Ironwood is Iron Bridge’s affordable housing subsidiary. Ironwood developed the first affordable housing project in Guam using Low Income Housing Tax Credits. Ironwood has built several communities on the island of Guam, and is exploring expansion opportunities in Saipan and other states and territories.

Ironwood has its own development team and property management team and owns and operates more than 300 affordable housing units. Ironwood has completed all of its projects on time and on budget, and continues to provide exceptional value to its residents and noteworthy contributions to an improved quality of life on the island. Ironwood communities feature free after-school programs for school-aged children, parents’ night out events, vocational training, financial advice programs, community watch programs, and free computer labs and computer training. Ironwood communities have been developed in partnership with Micronesia Self-Help Housing, an organization that provides many social services and amenities for residents. Ironwood continues to receive high marks and rave reviews from tenants and government officials alike.

For more information, click here to go the
Ironwood Web Site.

The Guam Education Financing Foundation, Inc. (GEFF) is a non-profit corporation formed by Iron Bridge to further public/private partnerships in the education arena. GEFF has partnered with the government of Guam to design, build, finance and lease-back four new schools in Guam, leveraging grant monies from the U.S. federal government. These schools include Okkudo High School, Astumbo Middle School, Liguan Elementary School and Adacao Elementary School.

GEFF completed the last school (Adacao) in August, 2009, and was proud to have completed all four new schools on time and on budget, based on the government of Guam’s delivery of the land. In one case, GEFF delivered Okkudo High School early to accommodate the start of the 2008-2009 school year. After winning the RFP initial process, GEFF was instrumental in furthering required legislation, earning the approval of both the governor and attorney general of Guam, and sought and received a declaratory judgment from the Guam Supreme Court ensuring the legality of the innovative financial structure under Guam law. GEFF also worked with U.S. federal agencies to satisfy procurement issues and NEPA (National Environmental Policy Act) compliance. GEFF’s first transaction now serves as a model for partnerships involving the U.S. federal government, its territories and private industry.

GEFF will own, maintain and insure the schools for 20 years, at which point they will revert to the Guam Department of Education. During the ownership period, Iron Bridge will continue to support employment on the island by employing, directly or indirectly, maintenance, repair and custodial workers at the new schools. GEFF is headquartered in the Atlanta office, with significant operations in Guam.

Iron Bridge founded Pruvient Energy in 2003 to pursue opportunities in the power generation and energy fields. Pruvient’s first transaction involved the acquisition of the Tanguission Power Plant in Dededo, Guam from Mirant, headquartered in Atlanta, Georgia. Iron Bridge was able to secure financing for the acquisition at a time when financing for power plant acquisitions or development was scarce. Since acquisition, Pruvient has brought certain services in house and greatly improved operating efficiencies at the plant, reducing island-wide power outages that were once commonplace on Guam. Despite its age, the power plant consistently operates as one of the most reliable plants on Guam. Pruvient has also reinvested significant capital to ensure operations remain reliable for the foreseeable future.

The Tanguission plant has two 25-megawatt steam turbines, and operates under a long-term power purchase agreement with the Guam Power Authority. It runs 24 hours a day, seven days a week, and employs approximately 50 full-time management and operating staff members. The private operation of a previously government-owned asset serves as a great example of a successful public/private partnership. Since privatization, the plant has seen enormous increases in reliability and availability, operating more cost-efficiently and effectively than it did prior to privatization. Pruvient Energy continues to explore other energy-related and power sector opportunities.