Cole Schotz P.C. Advised Procida Funding & Advisors in Securing a $39M Judgement

Cole Schotz P.C. successfully advised Procida Funding & Advisors, LLC, a prominent commercial real estate lender, in securing a $39 million judgment against New Jersey developer John Fasciano and his special purpose entity, TSV, in connection with the Plaza Grande project in Cherry Hill, New Jersey. Plaza Grande is a 55-plus residential rental community developed on the site of the former Garden State Park Racetrack.

The judgment, issued September 30 in New Jersey Superior Court, stems from a $130 million refinancing and construction loan by Procida’s affiliate, 100 Mile Plaza Grande, to prevent foreclosure by a prior lender and to finance completion of the project.

At the time of the loan, Fasciano and TSV were already in default with their prior lender. Despite significant support from Procida and months of attempted workouts, Fasciano declined to enter into a forbearance agreement and pursued third-party refinancing. When that effort failed, 100 Mile and Procida initiated foreclosure proceedings in June 2023 and assumed control of the project, ultimately completing the 508-unit development.

Procida later filed suit to enforce two personal guaranties signed by Fasciano, including a completion guaranty obligating him to cover costs incurred by 100 Mile in finishing the project. Following a bench trial in June 2025, Judge Anthony Suarez of Bergen County Superior Court awarded a $39 million judgment against Fasciano personally for breach of guaranty.

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