By Joshua Burd
The PRC Group has joined forces with the founders of a real estate investment firm, launching a new subsidiary focused on capital markets and expanding its development pipeline.
The West Long Branch-based development, construction and management business this week announced the formation of PRC Capital Markets LLC. Christopher Otteau and Shree Shah, the founding members of Bernardsville-based 3P Equity Capital Inc., will lead the new subsidiary.
“3P Equity was created with the vision of bringing a smarter approach to capital by combining true capital markets and real estate experience,” said Otteau, the firm’s co-founder and CEO. “We are very excited to bring our investment platform to a developer that has combined sixty years of experience with a continued enthusiasm for expansion and an exciting vision of growth.”
PRC Capital Markets will operate under PRC’s umbrella of companies.
“The PRC Group has had tremendous success over the past sixty years, utilizing very little outside capital in planning, developing, constructing and managing multifaceted, and often complex, real estate projects,” said Bob Kaye, chairman and CEO of the PRC Group. “However, as we continue to grow it has become clear we require a capital market strategy that matches the needs of our expanding portfolio of interesting real estate investments and today’s promising development opportunities. We are very excited to announce the formation of PRC Capital Markets, which will be headed by Otteau and Shah, who will serve as the new company’s senior managing directors.”