Trellis, a Twin Cities–based affordable housing developer and property management company, recently found themselves in a bind. While working on Treehouse, a new senior housing community in St. Paul, the team ran into some challenges with the physical site and the financing puzzle. “We needed construction financing, and at the point we were at in the project, there were a lot of tricky pieces related to the site and some of the other financing requirements,” says Dan Walsh, vice president of housing development for Trellis. “Our backs were up against the wall.”

Rather than give up on the project, Trellis turned to Bridgewater Bank, which provided a bridge loan for short-term financing. “It took a certain type of partner to really see the opportunity in the physical site,” Walsh adds. “There are very few financing partners that, in that moment, would have been able to quickly grasp what the risks were, what we were trying to accomplish and, frankly, make this piece of the transaction fall into place. Bridgewater provided one of the key pieces that saved that project.”

Every Project Needs a Foundation

Bridgewater Bank has been serving affordable housing clients like Trellis since the bank was founded in 2005. Affordable housing is an impactful way for the bank to contribute to community needs. “We’re proud to support developers like Trellis who are doing important work for people who need affordable housing,” says Tyler Manning, Bridgewater’s senior vice president of commercial banking. “It’s a big need within the Twin Cities and throughout the country. It’s a space that Bridgewater likes to hang its banner and say, ‘We’re in support of something bigger than just dollars and cents.’”

Bridgewater provides comprehensive lending and banking solutions (think pre-development loans, acquisition financing, permanent financing, lines of credit and treasury management) for both local and national affordable housing clients. “We’ve spent a lot of time earning the respect and trust of the real estate community in general,” says Shaundra Lex, Bridgewater’s senior vice president of treasury management. “We’re not just a transactional bank—we are a relationship bank. This makes a big difference.”

“Bridgewater anticipates our needs and understands our industry. It makes them more than a lender—it makes them part of the team.”

—Elizabeth Flannery, CEO and president of Trellis

A Seat Beside the Builder

This relationship approach to banking, which feels more like a friendship according to Manning, is a big reason why Trellis now partners with Bridgewater for all of their banking needs, whether it’s financing for a new site, a line of credit when money is tighter, or deposits with favorable terms for their property bank accounts.     

“It’s a great partnership,” says Elizabeth Flannery, CEO and president of Trellis. “We want our banking partners to really understand and believe in our field. Bridgewater anticipates our needs, and they understand our industry. It makes them more than a lender. It makes them part of the team and a problem-solver at times. Bridgewater is a leader in affordable housing.”

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