People Restoring Communities (PRC) has officially closed on construction financing to launch the first comprehensive modernization of Paulsboro Gardens Apartments, preserving 150 affordable homes in Gloucester County.
The milestone marks PRC’s first major affordable housing rehabilitation project outside of New York and serves as the inaugural transaction under the firm’s third generation of family leadership. Construction on the property is slated to begin in early October.
Securing the capital stack
To bring the project to fruition, PRC assembled a robust public-private financing structure:
- Construction Financing: $35.85 million secured through Citizens Bank.
- Tax Credits: An allocation of Low-Income Housing Tax Credits (LIHTC) from the New Jersey Housing and Mortgage Financing Agency (NJHMFA), paired with $18.03 million in LIHTC equity syndicated by Enterprise Community Partners.
- Permanent Financing: A forward commitment of $23.73 million via a Freddie Mac Tax-Exempt Loan arranged by BWE.
“When we acquired Paulsboro Gardens last year, we saw an opportunity to create a stronger, more welcoming place for the people who call this community home,” Matthew Linde, principal and CEO of PRC, said. “The investment reflects our commitment to thoughtful, resident-focused revitalization and making sure these homes continue to serve families for years to come.”
Historic upgrades for a 1968 community
Built in 1968, Paulsboro Gardens comprises 21 low-rise residential buildings featuring one- and two-bedroom apartments. The upcoming renovations mark the property’s first comprehensive capital improvement in its history.
Planned upgrades will span both apartment interiors and essential infrastructure:
- Interior Improvements: Modernized apartments featuring stainless steel appliances, new LVT flooring, energy-efficient low-flow toilets and fixtures, and LED lighting, alongside essential accessibility upgrades.
- Climate & Infrastructure: Replacement of the aging oil heating system with an energy-efficient electric variable refrigerant flow (VRF) system—bringing long-awaited air conditioning to residents alongside reliable heat.
- Site and Utilities: Upgrades to the property’s sewer and water infrastructure, alongside exterior site enhancements.
Thomas Eastman, Managing Director of Acquisitions for Enterprise’s Housing Credit Investments business, noted the vital nature of the project: “Preserving existing affordable housing is critical to keeping quality homes within reach for families.”
Situated along the Delaware River in Gloucester County, Paulsboro Gardens provides convenient access to local parks like Upland Park and Franklin D. Roosevelt Park, with Philadelphia just a 30-minute commute via car or nearby New Jersey Transit and SEPTA rails.
PRC expects construction and rehabilitation efforts to wrap up by the end of 2027.
