening neighborhoods and creating opportunities for everyone.

"Compassion" is one of BRIDGE's core values, and I strive to pause often to reflect upon what we are grateful for and how to help others who are less fortunate.

To provide some perspective, the average annual income of a BRIDGE resident is about $32,000. And at some properties, such as Alemany, a recent acquisition we are extensively rehabbing, the need is even greater. Can you imagine raising a family in San Francisco on $12,000 per year?

For seniors, programs and services inspire social interaction and reduce isolation.

While quality affordable housing is where we start, we know that to be a place maker and game changer, we have to go further. Our commitment to helping residents achieve stability and reach for new opportunities is part of our DNA. That's why we provide programs and services for residents of all ages, to help them move toward lifelong success.

Juana, for example, who lives at BRIDGE's St. Joseph's Senior Apartments, loves the weekly bingo games with her friends and she takes pride in tending to her flowers in the community garden. Since her husband passed away, these activities have become even more important in helping Juana stay connected, preventing the debilitating isolation that so many seniors experience.

Community activities such as gardening bring Potrero residents together on a regular basis, building and strengthening relationships.

And under our Community Development initiative, we know that the successful large-scale transformation of neighborhoods in places such as Potrero Hill in San Francisco and Watts in Los Angeles, where we've just broken ground, requires understanding and enhancing conditions that impact residents' lives, such as child care, schools, jobs and transportation.

Communities across the country are grappling with heartbreaking demand for affordability. At BRIDGE, we are working hard to bring solutions and results to the table: building homes, strengthening neighborhoods and creating opportunities for everyone.

Thank you, from all of us at BRIDGE, for your partnership and compassion.

Cynthia A. Parker
President & CEO

BRIDGE Leadership

BRIDGE is governed by a Board of Directors who share a commitment to “quality, quantity and affordability” with our Senior Leadership Team.

Board of Directors

Ron Nahas, Board Chairman
Partner
Rafanelli & Nahas

Ray Carlisle, Board Vice Chairman
President
Carlisle Companies

Douglas D. Abbey
Chairman
Swift Real Estate Partners

Robert Freed
President & CEO
SummerHill Housing Group

Joe Hagan
President and CEO
National Equity Fund

Harry M. Haigood
Private Investor

Nancy Hemmenway
Retired Chief Human Resources Officer
Prologis

Richard Holliday
President
Holliday Development

Michael McAfee
President
PolicyLink

Ed McNamara
Owner
Turtle Island Development LLC

Connie Moore
Retired CEO
BRE Properties, Inc.

Kenneth M. Novack
Founding Partner
Schnitzer West

Dennis O'Brien
President
The O'Brien Group

Paul Stein
Managing Partner
SKS Investments LLC

Ernesto Vasquez, FAIA, NCARB
Partner and CEO
SVA Architects, Inc.

Chuck Weinstock
Retired, Community Development Banking

Jim Wunderman
President & CEO
Bay Area Council


EMERITUS

Richard Bender
Professor of Architecture & Dean Emeritus
College of Environmental Design
University of California, Berkeley

Anthony Frank
Founding Chairman
Belvedere Capital Partners

Sunne Wright McPeak
President & CEO
California Emerging Technology Fund

Peter Palmisano
Partner
Pacific Union Development Co.


Lynn Sedway, CRE
President
Sedway Consulting

Angelo Siracusa
Retired President & CEO
Bay Area Council

Alan L. Stein
Chairman Emeritus

Clark Wallace
Principal
Clark Wallace Realtor & Associates

Susanne B. Wilson
Principal
Solutions by Wilson


Senior Leadership Team

Cynthia A. Parker
President & CEO

Susan Johnson
Executive Vice President
& Chief Operating Officer

Kimberly McKay
Executive Vice President

Ann Silverberg
Executive Vice President

D. Kemp Valentine
Executive Vice President & CFO

Monica Edwards
President, BRIDGE Impact Capital (BRIC)

Rebecca V. Hlebasko
Senior Vice President & General Counsel

Alison Lorig
Senior Vice President

James Valva
Senior Vice President

Brad Wiblin
Senior Vice President

Katherine Fleming
Vice President of Portfolio

Lyn Hikida
Vice President of Communications

Susan J. Neufeld
Vice President of Community Development and Programs

Chris Nicholson
Vice President of Resource Development

Simone Robinson
Vice President of Human Resources

Joanna Yong
Vice President of Compliance

Leading Success: Philanthropy

People with low incomes often lack reliable Internet access—and this has far-reaching impacts on their ability to function and thrive in today's world.

With access and know-how, seniors can stay in touch with relatives, students can do online homework and test prep, and adults can submit job applications and more.

To address the "digital divide," BRIDGE is currently leading a pilot at 11 properties with a $323,000 grant from the California Public Utilities Commission. Our Programs team has engaged a vendor to offer computer classes tailored to residents’ needs. Upon successful completion of three sessions, each student is given a laptop to keep. This is just one example of how philanthropy helps BRIDGE serve residents in innovative ways that transform lives.