Plaza Grande at Haddonfield Road and Chapel Avenue in Cherry Hill — Courtesy: Procida Funding & Advisors
By Joshua Burd
Procida Funding & Advisors has secured a $140 million loan to complete and lease up Plaza Grande, a long-awaited age-restricted, 507-unit residential development in Cherry Hill.
According to the firm, which took over the project in 2023, Madison Realty Capital and Pearlmark joined forces to provide the financing for the project at Haddonfield Road and Chapel Avenue. That will help conclude a development that began in 2004 under Turnberry Homes, part of the sweeping plan to repurpose the former Garden State Park racetrack, but stalled with some 250 units unfinished until Procida stepped in to resume construction.
Madison Realty Capital also provided a construction loan for the project in 2021.
“Demand for active adult communities is skyrocketing as people aged 55-plus seek maintenance-free, luxury living options,” said Billy Procida, CEO and president of Englewood Cliffs-based Procida Funding. “We have worked with Madison Realty Capital on several construction loans, and we are pleased to expand our relationship as they had a deep understanding of our vision for the property and were able to work quickly to provide a customized financing solution that supports the completion and leasing of an adult living property that has been 20 years in the making.”
Josh Zegen, managing principal and cofounder of Madison Realty Capital, added: “We are pleased to provide a flexible financing solution to Procida for the completion of leasing at The Plaza Grand, an adult living community that is already significantly leased. This transaction reflects Madison’s commitment to supporting experienced developers and borrowers like Procida throughout multiple phases of a property’s lifecycle. We have completed multiple transactions with Procida and look forward to continuing our relationship on future opportunities.”
Located 15 minutes from downtown Philadelphia, Plaza Grande has an 18,500-square-foot clubhouse with amenities such as indoor and outdoor pools, tennis and pickleball courts and sauna and massage rooms, among others. Residents also have access to the vast retail and restaurant offerings of the 200-acre Garden State Park property, as well as Cherry Hill.
“This is another excellent opportunity to partner with Madison Realty Capital and provide financing for an active adult 55-plus community with a great amenity package that is nearing stabilization,” said Steve Gordon, managing director of Pearlmark.
Renters flocking to 55+ property in Cherry Hill as Procida nears completion of final phase
