PRC Group secures $87M in financing for Shore apartment portfolio

The PRC Group, a Red Bank-based real estate owner and developer, has received more than $87 million in financing for an affordable housing portfolio from a Maryland-based commercial real estate finance company.

The PRC Group’s portfolio of properties comprises 792 units, over 85% of which qualify as mission-driven, affordable housing. Properties include Brighton Arms Apartments in Neptune City, Grandville Towers in Red Bank and Tree Haven Apartments in Matawan.

“(Managing Director) John Banas and his team are a class act,” PRC Group President and Chief Operating Officer Stanley J. Koreyva said in a prepared statement. “They were on top of all the information we needed to supply, and their response time to us for any questions we had was outstanding. They are true experts in handling this type of transaction.”

Walker & Dunlop Inc., based in Bethesda, structured a total of $87,429,870 in Fannie Mae financing for the PRC Group. The firm has arranged more than $125 million in financing for the PRC Group in 2020.