BDP's team leverages a diverse set of skills to design and implement innovative projects that deliver returns to investors and partners while achieving measurable social outcomes. A few examples of our work are listed below.
The CS Large Cities Housing Fund
BDP is the fund manager for this $125M social-impact equity fund, which develops housing for veterans experiencing homelessness in 16 target communities nationwide. The Fund is sponsored by Community Solutions, a nationally recognized nonprofit working to end homelessness. Investors include some of the largest health systems, foundations, family offices and private investors in the country. The Fund acquires existing multifamily buildings, renovates as needed, and connects units to the local homelessness response system as they become available. Properties maintain a 50/50 mix of voucher and workforce housing, and tenants are connected to any services or support needed to ensure they remain stably housed.
The SWIFT Factory
Working as part of a team that included nonprofit partners Community Solutions and Northeast Neighborhood Parters, BDP led the project design and financing for the $37M transformation of Hartford’s historic Swift Gold Leaf Factory. Today the formerly abandoned factory building houses incubator kitchens and office space, a school and an early childhood center. Fit-out is also underway for a new branch of the Hartford Public Library. The project capital stack includes New Markets Tax Credits ($7.21M), Federal Grants ($4.55M) and State/Federal Historic Tax Credits ($8.65M) in addition to more than $16.33M in public, private and philanthropic funding.
Public Health Campus on Cedar
Working for the Philadelphia-based non profit Public Health Management Corporation (PHMC), BDP has supported development, financing, construction and asset management of this $72M community health project. Using a mix of public and private financing, PHMC is partnering with the Hospital of the University of Pennsylvania and Children's Hospital of Philadelphia to transform the former Mercy Hospital into a vibrant community health hub for West Philadelphia.
Recognizing that housing is a key social determinant of health, Vincent's Homes was created to provide quality affordable housing that promotes health and wellness for individuals with housing insecurity. The goal is to acquire and redevelop 100+ homes spread across East Germantown, Philadelphia, primarily using local Minority and Women owned contractors. Tenants are referred from healthcare and social service organizations. Case managers stay connected with tenants to support their long-term health, social, and economic needs.
The 66-unit Abrigo Apartments was co-developed with the national nonprofit Community Solutions to provide housing for veterans experiencing homelessness in Metro Denver. The building maintains a 50/50 mix of veterans exiting homelessness and lower/middle-income workers. Conveniently located adjacent to the region's new VA Medical Campus, local partners including the VA are able to provide referral and case management work to aid veteran tenants in their transition to permanent housing and ensure all tenants remain stably housed.
BDP works with local partners to renovate blighted and vacant properties throughout the Philadelphia region under conservatorship legislation that the Commonwealth passed in 2009. Blight remediation has been proven to help neighborhoods restore vitality for existing residents and catalyze further investment and long-term economic recovery in the community. Since 2014 BDP's work has resulted in the renovation of over 40 properties across Philadelphia and the surrounding areas.
Developed in partnership with Community Solutions, this 132-unit apartment building provides housing for veterans experiencing chronic homelessness and middle-income workers in the Atlanta Metro area. Building managers work closely with the local homelessness response system to source referrals for units as they become available, ensuring that those who are in most in need of housing are referred first.
Santa Fe Suites
Leveraging federal funding amidst a housing shortage in New Mexico, this project, developed in collaboration with the City of Santa Fe and Community Solutions, transformed a 123-unit hotel into affordable housing dedicated to housing formerly chronically homeless individuals, including veterans. Tenants are given access to critical social and community services, such as a grocery store, pharmacy, and public transportation, along with on-site counseling services. This hotel conversion project serves as a model for how other communities across the country can quickly create new affordable housing with resources currently at their disposal.
The North Hartford Housing Trust
Working alongside the nonprofit Northeast Neighborhood Partners, BDP's team assisted in the formation and initial funding of the North Hartford Housing Trust. The Housing Trust was founded to address the challenge of poorly maintained, vacant and blighted properties throughout the neighborhood while also attempting to get ahead of encroaching gentrification and preserve affordability for current residents. Once complete, the Trust will consist of 100 housing units scattered across North Hartford, CT.
Baltimore Impact Portfolio
BDP led the acquisition and repositioning of more than $50M of properties to support the launch of a mixed-use community investment strategy that is projected to catalyze economic growth through $250M of residential, life sciences, and commercial projects.