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Citizens Bank backs $78M rehab financing for Paulsboro Gardens
Citizens Bank is providing a $35.85 million construction loan, with the broader $77.61 million stack also including a Freddie Mac-backed tax-exempt loan and LIHTC equity.
People Restoring Communities (PRC) has secured $77.61 million in construction financing to rehabilitate Paulsboro Gardens Apartments, an affordable housing community in Paulsboro, New Jersey, Commercial Observer reported.
Citizens Bank is supplying a $35.85 million construction loan for the 150-unit property, which was built in 1968, to fund renovations, according to the outlet.
The financing package also includes a $23.73 million Freddie Mac-backed tax-exempt loan originated by BWE and $18.03 million in Low-Income Housing Tax Credit equity syndicated by Enterprise Community Partners.
PRC acquired Paulsboro Gardens in July 2025, using a $20.65 million acquisition loan from X-Caliber, and Commercial Observer said the deal marked PRC’s first outside of New York state.