Plaza Grande at Cherry Hill sits at the intersection of Haddonfield Road and Chapel Avenue in Cherry Hill. — Courtesy: Procida Funding
By Joshua Burd
After taking over a long-stalled residential development in Cherry Hill, Procida Funding is seeking a buyer for the newly completed, 507-unit rental property.
The firm announced last week that it has retained Newmark to market what’s known as Plaza Grande at Cherry Hill, which sits at the intersection of Haddonfield Road and Chapel Avenue. It figures to draw interest thanks in part to its upscale amenities, proximity to downtown Philadelphia and a location within the mixed-use Garden State Park development, which is home to a thriving retail hub with national tenants all within walking distance.
Newmark’s Adam Spies and Erin Miller are spearheading the offering. It comes after Procida’s announcement in summer 2023 that the firm, through a foreclosure sale, had taken ownership of the property from borrower that defaulted on a $130 million construction loan.
At that time, 300 units remained unfinished, according to a news release, but Procida has since spent more than $50 million to complete the remaining homes. That has fulfilled a site whose amenities include a 20,000-square-foot clubhouse with an indoor pool, a fitness center, a movie theater, elevators in all buildings and private parking, among others, while the development also has outdoor features such as tennis and pickleball courts, walking trails, grilling and fire pits.
The full complex is part of what was already a massive property with a range of housing options, including condominiums and rentals, along with an array of retailers such as Home Goods, Home Depot, Trader Joe’s, Wegmans and many others. It also marks the final phase of the billion-dollar redevelopment of a former racetrack, with a footprint of more than 200 acres, led by Jack Morris and Joe Marino operating as M&M Realty Partners.
Procida completes first of eight final buildings at long-stalled Cherry Hill housing project
