From Foreclosure Fight To For Sale Sign As Plaza Grande Hits Cherry Hill Market

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

The financial cleanup came with plenty of legal fireworks. A related court case ended with a $39 million judgment in favor of Procida tied to guaranties and completion costs, according to counsel for the lender. Cole Schotz says the ruling followed months of attempted workouts and was a pivotal step in clearing the way for the lender to complete the complex.

What Buyers Will Get

Whoever steps up next will inherit a freshly delivered active-adult property with a sizable amenity lineup. A purchaser would acquire an 18,500-square-foot clubhouse, indoor and outdoor pools, tennis and pickleball courts and other shared features, according to Procida. Real Estate NJ has also highlighted that the property sits roughly 15 minutes from downtown Philadelphia, a regional access perk that tends to play well with investors.

As Plaza Grande officially heads to market, the offering will serve as a real-time test of investor appetite for large, suburban, age-restricted rentals. Local brokers and developers are watching closely to see which type of buyer ultimately claims one of South Jersey’s largest recent rental communities and what that might signal for similar active-adult projects across the region.

Click here to read the full article.