X-Caliber Lends $21M on Philly Metro Affordable Housing Asset Acquisition
By Andrew Coen July 15, 2025 2:07 pm
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Development firm PRC has secured $20.65 million of acquisition financing for the purchase of an affordable housing complex in southern New Jersey, Commercial Observer has learned.
X-Caliber provided the loan for PRC’s acquisition and planned renovation of Paulsboro Gardens Apartments in Paulsboro, N.J., just south of Philadelphia. PRC acquired the 150-unit permanently affordable Section 8 property for $20.5 million via the entity Paulsboro Gardens Associates along with investor JYW Holdings.
The transaction marks PRC’s first deal outside of New York state.
“As Paulsboro Gardens Apartments joins our expanding portfolio, it’s rewarding knowing that this rehabilitation will provide new, improved apartments that over 100 individuals and families will call home,” Matthew Linde, principal and CEO of PRC, said in a statement.
Located at 1A Baird Avenue 17 miles from Philadelphia, Paulsboro Gardens Apartments comprises 21 low-rise residential buildings. PRC plans to implement upgrades to make the complex more handicapped accessible along with interior renovations to apartments and enhancements to the property’s sewer and water infrastructure. The rehabilitation project is slated to begin in the first quarter of 2026.
“We’re proud to support PRC in bringing much-needed affordable housing to the community,” Alisa Yoch, managing director, origination at X-Caliber, said in a statement. “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.”
Andrew Coen can be reached at acoen@commercialobserver.com
