Procida Wins $39 Million Judgement Against Ex-Developer of Cherry Hill Housing Project

Procida Funding & Advisors LLC has secured a $39 million judgment against a former borrower and builder of a once-stalled senior housing development in Cherry Hill.

The lender on Tuesday said the judgment, issued Sept. 30 by a state Superior Court judge, stems from a $130 million refinancing and construction loan that its 100 Mile Fund provided to John Fasciano. A complaint alleged that the developer of the 507-unit Plaza Grande project failed to meet his obligations under the August 2021 loan agreement, which included making timely debt service payments, substantially completing new buildings by fall 2022, paying contractors and making tax payments, among others.

Procida’s team said Fasciano, who was already in default with his prior lender, declined to enter into a forbearance agreement with the 100 Mile Fund and pursued third-party refinancing. That was despite substantial support from Procida and months of attempted workouts, the firm said, prompting the Englewood-based lender and 100 Mile Fund LLC to begin foreclosure proceedings in June 2023 and assume control of the project, which it recently completed on the site of the former Garden State Park Racetrack at Haddonfield Road and Chapel Avenue.

Cole Schotz PC, with a trial team that included attorneys Leo Leyva, Brandon Fierro, Arielle Wasserman and Tiffany Castillo and paralegal Amy Figiel, represented Procida. The lender, meantime, noted that it has completed more than 1,000 loans totaling more than $5 billion since 1995.

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