People Restoring Communities has closed $77.61 million in construction financing for the rehabilitation of Paulsboro Gardens Apartments, an affordable housing community in Paulsboro, N.J.
Citizens Bank supplied a $35.85 million construction loan for the project, according to Commercial Observer. The bank's commitment forms part of the broader construction financing secured by the development firm.
The property contains 150 apartments and is located in southern New Jersey, south of Philadelphia. The financing is intended to support renovations at the existing community.
The transaction adds construction capital to an affordable housing asset in the Philadelphia metropolitan area, where preservation and rehabilitation financing remains a central tool for maintaining existing rental housing stock.
