Developer People Restoring Communities (PRC) has secured USD 77.61 million in construction financing for the renovation of an affordable housing complex in southern New Jersey. Citizens Bank provided a construction loan of USD 35.85 million for PRC's Paulsboro Gardens Apartments in Paulsboro, N.J., south of Philadelphia. This loan is intended to facilitate renovation work on the 150-unit complex, which was built in 1968.
The capital structure also includes a USD 23.73 million tax-exempt loan arranged by BWE and backed by Freddie Mac, as well as USD 18.03 million in Low-Income Housing Tax Credit Equity syndicated by Enterprise Community Partners. This combination of financing instruments underscores the complexity and necessity of diversified capital sources in affordable housing renovation.
Strategic Acquisition and Project Goals
White Plains, N.Y.-based PRC had acquired Paulsboro Gardens in July 2025, securing an acquisition loan of USD 20.65 million from X-Caliber at the time. This marked PRC's first entry into the market outside New York State. Matthew Linde, Principal and CEO of PRC, stated that the company saw an opportunity during the acquisition to create a stronger, more welcoming place for community residents.
The investment reflects PRC's commitment to thoughtful, resident-focused revitalisation. Ilya Weinstein, Senior Vice President at BWE, commented that the financing would enable PRC to enter the next phase of the project.
Comprehensive Renovation Measures
The Paulsboro Gardens Apartments are located at 1A Baird Avenue, approximately 14 miles southwest of downtown Philadelphia. The complex consists of 21 low-rise residential buildings with one- and two-bedroom apartments. The renovation project, scheduled for completion by the end of 2027, will involve extensive modernisation of the interiors. Furthermore, PRC plans accessibility upgrades to make the complex suitable for people with disabilities. The property's sewage and water infrastructure will also be renewed to ensure a sustainable and functional residential complex.
- —Citizens Bank: USD 35.85 million construction loan
- —Freddie Mac / BWE: USD 23.73 million tax-exempt loan
- —Enterprise Community Partners: USD 18.03 million Low-Income Housing Tax Credit Equity
