Citizens Bank Leads $78M Financing on Philly-Area Affordable Housing Rehab

Development firm People Restoring Communities (PRC) has sealed $77.61 million in construction financing for the rehabilitation of an affordable housing community in southern New Jersey, Commercial Observer has learned.

Citizens Bank provided a $35.85 million construction loan for PRC’s 150-unit Paulsboro Gardens Apartments property in Paulsboro, N.J., just south of Philadelphia to facilitate renovations of the 1968-built complex. The capital stack also features 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. 

White Plains, N.Y.-based PRC acquired Paulsboro Gardens in July 2025 and received a $20.65 million acquisition loan from X-Caliber, as CO first reported at the time. It marked PRC’s first deal outside of New York state.  

“When we acquired Paulsboro Gardens last year, we saw an opportunity to create a stronger, more welcoming place for the people who call this community home,” Matthew Linde, principal and CEO of PRC, said in a statement. “The investment reflects our commitment to thoughtful, resident-focused revitalization.”

Located at 1A Baird Avenue 14 miles southwest of Downtown Philadelphia, the property consists of 21 low-rise residential buildings with one- and two-bedroom units that will undergo interior improvements as part of the rehabilitation project slated for completion in late 2027. PRC is also planning accessibility upgrades to make the complex more handicapped-accessible along with upgrading the property’s sewer and water infrastructure.

Ilya Weinstein, senior vice president at BWE, said in a statement that the financing “allows PRC to move into the next phase of the project.”

Citizens Bank and Enterprise Community Partners did not immediately return requests for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.