A long-stalled Cherry Hill housing saga is finally wrapping with a for-sale sign. Plaza Grande, a newly finished 507-unit, 55-plus rental community at Garden State Park, is now being quietly shopped to buyers after its lender stepped in, took control and muscled the delayed project to completion. Spread across several blocks of the Garden State Park redevelopment, the active-adult complex comes with a large clubhouse and amenities pitched squarely at renters who want lifestyle without maintenance. Lender-owners and local brokers say leasing has accelerated as buildings opened, giving the property a stabilized operating profile that is catching investors’ eyes and bringing an extended development drama to a close.
According to Philadelphia Business Journal, Plaza Grande is now on the market and is roughly 80% leased, with Procida Funding & Advisors reporting it finished 283 units that had been left incomplete. The publication cast the listing as the payoff to what it called a “herculean” effort to rescue a project that had been stuck for years.
Procida Finished What Was Stalled
Procida took control of the development after a UCC foreclosure in 2023 and pushed through the remaining construction, according to filings and counsel for the lender. Cole Schotz notes that the community spans roughly 400–1900 Garden Park Boulevard in Cherry Hill and that the lender’s intervention cleared title and completion snags that had kept the site in limbo.
Fresh Financing and Faster Leasing
To stabilize the project and finish out construction, Procida arranged a roughly $140 million refinancing package from Madison Realty Capital and Pearlmark, according to Real Estate NJ. That outlet also reported that leasing has been brisk, with roughly 15 units a month taken as the borrower has marketed Plaza Grande to active-adult renters looking for suburban convenience with amenities.
Operations and Next Steps
To keep day-to-day operations on track, Procida has brought in Millstone Property Management, which is slated to assume management duties on March 21, Bisnow reported. The timing of the handoff appears designed to present prospective buyers with a clean, turnkey operation rather than a work in progress.
Legal Background…