NY-Based PRC Acquires Apartments in Suburban Philadelphia

NY-Based PRC Acquires Apartments in Suburban Philadelphia
News| July 21, 2025| Jasmine Kilman
Washington DC + Apartment Buildings

PRC, a real estate development firm based in New York, has acquired the Paulsboro Gardens Apartments, an affordable housing apartment complex in Paulsboro, New Jersey, within the Philadelphia metropolitan area.

With plans for a future substantial rehabilitation that will maintain the development as affordable housing, Paulsboro Gardens Apartments marks PRC’s first acquisition outside of New York. The acquisition bridge loan was provided by X-Caliber.

Under PRC’s ownership, the permanently affordable housing property comprising 150 units across 21 low-rise residential buildings will undergo accessibility upgrades, interior unit renovations, and exterior improvements.

“For decades, PRC has been restoring communities in NYC 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 of PRC. The company expects to start rehabilitation for Paulsboro Gardens Apartments in 2026.

Other News

One Beverly Hills Reaches Milestones Ahead of Schedule

California & West + Apartment Buildings

The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...

Learn more

Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion

New York & Tri-State + Apartment Buildings

Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...

Learn more

Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor

Apartment Buildings

Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up