PRC, a vertically integrated, family-run real estate development firm, has acquired a 150-unit affordable housing development in Paulsboro, New Jersey.
The company said it plans a substantial rehabilitation that will maintain Paulsboro Gardens Apartments as affordable housing.
“For decades, PRC has been restoring communities in New York City and the surrounding areas by delivering high-quality housing opportunities, and we look forward to breaking into a new gateway city outside of New York,” said Matthew Linde, principal and CEO. “As Paulsboro Gardens Apartments joins our expanding portfolio, it’s rewarding knowing that this rehabilitation will provide new, improved apartments that over a hundred individuals and families will call home.”
Located within the Philadelphia metropolitan area, Paulsboro is situated on the banks of the Delaware River in Gloucester County. The property is subsidized by a Section 8 Housing Assistance Payment contract.
Officials said the firm secured $20.65 million in acquisition financing. A bridge loan was provided by X-Caliber. Officials said the funding allowed PRC to acquire the asset while continuing to develop plans for the comprehensive renovation. Comprising 150 units across 21 low-rise residential buildings, the property will undergo accessibility upgrades, interior unit renovations, and exterior improvements, such as replacing the existing vinyl siding. A conversion from oil heating tanks to a sustainable electric variant refrigerant flow system, as well as improvements to sewer and water infrastructure, are also planned.
The property was purchased from Paulsboro Gardens Associates/JYW Holdings.