BRIDGE JV to Kick Off $155M Affordable Portland Project
The transit-oriented property will be located on the site of a light rail station.

BRIDGE Housing, Portland Housing Bureau and Tri-County Metropolitan Transportation District of Oregon will officially break ground on HollywoodHUB, a 224-unit affordable housing project in Portland, Ore., later this week. The developers expect completion by 2027.
Holst Architecture provided design services, while O’Neill/Walsh Community Builders will serve as general contractor. Estimated development costs total more than $155 million.
HollywoodHUB will rise 12 stories at 4030 NE Halsey St., on land owned by the Tri-County Metropolitan Transportation District of Oregon. The transit-oriented project will be built on the site of the Hollywood Transit Center, a light rail station served by three lines currently undergoing renovation.
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The unit mix is set to feature studio and one- to three-bedroom apartments. Two-thirds of the units will cater to residents earning up to 60 percent of the area median income and one-third will be restricted to individuals earning no more than 30 percent of AMI. Project-based Section 8 vouchers will be available for 55 units.
Amenities are slated to include a community room, bike parking and courtyard, among others. Hacienda CDC in partnership with Portland Opportunities Industrialization Center and Immigrant and Refugee Community Organization will provide supportive resident services.
A first for a nonprofit housing developer
Last month, BRIDGE raised $71.5 million in a public tax-exempt bond offering for HollywoodHUB’s construction. KeyBanc Capital Markets underwrote and marketed the bond offering. This marked the first such offering for a nonprofit housing developer since government-rated entities such as housing authorities typically offer tax-exempt bonds.
KeyBank Community Development Lending and Investment provided $62 million in LIHTC equity and also originated a $18.5 million loan. Additional funding included a $33 million note issued by Home Forward and a self-financed $8.6 million loan, as well as $872,143 in financing from the Oregon Housing and Community Services Department, according to Yardi Matrix data.
Affordable housing in Portland
Greater Portland’s pipeline had nearly 8,800 units under construction as of January, according to Yardi Matrix data. About 26 percent of that figure, amounting to roughly 2,300 units, were in fully affordable projects.
Once HollywoodHUB reaches completion, BRIDGE’s Portland footprint will encompass more than 2,100 affordable units. One of the firm’s communities in the metro is Cedar Rising, an 82-unit fully affordable property in Aloha, Ore., roughly 12 miles southwest of downtown Portland.
Another one is Bethany Meadows, a 340-unit property in Portland that BRIDGE acquired in November. At the end of 2024, the developer’s national portfolio totaled 14,774 units, up by 11.5 percent over the year.