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Washington DC & Mid-Atlantic  + Philadelphia  + Apartments  |  July 21, 2025
Jasmine Kilman
By: Jasmine Kilman

NY-Based PRC Acquires Apartments in Suburban Philadelphia

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.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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