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(Read more on the multifamily market and more on the debt and equity markets.)

WEST LONG BRANCH, NJ-The PRC Group, based here, has picked up a $45-million refinancing package secured by a portfolio of three company-owned apartment complexes in two states, totaling nearly 1,000 units. The funding replaces existing debt on the three properties.

The transaction was arranged by Jon Mikula, senior managing director, and Jim Cadranell, managing director in the Florham Park office of Holliday Fenoglio Fowler, working on behalf of PRC. The funding was provided by Northwestern Mutual Life Co.; further details were not released.

The largest of the properties is Brighton Arms, a 428-unit complex in Neptune City that is currently 98% occupied. The second New Jersey property is the 268-unit Tree Haven complex straddling the border between the towns of Aberdeen and Matawan. The out-of-state property is the 278-unit Valley Run in Wilmington, DE. The latter two properties are currently 97% leased.

“All three of these properties are located in extremely tight multifamily markets,” Cadranell says. “That’s evidenced by the low vacancy rates.”

The PRC Group is a multifaceted real estate owner, developer and service provider. In the multifamily category, the company currently owns or manages more than 3,000 residential units in the Mid-Atlantic region.

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