Updated Oct 1, 2026
Matthew Linde Of Restoring Communities Secures $77.61M Loan For Paulsboro Gardens Apartments
1a Baird Avenue
$77,610,000
Units
150
Asset Type
MultiFamily
Closing
Sep 30, 2026
About this deal
AI
The property asset involved in the transaction is the Paulsboro Gardens Apartments, a 150-unit multifamily affordable housing complex located at 1A Baird Avenue in Paulsboro, NJ. The property, built in 1968, will undergo significant rehabilitation, including upgrades to interior spaces, accessibility features, as well as sewer and water systems.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $77,610,000
- Loan Amount: $77,610,000
- Loan Type: Construction
- Lender: Citizens Bank, BWE/Freddie Mac & Enterprise Community Partners
- Landlord: Matthew Linde - Restoring Communities (PRC)
- Units: 150
- Completion Date: Late 2027
Matthew Linde represents Restoring Communities in this deal, securing the financing required for the extensive renovations planned for the property. The financing structure includes a $35.85 million loan from Citizens Bank, a $23.73 million Freddie Mac-backed loan, and $18.03 million in Low-Income Housing Tax Credit (LIHTC) equity.
On the Map
$77,610,000
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93