Investors Bank has provided $65m in loans to New Jersey-based real estate owner and developer The PRC Group for the refinancing of a three-property, 974-unit multi-housing portfolio in New Jersey and Delaware.
Brighton Arms is a 20-building, 428-unit complex along West Sylvania Avenue in Neptune City, New Jersey. Tree Haven is a 24-building, 268-unit complex at 120 and 130 Ravine Drive in Matawan and 33 Aberdeen Road in Aberdeen, New Jersey.
Valley Run, at 2601 Carpenter Road in Wilmington, Delaware, is comprised of 28 buildings with 278 units. All of the properties include outdoor swimming pools, tennis courts and playgrounds.
Investors Bank provides loans of up to $30m, 75% loan-to-value, 15-year terms and 25-year amortization. The PRC group was split into three separate deals, additional terms of which were not disclosed. HFF arranged the financing.