By Joshua Burd
Real estate firm PRC has acquired a 150-unit apartment complex in Paulsboro, where it’s now planning a major update to help maintain the property’s affordable housing subsidies.
The family-run firm, which is based in White Plains, New York, said it expects to start the rehabilitation project in early 2026 after recently closing on the 21-building Paulsboro Gardens Apartments on Baird Avenue. That will include accessibility upgrades, interior unit renovations and exterior improvements such as replacing the existing vinyl siding, along with a conversion from oil heating tanks to a sustainable electric variable refrigerant flow system and improvements to sewer and water infrastructure.
PRC will embark on the updates as part of a plan to maintain the development as affordable housing, the firm said, adding that the deal marks its first acquisition outside New York.
“We’re proud to be making strides forward in the preservation of Paulsboro Gardens Apartments with this milestone closing,” said Matthew Linde, principal and CEO of PRC. “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. 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.”
Direct lender X-Caliber provided an acquisition bridge loan, according to a news release. PRC, meantime, noted that the renovations to Paulsboro Gardens will enrich the community by providing inclusive, high-quality living opportunities that are subsidized by a Section 8 Housing Assistance Payment contract.
The firm, which was founded in 1971 and has deep ties to New York City, also touted Paulsboro’s location along the Delaware River and its proximity to Philadelphia, noting that it’s close to multiple shopping centers and parks as well as highways and mass transit.
“We’re proud to support PRC in bringing much-needed affordable housing to the community,” said Alisa Yoch, managing director for origination at X-Caliber. “Their commitment to creating accessible, quality living spaces aligns perfectly with our mission to provide flexible, effective financing solutions that move critical housing projects forward.”
